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Argentina Proclaims Peso Devaluation "Obviously Won't Happen" - Just Like It "Vowed" In 2013
May 2013, President Kirchner: "As long as I'm president, those who want to make money through devaluations, which other people have to pay for, will have to keep waiting for another government,"
Jan 2014: Argentina Devaluation Sends Currency Tumbling Most in 12 Years
Aug 2014: Argentina’s Cabinet Chief Jorge Capitanich said today a devaluation of the peso, "obviously won't happen."
So what's next?
From May 2013: Argentine President Cristina Kirchner vowed not to devalue the country's currency for the remainder of her term because she said doing so would hurt most Argentines.
In a nationally televised speech, Mrs. Kirchner addressed widespread criticism of her economic policies and said that anyone who wants to see the currency devalued will have to wait until someone else becomes president.
"As long as I'm president, those who want to make money through devaluations, which other people have to pay for, will have to keep waiting for another government," she said.
The comments came amid intense speculation that the government planned to announce some kind of new policy aimed at restoring confidence in the peso.
Economists say the growing gap between the black-market exchange rate and the official rate is spooking investors and leading people and companies to delay investment plans. But government officials such as Vice President Amado Boudou have downplayed such comments.
"People really exaggerate the informal dollar," said a comment posted on Mr. Boudou Twitter account. "This is a very speculative, marginal issue that involves very few Argentines."
Jan 2014: Argentina Devaluation Sends Currency Tumbling Most in 12 Years
Argentina devalued the peso the most in 12 years after the central bank scaled back its intervention in a bid to preserve international reserves that have fallen to a seven-year low.
The peso has plunged 12.7 percent over the last two days to 7.8825 per dollar at 3:45 p.m. in Buenos Aires, after falling to as low as 8.2435, according to data compiled by Bloomberg. The decline in the peso marks a policy turn for Argentina, which had been selling dollars in the market to manage the foreign-exchange rate since abandoning a one-to-one peg with the U.S. dollar in 2002.
* * *
And now... (via Bloomberg)
Argentina’s Cabinet Chief Jorge Capitanich said today opposition groups are promoting a devaluation of the peso, “which obviously won’t happen.”
So-called vulture funds, or holders of defaulted bonds suing for repayment, and traders in the illegal currency market are causing the peso to weaken by supporting economic and media groups: Capitanich
“They generate speculative attacks to promote devaluation of the peso,” Capitanich said
“It’s a permanent strategy of the vulture funds, for which they have the participation of the local vultures”
* * *
It appears the market disagrees...
* * *
“We are in the worst of worlds. Devaluation is a fact of market and evidence of President Cristina Fernandez administration’s failure, which insists in not accepting it”, said Lavagna who was the architect for the taking off of the Argentine economy in 2003 following the collapse and major default of 2001/02.
“The market has already adopted and adapted to the devaluation of the Peso, so it seems out of touch with reality to keep the artificial official rate, which is well below the level of daily operations by the different economic actors”, added Lavagna.
“The Argentine economy is in the process of rapid deterioration; inflation was born out of the printing of money with no reserves; investment is scarce and so is the creation of jobs, plus the energy situation has become most complicated”, warned the former minister who was the brain behind the Argentine sovereign debt restructuring.
He added that the government of President Cristina Fernandez “locks itself in its small wonderland out of touch with the real world, and thus can’t find the way out according to their mental scheme”. The majority of Argentines will end paying the tough adjustment plan, so “we need to build an integral plan to create a sustained growth system”.
* * *
Seems like nothing has changed...
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Governments lie, huh who knew?
If Argentinians hold gold and silver, they wouldn't have to worry about this nonsense. Now tell me again why holding PMs is for fools. I dare you.
why don,t you come down to
Argentina and try to buy gold or silver dipshit.
Show us your tits Madame President...................?
actually if u look carefully I am...
Study Argentina closely. It is the future.
Not now, of course. Three to five years ago when it was readily available and relatively cheap. DUH!
The only ones able to get gold/silver now are the individuals at the top level of government and the oligarchy. They will keep lying (see the article above) until they have physical, then let it collapse.
Same as it ever was.
"Not now, of course. Three to five years ago when it was readily available and relatively cheap. DUH!"
Exactly. The time to buy PMs is not when your currency is going down the toilet.
you guys need to travel..
