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Days After Freezing Prices, Argentina Bans All Advertising
"We are from the government and we are here to help you"
- Anonymous government worker
A week after Argentina resorted to every failing authoritarian government's last ditch measure to (briefly) control inflation before runaway prices flood the nation and result in political and social upheaval, namely freezing retail prices - a decision which never has a happy ending, the country is pressing on through the rabbit hole and in the latest stunner of a government decree (which like Venezuela yesterday is merely a harbinger of what is coming everywhere else), has banned advertising in the Argentina's newspapers in an attempt to weaken what's left of a private, independent media, and to punish those who don't comply with the government's propaganda.
Supermarkets and electronics retailers say Argentina's government has ordered them to stop advertising in the country's top newspapers, in a bid to weaken independent media companies as President Cristina Kirchner turns to increasingly unorthodox policies to prevent inflation from derailing an ailing economy.
The order, confirmed by retailers and newspapers but denied by government officials, comes after retail executives say price-control czar Guillermo Moreno pressured them earlier this week to agree to freeze prices for two months. Executives say Mr. Moreno then told them to pull all newspaper sales ads in hopes this would somehow curb inflation. "This was an imposition, not a request. He simply decided that nobody should publish any ads. It's not sustainable and will be hard to comply with," said one retail-sector executive.
And yes, a light bulb just went on over the president's head when he read the word "price-control czar."
Why is Argentina resorting to this dictatorial measure? Simple - to stifle the independent press for one simple reason - "misreporting" inflation, or at least reporting inflation numbers which are orders of magnitude higher than the official government numbers.
Mrs. Kirchner played down inflation for years, refusing even to say the word in public. But with economists estimating annual inflation at around 26%, she has been calling on consumers to prevent companies from raising prices. A sluggish economy and Mrs. Kirchner's confrontational political style have also taken a toll on her popularity.
The Buenos Aires Newspaper Editors Association said the order was a reprisal against those who publish independent inflation estimates. "This is another display of how far authoritarianism can go in a context that is dominated by discretional policies and bullying," the group said in a harshly worded newspaper ad Friday.
The controversy comes as Mrs. Kirchner attempts to implement a three-year-old media law that would overhaul Argentina's media industry and dismantle media giant Grupo Clarín SA, which publishes Argentina's bestselling newspaper, Clarín, and runs a profitable cable-TV and Internet network.
"This aims to inflict economic damage on all independent media companies," Clarín spokesman Martin Etchevers said. "On the one hand, it's another attempt to weaken media that don't depend on government money. On the other, it's an attempt to keep people in the dark about inflation."
Two birds with one dictatorial decree stone. However, while the motive is quite clear it shows the danger of having a truly independent media, and one which is not aligned with the government's propaganda: report the truth and we will starve you by banning all your advertising. Ad revenues in the US must be soaring...
Mrs. Kirchner accuses Clarín of using its sway to undermine her government. Clarín officials say the government started targeting it in 2007, when it began reporting that the government was underestimating inflation.
Just as notably, with the witch hunt against anyone whose inflation numbers differ from the government's official lies, it is likely that the organizers of the Argentinian equivalent of the Billion Dollar Price project would get the death penalty.
In 2011, the government started fining economists for publishing their own inflation estimates. To protect them, a group of opposition legislators began publishing the economists' monthly inflation estimates anonymously.
What is most ironic is that it is the same US-based IMF who recently punished Argentina for its inflationary misreporting.
The International Monetary Fund has weighed in on the matter and recently censured Argentina over questions around its economic data. The IMF warned that it could eventually expel Argentina from the organization if the matter isn't resolved.
But perhaps Argentina is not massaging its inflation numbers - perhaps it is merely doing what the US and every other IMF member nation does: ignore those prices which are soaring, and hedonically adjust everything else far lower, to give the general public the impression that the horsemeat lasagna which went up in price... it didn't really go up in price.
At the end of the day, this like every other idiotic measure taken by a government in its last throes is just to preserve power one more month, or week, or day:
Gabriel Gómez, an economist at the research firm Consultora Ledesma, said the government is imposing short-term price controls and advertising limits ahead of a key mid-term election in October.
