Argentina went through an economic crisis from 1999-2002. The country defaulted on $93 billion of its debt. This caused the Peso to lose about 75% of its value. Before this crisis, 1 peso was equal to $1 US Dollar. Now it is More like 3 pesos for $1 US Dollar. To know the value of the peso in comparison to the US Dollar check out XE. This 
exchange difference makes it very cheap for an American to travel in Argentina. This was one big reason that I loved traveling through Argentina. I also did not hold back from doing anything because it was "too expensive." Everything is cheaper in Argentina from the hostels, to food, travel expenses, etc. The cost of traveling one week in Europe or Australia is about the same as traveling through Argentina for 1 month!
There is this great steak place located in the barrio (neighborhood) San Telmo called Des Nivel that is located on Calle Defensa. It is a place that is full of locals and some tourists. I probably ate at this restaurant about 1 or 2 times a week! I can remember the bill was always about the same price every time I went with a friend. For a bottle of wine, a bowl of salad, bread, and two big steaks (Argentina has some of the best steaks in the world!)the bill was only 45 pesos or about $15 US Dollars! This is just one example on the benefit of traveling through Buenos Aires (or all of Argentina) where you get the most bang for your buck!
I really didn't meet too many other Americans while I was living in Buenos Aires. I don't know if that is a good thing or a bad thing. I did meet a lot of people from England and Europe. The English Pound is about 6 pesos to 1 Pound. I always thought that I was living like a King off the US Dollar, but the travelers from England are truly benefiting from the currency exchange!
