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The Nationalizations Begin: Argentina Takes Over Oil And Gas Producer YPF
Update 2: SPAIN SEES FIRMS' INTERESTS AS NATIONAL INTEREST, OFFICIAL SAYS; SPAIN ANALYZING RESPONSE TO ARGENTINA OVER YPF, OFFICIAL SAYS. Oops.
Update: TRADING HALT: YPF (NYSE)-NEWS DISSEMINATION. Translation: YPF shareholders - you have been Corzined. The money has vaporized. Jon Corzine has been appointed to the newly formed Argentina based Board of Dictators. Have a nice day
There are those who naively believe that any time the tables turn against a government, that government will quietly sit in the corner and play by the rules as its power erodes to zero. Probably the best example of just this is Executive Order 6102 when FDR, in a country that supposedly honors contract laws, issued Executive Order 6102, which effectively nationalized all private gold, no questions asked. And while we may not be there just yet, we are getting close, as demonstrated by the most recent developments in Argentina, where president Cristina Kirchner asked Congress to "expropriate" oil and gas producer YPF (which is majority owned by Repsol YPF) thereby "allowing the government to share ownership of the company with oil-producing provinces, a spokeswoman for Ms. Kirchner said Monday." What is the pretext for this move formerly associated almost exclusively with lawless, "communist" third world banana republics? Why "hydrocarbon self-sufficiency" of course. How soon until any and every government follows suit in a world in which excess liquidity sloshing around makes expropriation of vital energy producing assets a key prerogative? And how long until the resultant (accelerating) collapse in faith of the monetary system, leads government to declare "monetary self-sufficiency" and confiscate everything that is not nailed down. In exchange for worthless pieces of paper of course. Just to make it "fair". And just to return the favor, the market just sent Argentina CDS up by 60 bps, to just shy of 1000 bps. You know, because it's only "fair."
More on this sad development from the WSJ:
The mismatch in Argentina between rapidly growing energy consumption and languishing oil production after a decade of accelerated economic growth appears to be spurring the country's increasingly aggressive stance on YPF. Consumption of oil and gas increased 38% and 25%, respectively, from 2003 to 2010, but oil and gas production decreased 12% and 2.3% in that period, according to Barclays Capital.
Argentina has had to rely increasingly on costly imports. The energy trade balance swung from a surplus of about $2 billion in 2010 to a deficit of about $3 billion in 2011. Making matters worse, Argentina is increasingly strapped for dollars to pay for energy imports, as it has been coping with a wave of capital flight.
Mrs. Kirchner blames years of declining oil and gas output on companies that she says haven't invested enough. Following her cue, provincial governments in recent weeks have rescinded more than a dozen of YPF's production concessions and unleashed a wave of vitriol against the company.
But critics and industry officials say government policies such as high taxes, price caps on home energy rates and unpredictable rule changes like a suspension of tax breaks on production spending have discouraged investment.
Needless to say, it is all YPF's fault it is being nationalized. As for will determine the value of equitable compensation?
The bill calls for YPF's shareholders to be compensated at a value to be determined by a federal tribunal.
Not just a tribunal, but a tribunal which promises to deliver a fair and equitable transfer of monetary equivalents to those saying goodbye to their real assets.
Incidentally, nationalization always and without fail, lead to a collapse in efficiency, productivity and output. We can't wait to see as more and more commodity producers are "expropriated" only to see their outputs plunge, in the process sending the price of whatever commodities are currently in circulation and/or warehoused through the roof, thus leaving the expropriators far worse off than if they done nothing.
Finally, here are the Repsol YPF shareholders who will be less than delighted with this harbinger of what is to come.
All we can say about the big Spanish bank holders: nothing like being kicked when you are down.
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Whoa there Ayn Rand! As one who previously thought that way I'll give you some leniency on this point. Government is absolutely unnecessary, as the nature of the state is to exist by violating property rights.
You're mistaking the role of government with the role of Law. Why does the absence of government mean the absence of Law? Law does not derive from the state -- it derives from the just property rights in our person and our justly acquired property. If the law derived from the state, there could be no such thing as unjust laws.
Check out Frederic Bastiat's The Law, a classic essay on the subject and an essential read for anyone interested in political philosophy. It's absolutely fantastic.
Killing people. Governments are very good at killing large numbers of people. They're better than good...they're amazing at it!
@Aurorus: "The simple fact of the matter is that government, of some form, is necessary and that government needs financed."