"The only thing the government wants now is to decelerate inflation before October," he said. "Everyone knows that price controls are counterproductive in the long-run, so that's the only way to understand the logic behind this."
Top government officials have called on Mrs. Kirchner to amend the constitution so she can seek re-election in 2015. To do so, her coalition would need to win more congressional seats in October.
Or, as is the case everywhere: when the government's self preservation is the bottom line, screw the people. Alas, that is the case now in every "developed world" nation, whose status quo is clinging on to dear life as the legacy socioeconomic and financial system implodes.
Keep an eye on just how far Kirchner will go to keep her place in power - that will be a useful indicator of what is coming to every banana republic next, and quite soon.
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People need to watch the "Evita" movie again ... Evita, as portrayed by yet another power-crazed Illuminat schill, Madonna.
Hedonistically adjusted and excluding the 'transient items' like food and gas, their inflation is only 1.3%...says The Bernank.
Remain Calm EVERYONE - World Inflation is 1.3-2.5% dont beleive the hype ........
says the FED and Goldman Sacs
Holy shit! I can't believe my eyes! Marc Faber, what have you become! NOOOOOOOOOOOOOOO!! NOOOOOOOOOOOOO!!! Thats it guys and gals. They got Faber! THEY GOT FABER!!!!!!!!!!!!!!!!! EVERYBODY RUN! AAAAAAAAHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH!!!!!
. . . but seriously,
no offense to you sensible Argentinians, but damm man. You have a lot of dumb people. I thought we had too many dummies hear in the states, but you guys, along with Zimbabwe take the cake.
At least there is a freeze on the rising cost of that cake for a few more weeks.
One more silly nation that has failed to grasp the power of the printing press and the magic of "seasonal adjustments'
Time they call in the iMF and World Bank for help...
Oh..what?....nevermind
I wonder which country will agree to take her when she flees. I wonder if Bammy will let her hang out in a highrise in Miami with the Russians.
This woman will be lucky to escape without being dragged in the streets and peed on like Mussolini and his girlfriend
She could bail like Peron himself did in 1955 -- sneak onto a gunboat sent by a friendly dictator in Paraguay, and head up the Río Parana to freedom.
ALL ABOARD -- TOOT TOOT!
<--------- S COMPLETELY HTF in 2013
<----------All is well
The "ayes" have it.
Should have followed the steps of the... 'america's top banana', duplicating said fungible guidelines for 'CPI adjustments' on a 10 year trajectory-- better yet, 30-50 year projections... the new norm?! no problemo!
Ps. Funny how just a century ago when the U.S. [self-anointed?] was officially designated the unquestionable, "New WorldorderPower"... that we went straight for the juggler of our comrades in South America. Starting with the sugar plantation via TR's Panama Canal-- stomping on the north's Venezuela to the most southern Argentina, and everything in between, whilst, having a bowl of Chile in the east, and a Brazen'd, sugary beef-kabob in Rio de Janeiro ,in the west... compliments of our Brazilian christian converts...
Ps2. They've just got to get on the USSA's jingoism learning curve, in order to maximize a acquiescent and covert'd obfuscated totalitarian detente!?
sounds like CBS
never understood why Doug Casey loves Agentina so much.
wine, hookers, cocaine
When Doug Casey started his estancia in Cafayate, Argentine prices were insanely cheap, and the government wasn't too bad.
Then-president Néstor Kirchner was a leftist, but not a crazed, vengeful kleptocrat like his widow.
Argentina has gone downhill FAST since Cristina was re-elected in October 2011.
CNBS, CNN, MSNBC will all make sure the US public is well misinformed whe the US dollar crisis hits.
FEMA, the NSA and loocal goon police will put down any dissent in the US. The US in becoming more like Argentina with corruption and disregard for any illegal activity by the financial elite.
If their track record reflects their competence, they will run out of their 4 billion+ rounds rather quickly.
Pick your team carefully, alphabet folks.
Depends on who gets roudy. This guy in LA might be more than they can handle for a while.
By all accounts Argentina has all the necessary natural resources plus huge areas of good grazing and farm land. Yet they never seem able to build a functioning economy from this nation. After all this time it seems only the lack of Human Capital can be the cause of such a potentially rich nation being a basket case.