It has ALWAYS been hard to obtain metals in Argentina.
No. Argentina needs to become Fiscally Responsible.
In that way the people would have THE WEALTH and there would be an abundance of Metals available to acquire.
I am in the Land of Plenty and I do not need to travel for Argentina to solve HER PROBLEMS.
lol
and your country is fiscally responsible?
u
Iive in the land of bs served on a silver plate.
It is not now Fiscally Responsible. At one point it was. That is the REASON that it CURRENTLY has PLENTY.
HOWEVER because of the Fiscal Policies, and SOCIALISM, I elect to BUY GOLD AND SILVER NOW. Because in the NEAR FUTURE it will be racked by INFLATION and turned into an Argentina.
I am fighting tooth and nail to see a restoration to sound Fiscal Policies. Unfortunately it will realize a TOTAL COLLAPSE before that happens. Thus I take PRUDENT STEPS and PREPARE.
That does NOT INCLUDE the luxuries of travel to exotic lands, GRASSHOPPER.
I am the ANT and I will lock you and your SOCIALIST ILK OUT when the plenty turns to LACK...which it WILL...DUE TO SOCIALIST POLICIES.
Enjoy your starvation.
Just bring anything other than Pesos. Global Hotels still charge in Dollars but there are great local alternative places to stay and a great steak dinner right now costs, even in Dollars, just a few. Enjoy it while you can....,.
Right on. Same with Cyprus, Ukraine,Iran, and soon the USA. Anyone having no gold or silver will be sucking hind tit with their useless paper money, which they will have to use to wipe butts.
Kirchner is widely seen as the Obama of South America; incompetant to hold office. The American Mainstream Media can see half of this equation.
When your population is fleeing to the lousy USD as a "safe haven/store of value", I think it's fair to say your local currency is fucked.
Just wait until Mr Yellen raises rates... All emerging markets will implode, driving more $$$ to the USD and UST...
"Just wait until Mr Yellen raises rates..." -- LMFAO!!!!!
good one.
He added that the government of President Cristina Fernandez “locks itself in its small wonderland out of touch with the real world, and thus can’t find the way out according to their mental scheme”. The majority of Argentines will end paying the tough adjustment plan, so “we need to build an integral plan to create a sustained growth system”.
Typical Keynesian babblespeak.
Let me rephrase this...
He added that the government of President Barack Obama “locks itself in its small wonderland out of touch with the real world, and thus can’t find the way out according to their mental scheme”. The majority of Americans will end paying the tough adjustment plan, so “we need to build an integral plan to create a sustained growth system”.
Can "opposition" Party Leaders find something else to say rather than the same old script??? Isn't it so apparent?
It gives me the urge to regurgitate.
"sustained growth system” - still believe in never ending growth in a closed system with finite resources? Well, exponential equations are a real bitch and I guess it's okay to believe in fairy tales...
In any adiabatic system Exponential Growth leads to exponential collapse.
No it is not okay to believe in fairy tales as reality ends up kicking one's ass...or arse...for our British readers.
What I found amazing is that the script remains the same.
He calls Cristina's government out of touch and locked in a wonderland.
But isn't it obvious that he is also out of touch and locked into a wonderland?
LMAO
Exactly. But hey, maybe that's what the POTUS's bosses want?
Laws that cannot be enforced at not really laws at all and when fraud is the status quo, possession is 100% of the law.
Good luck to these folks. If it were my country I might keep those resources for the betterment of the country and tell everyone else to fuck off.
Pay attention to what happens here as South America is a huge net exporter of a number of essential commodities.
It's funny, government always demands people to be responsible for their own actions but when it comes to them it's always somebody else's fault.
In response to the good doctor:
Thats because the government is you and me!!! I'll throw up now.
Okay, then where is my government pension?
Can't they just print more Pesos?
Right...
psst...
Someone should tell them that they are totally fucked...