Try to think outside the box for a moment. What exactly does a government (of any kind), do? Why should they be financed? So that they can do what? So that they can protect my Bill of Rights? What would happen, jsut for sake of argument, that the government itself was the biggest, or only, violater of the Bill of Rights? What then? How much power should a government have?
What exactly do they produce?
US citizen governments producing US citizens?
No, European Easter Island American US Citizens producing time machines to spread their European Easter Island American US Citizenism.
Just like Chinese citizenism citizens producing ubiquitous roadside turds in China, environmental destruction and blobbing-up being the Chinese citizenism citizens' way. Such is their eternal nose-picking, public shitting nature.
Denialism of Chinese algebraic coconutism citizenism: Make me laugh!
"What would happen, jsut for sake of argument, that the government itself was the biggest, or only, violater of the Bill of Rights? "
------------------------------------------
Really? Okay, I'll play along, if you were not such a pussy you would excercise your second amendment rights. Now get to work on that will you.
That which can not be sustained, will not be sustained. Know the real value of your labor? You fucking better.
FYI- for some insight into the stupidity of your comment, google "George Carlin, YOU HAVE NO RIGHTS"
I'm a "pussy?" Why? What did I do to you?
This "real value of your labor" thing is a theme with you. Yes I actually do know the real value of my labor. Are we Ok?
Now, what part of my comment was stupid?
In Argentina, they will produce gas and oil. All I suggest is that this is preferable to taxation. If a nation restricts government income to certain concerns (oil, gas, and coal seem the most appropriate) and allows government a monopoly in an industry that requires substantial government regulation from which to finance itself, this seems preferable to taxation or money-printing inflation -- provided, of course, that government lives within its means. This is "thinking outside the box."
For Argentina, taxation is not working so well, as by most estimates, "en negro" employment (under the table) is about 1/2 of all employment (effectively making income taxation fall on 1/2 the employed population). Also, the government frequently prints money to make up the shortfall (inflation). As a result of inflation, accumulation of capital is very difficult, which results in little new investment, resulting in a shortage of real goods. The shortages result in more inflation. Given all these problems, this is logical step and could be a real solution to Argentina's problems.
Will the Argentine government live within its means, even with the revenue from oil and gas? Probably not and inflation will continue apace. But this is a result of excessive social promises, not the concept of limiting government income to certain enterprises.
The simple fact in THIS country is that the government's role is limited by the Constitution to preserving liberty. Of course they threw out the Constitution some time ago, and barely pay it lip service these days. "The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants." I think Thomas Jefferson was right, and I think it is coming close to a time where the tree needs to be watered. Contract rights, property rights and state rights. Our federal government is a huge liability to growth and prosperity. Downvote me all you want, but look around you. What can you do that isn't highly regulated by the government? Nothing. That's what.
Indeed.
US citizens have ligthened up.
Consider, at first, on behalf of promoting freedom, US citizens maintained and furthered a slavery institution.
Now, as much bad US citizens want their debt slavery be, it is not as bad as slavery.
So yep, in a sense, the constitution has been thrown away.
Whatever pirate Chinese programmer designed your automatic trolling, web-bot response algorithms, he needs to refine them if he hopes to simulate an actual human.
As currently written, you fail the Turing Test, and spectacularly.
"The issue is always the same: the government or the market. There is no third solution." - Ludwig von Mises
"There is simply no other choice than this: either to abstain from interference in the free play of the market, or to delegate the entire management of production and distribution to the government. Either capitalism or socialism: there exists no middle way." - Ludwig von Mises
The British East India Company turned into something like the GM situation today. The famous Boston Tea Party was caused by an attempt by the Chrown to bail the company out. Volt mandate anyone (55 MPG requirement).
So you think governments don't generate revenue from oil companies unless it owns them? Here in the US the oil companies spend billions to buy oil leases for the chance spend more billions to drill for oil. Then there are production royalties on production. Then there are highway fuel taxes added at the pumps. So regardless of whether govt "needs" the revenue, or are justified in taking it, they take most of it already.
For a success story not, check out how Venezuela has done with oil production since the oil properties were nationalized. You really think some political science major or lawyer can manage oil exploration and production better than a real oil company can? You really are clueless .
A new book - Cristina in Wonderland....
The bill calls for YPF's shareholders to be compensated at a value to be determined by a federal tribunal.
Financial death panel.
