America, for now, gets away with printing money as they are a Reserve currency. The world does business in USD and this partially ensures that their money printing (cough quantitative easing) can continue. The currency is used by everyone. Obviously this has limits as people start using Euro and others but we haven't hit that floor on the house of cards yet.
Argentina though... well I've visited the country and it is an awesome place, but no one, except aregentina would use their currency to do business. They are putting themselves at risk of very high inflation and recession at this rate.
You're spot on mate, really good explanation. May l add that the risk for the USD is increasing lately as we are witnessing an increasing trend of 'money swabs'. China and Japan, and a few other countries. this will allow these countries to trade without using the USD.