Bullshit !!!
they have undeveloped acreage for gas and oil worth - over $200 Billion - which is why the timing of Greasy Greisa and linkage via parri passu is such a fraud
inevitable! - the concessions will go to China, Russia and the BRICS with good terms for the citizens of A - in return there will be a Tender for the new Bonds at par plus accruals and the BRICS will own the bonds until the smoke clears at year end for bond indenture provisions for old bonds vs new bonds - the first shot across the bow for the NEW ORDER and how it will work free of US scumbags for all the people on the planet with natural resources
then they will deal with Elliot - preferably he ends up on a lampost on a bridge in Italy - as warning to all those who would venture the gambit in the future
Argentinian People are truly a great people - that need all their debt eventually paid off and go back to business and keep the books straight and out of the hands of Melem types forever
go A Team - Go Argentina - fuck these scumbags !!!!
Bend over it is Lincoln Tunnel Time !
They're obviously maintaining a currency peg in the real world.
Argentina could spend billions trying to maintain the Peso's value.
Or.
Argentina needs to get the printing press started. That's what other countries have been doing for some time.
LOL
please please STFU and go to another thread.
Some folks there did stack...real money. A lesson most folks will ignore at their peril.
Its going to be a tough Christmas in Argentina.......
I can always count on you to say something stupid.. the next Argie collapse will be when the bitch loses power and leaves the country on fire for the next dude. That is NOT this
Christmas dipshit.
Yes, your comment is much more smarter...
my comment will turn out to be true just as much as the real peso is at 14.30...
porque pierdo mi fucking tiempo con este Conard ?
point out the similarities in the last 3 days....
http://www.kitco.com/charts/livesilver.html
The empress wears no clothes
BACON!!!! BACON!!
She apparently doesn't know or care to reveal how George Soros gets it done.
Step 1 - bribe the men in charge of deciding to dervalue, take a historic short position in the currency a day or two b 4 the announcement of the upcoming devaluation, sit on your substantial ass on your yacht in the Mediterranean or Aegean if you like boys, and then call your broker the minute the currency market opens, ask him how the Pound (Peso, Drachma, Sou, Loonie, etc) is opening and then when he tells you it's been devalued from whatever to whatever...buy it back at a Billion in 'profit'.
The killer moment? When Soros found out just how badly his short selling had affected the Bank of England:
"I've learned we've just raised interest rates by two hundred basis points," he said softly--a full two percentage points. Then he rose and shook Smick's hand and left the room running."
It's only insider trading IF you get caught, or anyone is interested in investigating you. It was written about by a premier rock guitarist:
https://www.youtube.com/watch?v=I0Pq_yxNQB4
Read more: http://www.businessinsider.com/how-george-soros-shorted-the-pound-etching-his-name-into-financial-history-forever-2010-6#ixzz3BhFHdWYp
So.
That means it's a good time to load up on Argentine bonds?
Wait a second, isn't it always the government who profits from devaluation? All the freshly minted cash goes through their hands, that is the whole point of inflation. So the government has to wait for a new government.
The central bankers are raping the world – impoverishing those who labor and making the few who sit at the top even richer.
A Wiki note on Argentina’s peso devaluation:
“Eduardo Duhalde as interim president in January 2002, abolished the fixed exchange rate regime that had been in place since 1991, and the Argentine peso quickly devalued by more than two thirds of its value, diminishing middle-class savings and sinking the heavily import-dependent Argentine economy even deeper, but giving a significant profit boost to Argentinian exports. Amid strong public rejection of the entire political class, characterized by the pithy slogan que se vayan todos ("away with them all"), Duhalde brought elections forward by six months….”
As for the US Dollar Devaluation Prediction for 2014, Profit Confidential reports:
“In essence, the U.S. Federal Reserve, in an attempt to save the U.S., has ravaged and devalued the U.S. dollar. In the process, it has also eroded international confidence in the U.S. economy and the green-back…
“At Profit Confidential, we expect the devaluation of the U.S. dollar to continue as the U.S. continues to pile on the debt.” http://www.profitconfidential.com/u-s-dollar/
Savers and America’s middle class get ready for more pressure.
Cristina feigns righteous indignation as she joins the banksters in the scam.
Argentina just said that they won't come...
An American, not US subject.
The High-Stakes Chess Match for Argentina
Colonization by Bankruptcy
by ELLEN BROWN, August 26, 2014
If Argentina were in a high-stakes chess match, the country’s actions this week would be the equivalent of flipping over all the pieces on the board.