I bet, if you took the same population of British convicts who settled Australia and had sent them to Argentina, the nation would be a major regional economic power today. People matter, their political system matters. Canada is another example, the human capital that settled Canada is why the nation prospers. Argentina is a hopeless case, maybe an influx of Chinese could jump start this backward nation.
"The lack of human capital"
It seems that the only human capital that really gets any production anywhere is from European ancestry. And now look at us who were also descended from that piece of land mass. And look at what has happened to a continent that produced the worlds greatest inventors, scientists, etc. (The Asians-both India and the Orient have done amazing things. My Indian friend said it best like this: "You Europeans invented everything, while we Asians perfected what you invented!"
Oh, how the mighty have fallen. We still have to laugh to keep from cryin' , but I do lament a lot. I have said this before and will say it more. If Our grandparents generation was the greatest generation, then our generation will be the worst. Not us specifically, but in general.
Oh the irony. LMAO. sigh:(
"My Indian friend said it best like this: 'You Europeans invented everything, while we Asians perfected what you invented!'"
He should prolly get crackin' on tech support & customer service....
It was in the 'cradle of civilization', that all knowledge was mastered and accumulated... and, with the chinese holding their own as well-- but as for your lack of`incunabula history', or perhaps amnesia, it was all stolen by the christian crusades in the name of 'Some Omnipresent Prolific God!'... pontificated in the middle ages by a avarice and diabolical sanctimonious church... beyond any, and all, 'altruistic iconoclast inhibitions for discourse'-- profligating what today should be called the "True,`Church of Satan"!!!
"Western civilization stole the part with paved roads."
It seems that the only human capital that really gets any production anywhere is from European ancestry.
__________________________
As Argentineans are of course not of European ancestry...
Right, the o nly indigenous blood in Argentina is the Paraguayan and Bolivian immigrants. They're basically all conquistador stock.
I think you need to read John Perkins' book "Confession of an Economic Hitman"...Argentina is being and has been plundered by Corporatism and the international bankster cabal....If they didn't have resources and corrupt leaders like they do, there would be no need to steal from the populace and make them poor and weak...Gotta keep the populace on shaky ground to keep stealing...It's working in the good old USA too...
That's a "must read" book, Nick.
Excellent, except Perkins supports Kirchner who is in a battle against those forces.
I just returned from Argentina about two days ago. I was there for just over 3 weeks to do some work on my apartment in Buenos Aires. The situation is far more complex than most understand with subtle nuances that are difficult to pinpoint, particularly as the Argentine mindset is seemingly one of general insanity punctuated by brief moments of lucidity.
First, allow me to address the human capital issue....one COULD very easily chalk up their problems to not only a lack of human capital, but also to a nearly non-existent work ethic. In a word, most Argentines are lazy, shiftless fucks. Strange that I would own an apartment there and spend a fair amount of time in BsAs given that I hold many of them in such low esteem, but I would be lying if I told you they were hard workers, punctual and honest. They are generally complacent, dishonest (not that Americans are terribly forthright but they are certainly moreso than Argentines) and rather content to live in squalid conditions IF that means not having to exert themselves too much. Perhaps I generalize a bit too much, but as someone who was in constant contact with plumbers, electricians, painters, etc. on a daily basis, I can tell you that most aren't worth their weight in shit. Their work is half ass at best and they are all too willing to collect 300 ARS and run for the door rather than stay, finish the job and collect the full 1000 ARS. I'm not kidding - Argentines will come to your apartment, piecemeal some shit together, ask for a bit of money for that day's work and simply -POOF - vanish in the wind rather than come back the next day for more work and much more pay. You almost have to put a gun to their heads and stuff money in their pockets to get them to splice some wires or paint a wall.