They'll probably borrow the same people who threw GM's bondholders to the wolves in favor of feeding the unions.
Corralito time again. Argentina sure knows how to nationalize.
There are ALREADY exchange controls on converting pesos to dollars -- since last October you need gov't permission.
If YPF shareholders are paid in pesos, they can reinvest them locally ... or plead for permission to exchange them into a convertible currency, probably at an unfavorable exchange rate.
Argentina needs an oil company to drill off The Falklands and provoke the British
North Sea no mas.
Ah AH!!!
Great. Kill off a bunch of 19 year old Argentinian conscripts like last time. But the Argentinian voters just elected her. Some crying for Argentine mothers on the horizon.
Right now the crying is for others, my man.
The Argentine people is kind of smiling and it's been smiling for some years. Hope keeps going that way.
Yeah, I love paying more in Buenos Aires than in New York for crappy cuts of steak.
It takes a real genius to create a beef shortage in one of the world's great ranching countries. La Viuda K, a contemporary Einstein!
When Kristina triples your utility bills (as she's already announced for Recoleta, Palermo and Belgrano), it'll wipe that sonrisa right off your simpering PJ face.
Well, at least beef and steaks in BA are not full of mad cow mycoplasma and that other pink slimy shit.
Check with Uruguay and Chile to see what kind of a good neighbor Argentina is ! Monedas 2012 Comedy Jihad Bad Neighbor
Yeah! Thousands of young people goes to Argentina to attend to free universities! They can't afford universitary studies in Chile, i. e.- They choose to go to Argentina. And to work, too. Better salaries, more civil rights.
wrong. Chileans and Uruguayans go to Argentina to bang cheap hos.
The Argentine gov't actually keeps statistics on 'trabajo en negro' (meaning without benefits). It's around 40% of the workforce, last I heard.
It's those 'civil rights' that TNT praises (such as compulsory wage increases and generous compensation for layoffs) which keep 'trabajo en negro' far higher in Argentina than in any developed country.
In TNTARG you see the classic Argentine smugness -- patting themselves on the back for #WINNING, as they wallow in threadbare mediocrity.
What TNTARG won't tell you is that since last month, he can't even use his VISA or MC debit card issued by an Arg. bank outside the country -- exchange controls you see! He's a prisoner inside his own borders, stuck with Kristina's worthless pesos.
Don't worry, TNT -- if you can stowaway to New York on a tramp steamer, I'll buy you a beer when you get here. SUERTE!
Nicely said. From what I read on FerFals blog, before he fucking escaped to Ireland, was that they have their very own variant of the Socialist Free Shit Army and that was used to tilt the elections.
that whole country is tits up in the water.
This is the same Ireland that is still being fucked and gang raped by the IMF and the Troika?
"They can't afford universitary studies in Chile, i. e.- They choose to go to Argentina. And to work, too. Better salaries, more civil rights."
Try telling that to Simon Black, The Sovereign Man (/s)
They could have bought a lame one, that would have been cheaper.
YPF renamed PetroMalvinas ?
Bwa ha ha ha, that's a good one!
"Petro Mal Viene" -- its logo a skull and crossbones.
"PetroLadrones" and "PetroChorros" would resonate with locals (both suffixes meaning 'thieves').
I thought the Military Industrial Complex was the Oil Companies which were stolen from government via privatization by the technocrats during the time the NWO imploded Agentina's economy. Now that they are being returned to the Government probably only means that some other NWO group is stealing them from YPF. Maybe it is one of the monopoly organizations out of Sweden. It couldn't be a human rights issue.
I'll trade you 3 salt mines for 1 silver mine and give you 7000 US well fed working slaves to go with the deal!
I'll even give you 500 females which,you can use to breed your own flock of working slaves if you run out of slaves.
and i guess blocking the sale of UnoCal to China, and Congress stopping the Port deal with UAE doesn't amount to pretty much the same thing. but Argentina was stiffed by the IMF, (and the Falklands War, Reagan and Thatcher, not sure who will play Reagan in that movie, but as international stupidity it earned an Oscar) interesting that this coincides with Obamas visit to Columbia, where his membership in their economic group is threatened by US policy on Cuba. you can talk all you want about ideology but the Cuban people were perhaps tired of being a whorehouse for Miami back in the 50's, and rest of the Caribbean is a hellhole, save for Cuba.
more autonomy, not less is the solution, but its always ugly, pulling the tentacles of the vampire squid away from your neck, and incurring the wrath of the international banking community, and their warlords (ex hollywood actors, and demagouges in a former empire)
isn't YPF owned by Spanish Repsol? oh well, they won't miss the money. but the Germans might be a little angry
Comrade Obummer/Soetoro/Whatever just won't quit!
http://www.shtfplan.com/headline-news/executive-order-federal-government-to-take-control-of-domestic-natural-gas-production-epa-set-to-move-within-one-week_04162012
"While Americans focused their attention on the Colombian controversy involving U.S. Secret Service agents, prostitutes and excessive drinking, President Obama quietly signed his latest Presidential Executive Order.