– David Dayen, Fiscal Times, August 22, 2014
Argentina is playing hardball with the vulture funds, which have been trying to force it into an involuntary bankruptcy. The vultures are demanding what amounts to a 600% return on bonds bought for pennies on the dollar, defeating a 2005 settlement in which 92% of creditors agreed to accept a 70% haircut on their bonds. A US court has backed the vulture funds; but last week, Argentina sidestepped its jurisdiction by transferring the trustee for payment from Bank of New York Mellon to its own central bank. That play, if approved by the Argentine Congress, will allow the country to continue making payments under its 2005 settlement, avoiding default on the majority of its bonds.
Argentina is already foreclosed from international capital markets, so it doesn’t have much to lose by thwarting the US court system. Similar bold moves by Ecuador and Iceland have left those countries in substantially better shape than Greece, which went along with the agendas of the international financiers.
The upside for Argentina was captured by President Fernandez in a nationwide speech on August 19th. Struggling to hold back tears, according to Bloomberg, she said:
When it comes to the sovereignty of our country and the conviction that we can no longer be extorted and that we can’t become burdened with debt again, we are emerging as Argentines.
. . . If I signed what they’re trying to make me sign, the bomb wouldn’t explode now but rather there would surely be applause, marvelous headlines in the papers. But we would enter into the infernal cycle of debt which we’ve been subject to for so long.
The Endgame: Patagonia in the Crosshairs
The deeper implications of that infernal debt cycle were explored by Argentine political analyst Adrian Salbuchi in an August 12th article titled “Sovereign Debt for Territory: A New Global Elite Swap Strategy.” Where territories were once captured by military might, he maintains that today they are being annexed by debt. The still-evolving plan is to drive destitute nations into an international bankruptcy court whose decisions would have the force of law throughout the world. The court could then do with whole countries what US bankruptcy courts do with businesses: sell off their assets, including their real estate. Sovereign territories could be acquired as the spoils of bankruptcy without a shot being fired.
Global financiers and interlocking megacorporations are increasingly supplanting governments on the international stage. An international bankruptcy court would be one more institution making that takeover legally binding and enforceable. Governments can say no to the strong-arm tactics of the global bankers’ collection agency, the IMF. An international bankruptcy court would allow creditors to force a nation into bankruptcy, where territories could be involuntarily sold off in the same way that assets of bankrupt corporations are.
For Argentina, says Salbuchi, the likely prize is its very rich Patagonia region, long a favorite settlement target for ex-pats. When Argentina suffered a massive default in 2001, the global press, including Time and The New York Times, went so far as to propose that Patagonia be ceded from the country as a defaulted debt payment mechanism.
The New York Times article followed one published in the Buenos Aires financial newspaper El Cronista Comercial called “Debt for Territory,” which described a proposal by a US consultant to then-president Eduardo Duhalde for swapping public debt for government land. It said:
[T]he idea would be to transform our public debt default into direct equity investment in which creditors can become land owners where they can develop industrial, agricultural and real estate projects. . . . There could be surprising candidates for this idea: during the Alfonsin Administration, the Japanese studied an investment master plan in Argentine land in order to promote emigration. The proposal was also considered in Israel.
Salbuchi notes that ceding Patagonia from Argentina was first suggested in 1896 by Theodor Herzl, founder of the Zionist movement, as a second settlement for that movement.
Another article published in 2002 was one by IMF deputy manager Anne Krueger titled “Should Countries Like Argentina Be Able to Declare Themselves Bankrupt?” It was posted on the IMF website and proposed some “new and creative ideas” on what to do about Argentina. Krueger said, “the lesson is clear: we need better incentives to bring debtors and creditors together before manageable problems turn into full-blown crises,” adding that the IMF believes “this could be done by learning from corporate bankruptcy regimes like Chapter 11 in the US”.
These ideas were developed in greater detail by Ms. Krueger in an IMF essay titled “A New Approach to Debt Restructuring,” and by Harvard professor Richard N. Cooper in a 2002 article titled “Chapter 11 for Countries” published in Foreign Affairs (“mouthpiece of the powerful New York-Based Elite think-tank, Council on Foreign Relations”). Salbuchi writes:
Here, Cooper very matter-of-factly recommends that “only if the debtor nation cannot restore its financial health are its assets liquidated and the proceeds distributed to its creditors – again under the guidance of a (global) court” (!).