Fortunately for me, I ran across two Indian/Mestizo guys who were outstanding workers and understood that they stood to make a good deal of money off the "rich gringo" who was offering them more and more work for wages WELL above what Argentines typically make. Needless to say, they were a bit surprised to see a gringo working right alongside them, busting his ass and sweating in the 100 degree/80% humidity Porteno air. Anyway, it was a blessing to find these guys who have had a huge impact on the outcome of my home improvements. Another thing to remember is that Argentina is very much a two to three tier society. There are of course many Argentines of Italian and Spanish descent and they are generally the group holding sway over the country with the occasional exception. Then there are the Mestizos like the guys I worked with. We would go to the local Jumbo/Easy (there Home Depot) and the scared white folks would stare at us in sheer amazement that I would be seen with a couple of guys who were clearly of "lower breeding". It was sickening to say the least and made me want to crack a few skulls, but then I remembered that they were taking it in the ass from one of their own (K), and couldn't help but chuckle a bit. Funny thing is, the white conitingent of Argentina is, without a doubt, the most corrupt, lazy and worthless class going. Thirdly, you have the Bolivians and Peruvian immigrants. There are probably several million of them toiling away in underground sweatshops, etc. Very difficult, as most Americans know, to patch together a society with such diversity.
Argentina is indeed well endowed with natural resources, but again, there is that little issue of motivation and ambition with which to contend. Farming, construction, factory work, etc. require vast outputs of energy - something of which Argentines are none too fond. Besides that, they live in a state so openly corrupt that many have simply resigned themselves to lives of quiet futility. In some respects, they are not unlike Europeans or Americans in that they simply want to turn on, tune in and drop out. They were once a very politically active people (still much more active than your average fat ass American slob mind you), but that is changing as they opt to stick their heads into tablets and flat screens. It seems the allure is undeniable all over the world. Anyway, on the bright side, MOST Argentines that I spoke with think K will not complete her term. She is wildly unpopular except to the dipshit youf who still idolize Che.
By the way, there are increasing numbers of Koreans and Chinese in Argentina, and their stores are the only ones that don't close for three hours in the middle of the day for siesta. So perhaps you are right in that assumption.
Good Post "First There Is". Many years ago I knew an older gentleman in Scotland who had in his youth worked in Argentina for a number of years on developing the rail system over there. He said much the same as you, though from some generations back. He said that Argentina should be one of the richest nations on earth as a little hard work could develop off of the vast natural resource base and a political postion that has few real geopolitical threats. But like you, he found getting the locals to work, even when directed what to do, was near impossible. Human Capital too often prefers to do nothing, "the desire to prosper is just not there" he said.
After returning, what work his firm was abale to put in hand quickly fell apart as the running of a good rail system seemed beyond local talent.
Many so-called "contractors" failed to even get me an initial estimate when it was OBVIOUS I was going to be paying very well. I'm not terribly fond of my fellow Americans and don't hold them in the highest esteem either, but I can tell you this: if a wealthy Argentine came to town to have some work done on his home/apartment and was paying, let's say 20% above the going mano de obra (labor) rates, I don't know many of my friends who would turn that business away, let alone not JUMP at the opportunity to take on more work. This was precisely the case when I was there. I was foisting work and dollars upon anyone who would SHOW UP. Yes, you read that right - MERELY SHOW UP FOR THE ESTIMATE OR JOB!! Keep in mind that the USD is the preferred currency with the Mercado Negro or Blue Market, as it's also known, changing dollars to pesos at anywhere from 7.5 - 8 ARS. The official exchange rate is about 5 to 1. Not a bad bonus considering I was giving the added incentive of paying them at 7.25 ARS to the USD. They still got the premium when exchanging them.
Honestly, Argentines are a classic example of a people who are reaping what they sow. They are lazy, dishonest and generally rude, inconsiderate people. They are going to pay a steep price for their national pastime: sloth.
Monday and Tuesday are holidays in Argentina ... carnival. Cristina has been adding holidays, such that there are now twenty (a month's worth) of them.
http://en.wikipedia.org/wiki/Public_holidays_in_Argentina
Plus most Argentines take a one-month vacation in January or February. Which makes two months off.
Buenos Aires in January is like Paris in August -- many shops closed. Only the Chinese grocers work 6 or 7 days, 52 weeks a year.
Southeast Asia kicks Argentina's ass economically because Asians simply work harder.
But Argentines consider themselves way superior to those people.
