Colombia’s peso is in trouble, again. Against the U.S. dollar, the peso has shed 20% of its value in a little more than a year and 7% in the last month. Like most Latin American currencies, the Colombian peso bobs up and down like a yo-yo, and its long-term trend is one of weakness.
Last weekend, the ticket of Alberto Fernandez and Christina Kirchner crushed the hapless President of the Argentine Republic Mauricio Macri in a primary election. Since then, the Argentine peso has plunged and inflation has soared.
Zimbabwe’s Finance Minister Mthuli Ncube announced last week that Zimbabwe will suspend the release of government annual inflation statistics until February 2020. So, at present, I am the ONLY reliable source for accurate, current inflation measurements for Zimbabwe.
Zimbabwe’s Finance Minister Mthuli Ncube announced yesterday that Zimbabwe will suspend the release of official annual inflation statistics until February 2020. By my measure, Zimbabwe’s annual inflation rate is 558%/yr, the second highest annual inflation rate in the world.
Iran's annual inflation rate has plunged since Iran shot down a United States drone on June 20, 2019. Since then, inflation, by my measure, has fallen from 87%/yr to 31%/yr. And, Iran's inflation rate is dramatically lower than its September 2018 peak of 399%/yr.
Art Laffer, the supply-side guru and recent recipient of the Presidential Medal of Freedom has caused yet another stir among the chattering classes. Last week, he told John Catsimatidis on AM 970 New York that “The Fed shouldn’t be independent of the administration. Never should be. None of those people were elected. They were appointed.” He repeated those sentiments on CNBC’s “Squawk Box” this morning.
This week, turmoil gripped a usually dynamic, but well-ordered and calm, Hong Kong. Police stood by as young protestors stormed and sacked Hong Kong’s parliament building. Contrary to dire predictions by currency speculators, one thing that remained rock solid was the Hong Kong dollar (HKD).