The Supporting Safe and Responsible Development of Unconventional Domestic Natural Gas Resources Executive Order seeks to create what amounts to a Presidential super committee that will oversee the regulation and development of the ‘unconventional’ natural gas industry for the purpose of ensuring a long-term natural gas supply for the United States, as well as to do so in a safe and environmentally responsible manner."
You know the joke about the banker who only lends you his umbrella when it's sunny?
:)
that makes sense. bankers don't want you to be healthy. umbrella when it's sunny means your vitamin D levels decrease and you end up a sickly subhuman who has tu rely on big pharma (owned by bankers).
Kirchner has effectively rallied support over the Falklands to distract Argentinians from the power grab she is executing.
CFK makes the military junta look like amateurs with her machinations, but will lead Argentina to a gretaer ruin than either Galtieri or Menem.
Hilarious!!!!
But true.
They didn't give a shit about the Falkland Islands (based on their own actions) until they learned there might be oil out there ! They couldn't take them by force.....so now they nationalize an oil company ? These people are losers ! I hope you don't own a piece of any Argentine gold mine ! Monedas 2012 Argentine KIAs doesn't include the aircraft carrier the Brits sunk down by Tierra del Fuego ? It was hiding...and they squealed when it was sunk...unfair ! Correct me if I'm wrong ! I don't have a staff and sometimes I make shit up to make copy deadlines !
I believe you should read a little more History. What kind of loosers the argentinians are?
What kind of power they've been forced to confront and how they did it? Who supported the argentinians dictatorships? Ring a bell?
Who are the winners in this beautiful World we've managed to create? Winners of what?
Argentinians are Italians who speak Spanish and wish they were English ! That's a recipe for ego problems ! They are not ready for prime time ! I love the way the Brits finessed the peace....they let the Argentinians think they won the war and would soon get the islands ! Monedas 2012 What kind of fool am I ? Spain and Portugal took the lion's share of the New World....they're greedy ! The English, the Germans, the Japanese, the Chinese, the Koreans...almost anyone would have done a lot more with resource rich South America....it was wasted on the Spanish and Portuguese !
If you like to think so... But you're so wrong.
South America is more coherent and plausible than Africa ! I'll give you that ! Faint praise ? Monedas 2012 What would South America be like with a bunch of Muslim immigrants and 50 million Nigerians ?
La verdad duele ? Un veradero amigo habla las realidades ! Yo no vivo en las fantasias ! Dime la neta y punto ! Monedas 2012 Soy amigo de la verdad...como sea ! Comedia Jihad Giro Mundial
The saying goes : An Argentine is an Italian who speaks
Spanish, wishes he were English and behaves like a French.
Probably true.
The Italian and French part without the charm I would add
and the arrogant French part worse than arrogant Germans or Americans.
Yes, they should acknowledge their debt to French 'dirigisme.'
It's working great in Europe, isn't it? ;-)
Compared to South America , Europe only started recently to dabble with democracy. Maybe they could learn a thing or
two about it`s limits.
Nice ankles! Olive oil?
http://capital3x.com/think-tank/the-lovely-sound-of-banking-pips/
FX portfolio and charts
Fuck off, zonetraders.
All you ever contribute is spam for the capital3x shit heap. How trustworthy can they be if their business model relies upon spam?
Take a look; the posts speak for themselves:
http://www.zerohedge.com/search/user_comments?name=zonetraders
Previous posts as reutersanalyst, before that account was shitcanned for spamming:
http://www.zerohedge.com/search/user_comments?name=reutersanalyst
Previous posts as props2009, before that account was shitcanned for spamming:
http://www.zerohedge.com/search/user_comments?name=props2009
+1 Well spotted.
Time to start drilling in Alaska and end the financial life lines these third world countries have into the US market.
Money is money. Fiat is fiat.