After all the currency and banking crises over the past 20 years in AR, many entrepreneurial people left for better opportunities elsewhere. Elected leaders tend to shift the overall moral compass, and the needle is much easier to swing away from the virtuous and constructive directions.
Corruption makes total sense when transacted in the Spanish Language.
Core oopsie own!
Just out of interest, I'm presuming Argentina is an internet free zone and all Argentinians are computer illiterate!
There must be a Arggie government post somewhere for me, I have the right mindset!
Certainly not.
http://ferfal.blogspot.com/
Or; http://www.asalbuchi.com.ar/category/english/
I think their computers are illiterate also.
is everyone on this planet, fucking crazy ?????????
Mostly...The system is crazy and crazy breeds crazy....I know I'm crazy, but being self aware about my craziness makes me sane...
Most rational comment of the day.
My wife and I used to always say "remember, we're crazy and everybody else is normal" when dealing with people around us.
Let's just say it didn't work, so now we demand that "we're normal and everybody else is crazy".
It's working well this way.
'A buck ain't worth a dime anymore'
How's Doug Casey's real estate development in Argentina doing? Maybe he's back in international waters living on his yacht? Nowhere to run these days? What about Turks and Caicos?
http://www.lec.com.ar/
http://www.caseyresearch.com/cwc/doug-casey-his-favorite-place-world
Ring, ring, ring
Argentina economic crisis 2001
The military must be licking it's lips watching Mrs.K flounder about.
Maybe we need to send some help...again?
Disappearing about to begin...again?
Ready, set...GO.
What military? I was joking around with a couple of Argentine guys a few days ago about Las Malvinas (Falklands), asking them if they thought it was going to go down again. They laughed and said, with what military? They then mentioned a few old galley ships (old museums I think) anchored off of Puerto Madero. If that is any indication, the military is not much of a threat.
Advertising is "Transitory" therefore you need not concern yourself with such trivial matters- signed, Ben, Christina, Hugo and Mao.
Here is another angle of 2001 collapse. Read the comments below.
ARGENTINA ECONOMIC COLLAPSE A WARNING
This US administration is creating a socially controlled government dependency. You will end up in this chaos theory experiment. Is this what you want to see happen to our great country?
Counter Intel piece conceived in theory and splashed as propaganda.
Advertising is the best thing ever. How would people know that there are awesome new things to buy if there were no advertising? It's not like advertising manipulates, obfuscates, or outright lies. What upstanding producer would do that? And even if they did - CAVEAT FUCKIN' EMPTOR.
Fuck you, emptors - buy this shit, or GTFO.
Robert Welch, Founder of The John Birch Society, predicted today's problems with uncanny accuracy back in 1958
http://www.history.com/this-day-in-history/john-birch-society-founded
i still believe...
So the first dominos to fall will be the South American ones?
If this continues, then Argentina is going to enter a dangerous phase of this implosion. If Kirchner decides to keep making stupid moves like price controls and media controls then what comes next gets really nasty. Eventually people can't get food and water, the people start getting agressive, government cracks down and the killing begins. Depending on how long the food and water is non-existant or scarce determines the amount of violence and the overall body count.
This is a death spiral Argentina is in and anyone who can get out of there should do it asap.
Kirchner has already shown that she is very shallow and very likely either a sociopath or has sociopathic tendancies. As her economy was really coming unglued, she was rattling whatever sabre she has at the Brits because of the Falklands. I bet the people on those islands are darn glad right now that the Brits did not just give them over to her.
We are just as guilty here of electing sociopaths to all manner of important offices, so how can I blame the Argentinians for this. They need to kick her ass and all of her lackys' asses out now and not later. And yes, we need to do the same and so does the rest of the world who have these type of sociopathic, narcissitic mental midgets in charge.
Roger that.
Kirchner has already shown that she is very shallow and very likely either a sociopath or has sociopathic tendancies.
Yes, on all accounts......Take it from me, I was there just two days ago. The country is unraveling quickly. She is a complete sociopath no question about it.
Plus she's locked into a Peronist economic model that derives from 1930s Italian fascism.
Basically, the idea is to syndicalize industry and labor, and have it all led and heavily regulated by activist government.