In Argentina’s recent tangle with the vulture funds, Ms. Krueger and the mainstream media have come out in apparent defense of Argentina, recommending restraint by the US court. But according to Salbuchi, this does not represent a change in policy. Rather, the concern is that overly heavy-handed treatment may kill the golden goose:
. . . [I]n today’s delicate post-2008 banking system, a new and less controllable sovereign debt crisis could thwart the global elite’s plans for an “orderly transition towards a new global legal architecture” that will allow orderly liquidation of financially-failed states like Argentina. Especially if such debt were to be collateralized by its national territory (what else is left!?)
Breaking Free from the Sovereign Debt Trap
Salbuchi traces Argentina’s debt crisis back to 1955, when President Juan Domingo Perón was ousted in a very bloody US/UK/mega-bank-sponsored military coup:
Perón was hated for his insistence on not indebting Argentina with the mega-bankers: in 1946 he rejected joining the International Monetary Fund (IMF); in 1953 he fully paid off all of Argentina’s sovereign debt. So, once the mega-bankers got rid of him in 1956, they shoved Argentina into the IMF and created the “Paris Club” to engineer decades-worth of sovereign debt for vanquished Argentina, something they’ve been doing until today.
Many countries have been subjected to similar treatment, as John Perkins documents in his blockbuster exposé Confessions of an Economic Hit Man. When the country cannot pay, the IMF sweeps in with refinancing agreements with strings attached, including selling off public assets and slashing public services in order to divert government revenues into foreign debt service.
Even without pressure from economic hit men, however, governments routinely indebt themselves for much more than they can ever hope to repay. Why do they do it? Salbuchi writes:
Here, Western economists, bankers, traders, Ivy League academics and professors, Nobel laureates and the mainstream media have a quick and monolithic reply: because all nations need“investment and investors” if they wish to build highways, power plants, schools, airports, hospitals, raise armies, service infrastructures and a long list of et ceteras . . . .
But more and more people are starting to ask a fundamental common-sense question: why should governments indebt themselves in hard currencies, decades into the future with global mega-bankers, when they could just as well finance these projects and needs far more safely by issuing the proper amounts of their own local sovereign currency instead?
Neoliberal experts shout back that government-created money devalues the currency, inflates the money supply, and destroys economies. But does it? Or is it the debt service on money created privately by banks, along with other forms of “rent” on capital, that create inflation and destroy economies? As Prof. Michael Hudson points out:
These financial claims on wealth – bonds, mortgages and bank loans – are lent out to become somebody else’s debts in an exponentially expanding process. . . . [E]conomies have been obliged to pay their debts by cutting back new research, development and new physical reinvestment. This is the essence of IMF austerity plans, in which the currency is “stabilized” by further international borrowing on terms that destabilize the economy at large. Such cutbacks in long-term investment also are the product of corporate raids financed by high-interest junk bonds. The debts created by businesses, consumers and national economies cutting back their long-term direct investment leaves these entities even less able to carry their mounting debt burden.
Spiraling debt also results in price inflation, since businesses have to raise their prices to cover the interest and fees on the debt.
From Sovereign Debt to Monetary Sovereignty
For governments to escape this austerity trap, they need to spend not less but more money on the tangible capital formation that increases physical productivity. But where to get the investment money without getting sucked into the debt vortex? Where can Argentina get funding if the country is shut out of international capital markets?
The common-sense response, as Salbuchi observes, is for governments to issue the money they need directly. But “printing money” raises outcries that can be difficult to overcome politically. An alternative that can have virtually the same effect is for nations to borrow money issued by their own publicly-owned banks. Public banks generate credit just as private banks do; but unlike private lenders, they return interest and profits to the economy. Their mandate is to serve the public, and that is where their profits go. Funding through their own government-issued currencies and publicly-owned banks has been successfully pursued by many countries historically, including Australia, New Zealand, Canada, Germany, China, Russia, Korea and Japan. (For more on this, see The Public Bank Solution.)
Countries do need to be able to buy foreign products that they cannot acquire or produce domestically, and for that they need a form of currency or an international credit line that other nations will accept. But countries are increasingly breaking away from the oil- and weapons-backed US dollar as global reserve currency. To resolve the mutually-destructive currency wars will probably take a new Bretton Woods Accord. But that is another subject for a later article.