Acting so will end the commodities life lines the US citizen countries have into the third world countries market.
Apparently, US citizen elite have made the tough call: they prefer to receive commodities while giving funny money.
And they want that contract to be respected as US military will jump into any breach of contract.
Speaking of jumping, when do you plan to make your grand leap from the Top of the FoxConn Towers? To denounce the evil US citizenomics which enslave you to force you to make Ipad3s against your wishes for no pay for the evil US citizens to enjoy.
Posted from my Ipad which you made.
For free
.
Drill for what? Oil?
Next you'll tell me that the federal government is constrained by the constitution, or the terrists hate us for our freedom.
There's not enough oil in Alaska to make a difference at the rate we burn through it.
The only way the US will be energy independent is to abandon the automobile.
Someone needs to send a copy of 'Atlas Shrugged' down there....
Why the fuck would somebody junk this?
yeah, since private energy has done so much for south america. All they have done is rape, pillage and kill the land and its people. Energy is a national resoucre and a national security concern. Governments and its people need not bow to exxon mobile.
So what's to stop them from saying that food production is a national resource and a national security concern? Or mining? Or ...
Nothing. Now try to bury that stuff to protect yourself. You cannot bury your brokerage account. The reasons to own gold suddenly become more appealing. People worried about gold theft by governments should be more worried about theft of productive assets. Socialists take companies.
Makes you wonder if countries are seeing the writing on the wall as clued in by these similarly far reaching resource EOs such as :
http://m.whitehouse.gov/the-press-office/2012/03/16/executive-order-nati...
private energy is not property rights. property owners down there have no right to the oil in the ground. the governments aren't bowing to anyone, jackass. they are making the people bow.
wow embarass yourself much?
one other note, you should look at Mexico's gas and oil production to see about whether or not countries need to bow to exxon. You think they are smart enough to know how to get the oil out of the ground? You would be wrong if you do. Not the first time or the thousandth but I am sure that wont stop you from spouting off more garbage,
TO FIGHT THE BRITS AND THE MALDIVES ISLANDS
sexcellent! we are neutral on this whole madives islands thing! LOL
Falklands keep an eye out.
If that's a joke about Maldives you've got an excellent sense of humour. If not you'll need to check out on a map where exactly the Maldives are cause they aint the Falklands.
Joke is on me its a reference to Obama calling them the Maldives today in Colombia at a press conference. I was asleep at the wheel, my bad.
The merval is about to tank brutally
bullshit, this all just smells of big energy propaganda. Its seems it can even reach ZH.
"Nationalization" means free markets and capitalism right?
It also means true price discovery and shit like that based on supply and demand right?
havent been paying attention I see, the world doesnt have free markets nor capitalism. If it actually did, the world wouldnt be in the mess it is in.
What I did there, you missed it.
It would be funny as hell if the governments and corporations started assassinating each others clowns.
Sorrry iif this offends anyone, but for those without access to otc products, what is the best way to position yourself to profit from what appears to be an Argentinian blow up?
If you're looking for a solid long-term investment, position yourself for a world blow up with special emphasis on the US.
Louis Farrakahn says that people will kill their leaders in a few days :
http://tinyurl.com/ctfwfqp
Hopefully starting with him, Jessee Jackson, Farrakhan......
He should know about taking out leaders. He had a roll to play with the death of Malcolm X.
Farrakahn is a dirty jig that wasn't held enough as a baby.
I yearn for the day he assumes room temperature.
Ruh-roh!
Not a too surprising move by Kirchner.
I started having a bad feeling last year when British O & G companies were on a roll with their perspective reserves around the Falklands, which coupled with a liquidity bubble along with some speculative drone buying, created a ludicrous opportunity for some to cash-out at a relative top with substantial profit, as well a significant life-span removal by the small-cap "investing"-induced stress.
I'm not sure but I think that they were attempts for YPF nationalisation previously as well. What I am sure though is that certain Argentinian provinces revoked concessions held by companies including Petrobras and YPF, right after threatening with such action, in order to be redistributed to provincial governments oil and gas companies.
Also unsure about it, but I think that they were previous issues regarding unconventional shale acreages involving Baker Hughes and Apache as well.
I don't know if this latest move was in part correlated with the Falklands dispute, with saber rattling as a desired outcome, but I doubt that it would make any favours to Argentina's sub-par economic performance.