But that old industrial economy is long-gone. Factories and silos in Buenos Aires have been converted into condos.
The Peronist model was obsolete fifty years ago. But despite allegedly being the best-educated population in LatAm, Argentines have proved utterly unable to think out of the box.
They keep imagining forlornly that a new leader, or a new set of rules, or a new currency, can somehow make Peronism work again and bring back the magic.
One reason tango is so popular is that it reminds Argentines of when they actually WERE rich -- before Peronism fucked it up beyond all repair.
Per capita Argentina has the most beautiful women in the world (apologies to Ukraine and South Africa).
But they all have to see psychiatrists, it's like a fashion statement for them.
The Argentine economy is the same.
This is true! They are gorgeous, stylish, and nuts! Lol
When I lived there some statistic came out that bbaa had 4x the shrinks that NYC did .
Yes, interesting statistic that one.
Buenos Aires has the highest ratio of Psychiatrists and Psychologists per head of population of any World city. Interesting also that Rio da Janeiro has the largest ratio of Plastic / Reconstructive Surgeons per head of population of any World city too.
From our visits to Rio, seems that much "reconstruction" heads for the boobs'n'bums areas (certainly the case with the beach-goers. . . . .
It might be fake, but it's good fake!!
Kind of like California girls, eh?
Banning advertising will reduce demand and at first will restrain inflation with less demand (in therory). But the real effect is to reduce the real economic activity, wealth and jobs in the private sector.
Supermarkets Association denies goods shortage. Argentina
The director of the United Supermarkets Association (ASU in Spanish), Juan José Vasco Martínez, assured that there are no shortages of those goods that large supermarket chains had agreed on reezing prices with the government, but recognized the industry trails an excess demand.
Thus, Vasco Martínez played down media articles indicating a lack of those products at major supermarket chains.
Chains had agreed with the Domestic Trade Secretariat led by controversial Secretary-General Guillermo Moreno to freeze prices of certain basic goods -including appliances- for at least 60 days in what was seen as a government maneuver to control the growing inflation.
“Beside some minor seasonal problems since there is an excess demand, hence some times the goods industry ends trailing from behind, but in general terms there is no shortage.”
“Supermarkets are doing everything possible to keep supplying all goods for the population, and keep collaborating with the national government’s policy intended to promote consumption.”
Most Argentines are on vacation right now....what seasonal demands would those be? As of two days ago, there were no shortages but I left Argentina just one day after she announced the price freezes. It could be true as I did see a large number of people buying items in bulk in anticipation of the forthcoming onslaught but I still have a hard time believing that as most Argentines are flat broke.
Its so fucking stupid what this president is doing. Repress the media, because government is doing a bad job, nationalize industries, ban mining/o&G.
I would like to beat her and all these other fucks in power with a thick history book. Why are they so arrogant to think that this time will be different?
It doesn't work if you cannot invade and force into slavery another country.
You could lock and shackle every citizen to a machine and space them 10 feet apart and still you would have a market where you could buy and sell what ever you want. Why repress this need we have to trade and want something better for our families?
A productive, successful, free society is better than a repressed, depressed shithole any day of the week. For the 1% and the rest. Even the 1% have to concede that driving around in bullet proof cars and security details for you kids to go to school is not good. Not being able to leave your house to go for a walk or a drive yourself is repressive in of itself.
Both sides live in jail, albeit one with a gilded cage.
With all this discussion about what a shithole it is, and that the people are content to live in squalor, etc., arent they in some small way better off by not participating in the bs rat race and corruption?
Well, god-damned that Argentine press! Why can't they learn to be in the bag like the American press is?
/sarc off
"The Buenos Aires Newspaper Editors Association said the order was a reprisal against those who publish independent inflation estimates"
John Willams at Shadowstats are you listening? Better be careful or they'll get you like they did King World News.
WTF happened to KWN? My browser (based on an anaysis from NSA-Google) says its a den of malware now and that visitors would do well to avoid Eric King's precious metals bull site. I hope his webmaster can clean it up. Cyberwarfare? Just in the past week Mr. King taught me -- by way of his interview guests -- that there probably won't be war with China or a new gold-backed currency until China has aquired at least 8000 tons of gold (to achieve parity with the US), and that gold won't move higher until there is a 40% correction in the DOW (and a corresponding loss of confidence in the status quo, and which is due any time based on typical corrections every 4 years or so for the past 100 years).