Ellen Brown is an attorney, founder of the Public Banking Institute, and author of twelve books, including the best-selling Web of Debt. In The Public Bank Solution, her latest book, she explores successful public banking models historically and globally. Her 200+ blog articles are at EllenBrown.com
http://www.counterpunch.org/2014/08/26/colonization-by-bankruptcy/
Well-stated JR. There is no question that Kirchner is fighting for the independence of Argentina and no question the weight of Wall Street is bearing down on the country once again, eyeing the rich resources here. This is the reason Singer finds so much support in the financial media. They are, indeed, hoping to bankrupt the country and purchase assets on the cheap. Of course, Spanish banks tried this and ran YPF into the ground, floating oil for swaps, instead of refining it properly and selling it locally, which was there pledge to Argentina. The result, the government simply took YPF back from the banks.
I don´t agree with Christina on a number of things, but I fully support her in her fight against Wall Street.
"Never believe anything in politics until it has been officially denied."
-Otto von Bismark
She needs to run to the BRICS bank and borrow a few billion. Collateral Mnnn.. How about all the food Argentina produces in a year. That will screw Europe. Argentinians need to slim down anyway.
seems to be the standard operating procedure for governments to lie about an upcoming devaluation, famous quote from Mexican President Jose Lopez Portillo in February 1982, "I will defend the peso like a dog," peso lost 50% in value 10 days later
I see the Paul Singer mouthpiece is tuning up his pipe again. Ok.... look. I am no apologist for the Kirchner government. Her desire to be as European or North American-like in her government as possible is her downfall (such as government paid baby-machines... welfare for single mothers, which pays per child, with legalized abortion as the proposed "remedy" to this problem, among other things).
But look... I will say it again. The blue rate is not a market... dollars are artificially restricted... there are very few dollars here. I am a U.S. expat, with U.S. accounts, and have not seen an actual USD since December. It is a fringe market used by a few people, mostly international travelers and a few who prefer to save in U.S. dollars. The average Argentine saves in the form of resources... by purchasing building materials, durable goods, real estate, and other actual tangible things. The economy minister is correct, it affects very few people. It is not related to prices in Argentina, even electronics, which are imported from China and purchased by importers often with Yuan (the ICBC now has a branch in most major Argentine cities).
The continuous media reports by the Financial Times, Zerohedge (who is, it seems, an investor in Elliot Capital Management, since they publish Paul Singer´s letter to investors), and others are, in fact, propaganda specifically designed to create a panic and force Argentina to deal with Elliot. So it is correct to state that the vulture funds are deliberately trying to devalue the peso.
Finally, quoting an opposition party leader as a valid source of information, simply because he agrees with your position, is the equivalent of assuming that John McCain is correct because he disagrees with Obama on arming more Syrians.
Now for some truthiness.
Here are the actual problems in Argentina. 1) If the Europeans are doing it or the U.S. is doing it, Kirchner wants to do it. The most egregious example is the welfare situation in Argentina, in which, the government pays single mothers per child, just as in the U.S. The result of this is an explosion of single, teen, mothers, and incredible sexual immorality. The family, the bedrock or Argentina society (which is heavily Italian) has all-but crumbled under this government-led assault. Abortion was recently made legal, supposedly to be "progressive" but really just as a "solution" to this problem. Now the government is proposing government-funded sub-cutaneous birth-control. How about just ending the pay-per-child welfare system? 1 flat payment per household, regardless of the number of people there... that will end the blight of single-mother poverty now spreading across the nation.
2) The people have lost all confidence in the government, after years of corruption (sponsored by the CIA and Wall Street types, like Paul Singer). As a result, much of the economy is "en negro" or black market. Probably 40% of all Argentines work "under-the-table." The result is that the government (which relies on income taxes heavily... why?.. because the U.S. does), receives about 40% less revenue via income taxes than it should. In order to continue their pay-per-child welfare program, which is destroying the country, they print the difference, which is causing the inflation, which causes less trust in the government, and so on.
Note to self: if I can just resist temptation for one more month before cashing all of my (Mr) Yellen Bucks for pesos, I can have my life-ending orgy with 500 of the hottest Argentinian women, including Pres Kirchner.
Must. Exercise. Restraint.
I just luv the made-in-Zimbabwei currency parabolic. To the moon, baby.
but wait, doesnt devaluing your currency increase exports in turn benefiting your economy?!?!?!?!
I am joking!!