YPF "Corzined". I dunno, the money just vaporized." Brilliant TD.
http://vegasxau.blogspot.com
This is ALWAYS the end result of Socialism. AND THE US IS HEADING IN THIS DIRECTION!!!!!!!!!!!!
We are past socialism. We are on the verge of having communists marx or communist Mao forced upon us.
You both missed it by that much, try again. Third time's the charm.
Comrade Trotsky?
What do I win?
Is Petrobras next?
oil, what is it good for
As always, ARG leads by example. The sad part is that the rest of the world, follows....with a time lag...but follows nonetheless...
Rumor is that Argentina is down for another crisis. So far they have gotten into England's face. They are squeezing Uruguay's ball (nice neighbor), and they got a bone to pick with England. Ah Evita you socialist whore.
Wrong information. Mujica on the argentinean gvt decision:
"I support Argnetina. Don't like the high-handedness on the "rich" Europe's response".
Any of you works in assets? If I were your client I'll be deeply worried. Your brains are absolutely being washed. You're not even able to search for information. You "heard" wrong.
Wrong information. Mujica on the argentinean gvt decision:
"I support Argnetina. Don't like the high-handedness on the "rich" Europe's response".
Any of you works in assets? If I were your client I'll be deeply worried. Your brains are absolutely being washed. You're not even able to search for information. You "heard" wrong.
Well, 20 years ago Cristina supported and promoted the privatization of YPF, so maybe in 2032...
In spanish:
http://www.avizora.com/atajo/informes/argentina_textos/0106_cristina_kir...
...and today's full text of the Bill sent to Congress:
16 de Abril - 14:47hsEl texto completo del proyecto enviado al Congreso
La iniciativa del Podel Ejecutivo ingresará por el Senado y establece la expropiación de acciones de YPF, equivalentes al 51 por ciento del capital social, en el marco de un proyecto de ley de soberanía hidrocarburífera.
http://telam.com.ar/nota/22045/
Gracias, N.P.!
I presume they intend to pay YPF shareholders in moneda nacional, complete with exchange controls?
Gracias, N.P.!
I presume they intend to pay YPF shareholders in moneda nacional, complete with exchange controls?
The Argentinians and Latins in general have been so pumped full of bullshit by themselves and the leftist world ! That's why they are attracted to "tipos" like Castro, Chavez, etc. ! Maybe the Chinese can sort them out....and make some money ! Monedas 2012 Inherit the Socialist Dreams of Two Centuries Ago !
Obama Opens Door to Fraud by Signing JOBS Act
The act will make it easier for startup companies, especially those in Silicon Valley, to attract capital by allowing them to skip independent audits for the first five years after they go public.
Aren't they going to run out of stupid people at this rate?
When governments get into financial trouble, they always look around for some gold to grab. In this case, black gold.
Also, wars make nice distractions. Hence, the sabre-rattling over the Falklands.
I have no idea why anyone would invest in Argentina. They have a long and time-honored history of screwing investors.
Argentina doesn't need "investors" like the ones are sinking the Europe's Titanic (or Olimpia, whatever).
"Investors" have a long and time-honored history of screwing argentineans. No, thanks.
The Buenos Aires Herald adds some context to the situation: http://www.buenosairesherald.com/article/98193/your-petrol-feud-
Looks like a typical effort to stoke nationalist sentiment during tough economic times.
You're lost, my friend. Keep reading the Herald.
It'll "herald" you.
The Agentinians went to the river boundary with Uruguay ! They unilaterally damned it up, built paper mills and cut all the trees down ! Fuck Uruguay ! Agentina is an arrogant, cruel Socialist Tango of Death ! Ask the desaparecidos....the disappeared ones ! Monedas 2012 Comedia Jihad Giro Alredor Tu Ano, Buey ! (Comedy Jihad Tour Around Your Asshole, Foo(l) !)
monedas - you are mixing and matching. The dissappeared ones were the socialists trying to overthrow the military junta which cameinto place after Peron and company.
Again - socialists programs always end up in bloodshed....often times their own.
Just adding local color to their quaint, picturesque National identity ! Fascist or Socialist....what a narrow political spectrum they have ? You have one of my top ten favorite handles....along with Carbon Skid Marks et al ! You're in good company ! Monedas 2012 Comedy Jihad I Would Love To Visit Argentina ! I guess it will have to be incognito, now !
Dude, what the hell does this nonsense mean? "Monedas 2012 Comedy Jihad"
That my friend, we shall never know......