Ham - is that "40% correction in the Dow" going up or down ?
Chart of Argentine Dollar versus USD.
Lesson: Currency devaluation = Inflation
https://docs.google.com/file/d/0B16Nxp5pgJBzVHVBaGxaZHk1TVk/edit?usp=sharing
www.CommitmentsOfTradersAnalytics.com
Nice chart of the official rate.
If you plot the true reference rate -- the dólar informal -- the downward slope accelerates to 7.66.
http://www.ambito.com/economia/mercados/monedas/dolar/
Race to the bottom! Will it reach ten this year? Kristina says 'Sí, se puede!' (yes, we can!)
Off topic, but can someone tell me how people in Argentina (and a lot of other places in the world) can tell the difference between "7.625" and "7,625" since both are written the same?
UK: Easy, what would a scientist use? 7.625 = seven point six two five
7,625 - seven thousand six hundred and twenty five.
http://www.wolframalpha.com/input/?i=7%2C625
http://en.wikipedia.org/wiki/Pi
http://www.usdebtclock.org/
Why do you think they are both written the same, one uses a decimal point, one uses a comma?
Look at the link in the post above mine. They write seven point six two five as seven comma six two five (Bolivars to the dollar, for example), and 0.02% as 0,02%. I recall someone writing here that that is the convention in Europe as well.
A canary in the global coal mine?
watch the currency markets carefully.
if all hell breaks loose, all the central Banks efforts to put humpty dumpty together again will fail.
Blissful state wherein media may not contain commercials. Some smart conscious people down there.
At which point does a good man decide evil must be killed?
At which point does a good man decide evil must be killed?
BEFORE evil kills YOU.
The twelve most frightening words in the English language.
{who said that???}
- Ned
this is classic. the government screws up the economy big time, then come the price controls, capital controls, asset grabs and fascism sauced with ultra-nationalism.
sugar and oil shortages rear their ugly heads in argentina : http://tinyurl.com/axavwbd
In a show of solidarity with the Argentinian people who are suffering through austerity Kristina has agreed to voluntarily suspend her monthly Botox treatments to demonstrate her willingness to make personal sacrifices. She will also stop going to the dentist, as a protest against high prices for health care. In fact by the looks of things she did both a while ago. Smile, Kristina, smile and wave to your loyal supporters. They are the ones marching toward the presidential palace with ropes and torches.
mda,konechno,i meaning not same in every country,the agents of Central Banking Commitie given same directives by the FED puppets in other countries and they looks like educated and brilliant financiers,but,we all soon may become Argentinos,because the only thing which makes one country differ from other is a creativity of agents FED sends,do not forget,banks today standing behind the governments:
http://trendybull777.blog.com/
The funniest thing I heard while I was down there was K's straight faced assertion that the average Argentino could eat on 6 pesos a day. You can't buy a bottle of water for 6 pesos. Actually, it's almost impossible to find ANY product for under that. She's fashioning her own noose with a reported net worth north of $60mm and that kind of typical "qu'ils mangeant de la brioche" attitude. Did I mention that Argentinos are the most arrogant people on earth? Can't wait to see what's next.....
First, good reports!
do these figures seem right for cost of living in BA?
http://www.numbeo.com/cost-of-living/city_result.jsp?country=Argentina&c...
Methinx Kirchner is the hands-down favorite for the next Noble Peace Prize.
The Nobel prize committee must be consistent, therefore the next winner will be Benjamin Netanyahu.
With a price freeze, no need to advertise. The shortages will motivate the buyers.
Lolwut?
Somehow, that makes perfect sense.
In good times it pays to advertise, in bad times you have to advertise.
That was actually true once upon a time ...
"In 2011, the government started fining economists for publishing their own inflation estimates."
At which point everyone who knows anything about government or the sort of people who censor decided to disregard the official estimates.
Yes.
Because stifling the press and freezing prices always works well.