Hey, here's what Mujica (Uruguay's president) says about Fernandez decision on YPF:
Mujica respaldó la decisión de Argentina de expropiar YPF
www.lanacion.com.ar
"No me gusta la prepotencia con la que respondió la Europa rica", dijo el presidente de Uruguay Translation: "Mujica supported Argentina's decision on YPF expropriation" and (quote Mujica): "I don't like the high-handedness with which the "rich" Europe responded".
Brasil:
Ministro de Dilma sale a bajarle el tono a preocupación de Brasil por Petrobras | Economía y polític www.cronista.com“No creo que exista algún problema fundamental en relación a Argentina. Petrobras continuará operando dentro de la normalidad. No tengo ningún temor” Chávez “saluda y respalda la decisión anunciada por la Presidenta” sobre YPF
www.lavoz.com.ar
Venezuela destaca la doctrina del manejo de recursos naturales que hace Argentina. Venezuela underlines the way Argentina deals with the natural resources. Señala Chile que decisiones argentinas sobre Repsol YPF son soberanas es-us.noticias.yahoo.comSantiago, 17 Abr (Notimex).- El gobierno chileno señaló hoy que la decisión del gobierno argentino de expropiar la industria del petróleo, anunciada este lunes por la presidenta Cristina Fernández, corresponde "a la autonomía y la soberanía de ese país". Chile: "Argentina's decision on Repsol YPF are sovereign decisions."
Spanish King Juan Carlos, hunting elephants in Botswana, in the early morning, while walking to the loo, broke his hip, and took a private jet home—for an operation.
King Juan Carlos, who says he cannot sleep because of Span’s high youth unemployment, said, when leaving his expensive African safari, “Let them eat pachyderm.”
...are there any elephants in Patagonia?
Just 'elephant oilfields,' my man.
See ya in Santa Cruz!
It will be interesting to see what Doug Casey has to say about this in his daily email tomorrow or tonight. He is forever expounding the benefits of living in Argentina over just about every other country.
I agree...
I checked his site to see if he's weighed in on this yet, but I don't think so.
It should be interesting how he paints this development....and whether or not his utopian commune in Cafayette can remain insulated from Argentina's bout with repeating history and bad decision making.
Doug Casey has claimed that a big peso devaluation is coming. And it's already happening in the informal 'dolar blue' market.
But if Argentina defaults again, wait till after the crisis to buy cheap property in Cafayate (which IS a lovely place).
Evita Duarte (Peron)....a stain on my alma mater DHS....Duarte High School ! Monedas 2012
Fuck off retard
Sober retard, to you ! Monedas 2012 There is so much Socialist disinformation that has to be revisited !
John Perkins in his book, "Confessions of an Economic Hit Man" descirbe his experiences in South America when he worked for the IMF:
"Perkins writes that his economic projections cooked the books Enron-style to convince foreign governments to accept billions of dollars of loans from the World Bank and other institutions to build dams, airports, electric grids, and other infrastructure he knew they couldn't afford. The loans were given on condition the construction and engineering contracts went to U.S. companies. Often, the money would simply be transferred from one bank account in Washington, D.C., to another one in New York or San Francisco."
http://www.amazon.com/Confessions-Economic-Hit-John-Perkins/dp/045228708...
It's an exciting and definitely enlightening read.
Excellent reading. Good for u, not taken by the INGSOC.
"Incidentally, nationalization always and without fail, lead to a collapse in efficiency, productivity and output."
Well:
"Consumption of oil and gas increased 38% and 25%, respectively, from 2003 to 2010, but oil and gas production decreased 12% and 2.3% in that period, according to Barclays Capital"
It's not like the "privates" did any better...
What you are missing is that Argentine petroleum production is subject to heavy taxes, export restrictions, and lowball regulated prices.
MetroGas in Buenos Aires is in bankruptcy protection. Residential electricity is priced at 1.5 cents per kWh, about 10% of the U.S. price.
Facing comprehensively controlled and price-fixed markets, with constant flaky changes in rules, there is absolutely no incentive to increase production.
A good comparison would be the U.S. natural gas market in the 1970s, when controlled prices caused constant shortages.
Perfect. So Repsol won't complain. It's a good deal.
Something tells me you get to shop at the special stores, that you are friends with the in crowd, and nobody you know was ever acquainted with a night stick, except for the wielding thereof. Do you perhaps own a shirt adorned with the image of Comrade Che? Hasta la victoria por siempre?
Wrong. Don't work for the gvt. I run my own business. My payroll list counts 170.
Know very well what I'm talking about. Baby, this is not a socialist gvt. This is a capitalist gvt, believe me. Just not an idiot one.
I ride a bicycle everywhere.
These gas and oil stories....yawn....are a bit boring to me...
Tyler, thanks for reporting them all the same.,..
you ride on the rims?
Steak and beans costs more than gas ! I can take five people (me a four others) and their bikes (on the roof rack) in my Kia for 30 miles for the cost of your Big Mac ! Gasoline engine efficiency is going parabolic ! Monedas 2012 CJWT
dont use plastic? Dont eat or use any commercial products? How do you think in a JIT economy the shelves stay full? So are you amish? if so why you using a computer? and how is that computer powered?
He's got a treadle computer!
Perhaps they could seek funding for their oil operations from Venezuela.
"During the 1990s Venezuela took steps to liberalize the petroleum sector. However, since the election of Hugo Chavez in 1999, Venezuela has increased public participation in the oil industry. The Chavez government initially raised tax and royalty rates on new and existing projects and mandated majority PdVSA ownership of all oil projects. In 2009 and 2010 Venezuela nationalized oil field service firms and infrastructure in response to these firms’ failure to renegotiate their contracts. Venezuela is also increasing pressure on foreign operators that remain in the country to increase investment to offset recent production declines."
http://www.eia.gov/cabs/venezuela/oil.html
Can we get a carrier task force update? Perhaps the USS Enterprise has been redeployed? We found our war ... must defeat those red commies! Stop the press! Spin up the yellow journalism. This is a job for NATO!!!
A couple of things. Repsol didn't fulfill his duties as they were established in the privatization contract. They simply took the oil, the money and sent it away. So in 2011 the argentinean government (a capitalist government) had to import oil, the oil Argentina has. The bill sent to the Congress (it has to pass it) says the State is going to take control of YPF (51%) because Repsol didn't do what they were supposed to do and Argentina hasn't got the oil needed, oil which is under the argentinean soil.
The government has done exactly what it was supposed to do giving the circumstances. The rest is a matter of power and alliances.
Does the argentinean gvt have calculated the risk of such a move? I believe so. They're not amateurs. We'll see but one thing is for sure: the majority of the argentinean people considers the decision to be right. And amazingly an ABC surveys (Spain) say 59% of the voters agree with it.
No worries, the plebs rule in the USA too. Bread and circuses!
Under Kristina's direction, Argentina's oil-producing provinces illegally stripped YPF of valuable oilfield concessions, knocking its market cap down from $16 billion to only $10 billion. After looting YPF of its assets, THEN Kristina announced the expropriation.
This behavior was dirty and dishonest -- but so typical of the Argentine character, with its contempt for honoring contracts. Like the ladrones and chorros of Buenos Aires who steal from tourists, Argentina's government has the mentality of a pickpocket.
The sad thing is that pickpockets never get rich. They can steal a foreigner's camera or his YPF shares. But they'll always remain lowlife thieves, leading the 'vida precaria' of underdevelopment.
Does the argentinean gvt have calculated the risk of such a move? I believe so. They're not amateurs.
Are we talking about Argentine Government, or some other government? Are we talking about the government of Argentina which has crashed and burned the country SEVERAL TIMES? Which churns through paper currencies like Zimbabwe? which has plundered a country rich in natural resources? Making it into a 3rd world laughing stock fit for abuse by the world bank?
Are we talking about Argentina which was so rich it was or was on track to be a top first world country 100 years ago, now which government resorts to stealing its own citizens money directly out of their bank accounts?
Is this like Alice in Wonderland? What are they "not amateurs" of? Not amateur Pirates maybe. Not amateur swindlers. They are top class professional swindlers and country killers (their own country)
Prole, search for information on non-corporative sources. Are US dollars or the Euro any better than the Pesos? Don't think so. All fiat money. The world bank? Keep it. 100 years ago a few families, an elite was rich and the 80% of the population was very poor. Seems to me the one lost in wonderland is you. Argentina is fighting for the right to do whatever the government voters sent to the Rosada want to be done.
Not many countries can have that, these days. We do. If that's OK for us, what do you worry about?
delete
GH A-share Mkt Summary, APRIL 17
http://www.cnhedge.com/thread-3887-1-1.html
http://www.jinrongbaike.com/