MercoPress. South Atlantic News Agency
US dollar climbs to new record in Argentina: 10.90 Pesos
The newly appointed Argentine Central bank chairman Juan Carlos Fábrega strategy to make the money exchange markets converge does not seem to be working: on Tuesday the 'blue' or parallel dollar soared to a new record, 10.85 and 10.90 Pesos, while the gap with the official rate again climbed to almost 60%. Read full article
Comments
Disclaimer & comment rules“Insanity: doing the same thing over and over again and expecting different results.” - Albert Einstein
Jan 08th, 2014 - 05:55 am - Link - Report abuse 0Argy's love their US dollars.
Jan 08th, 2014 - 06:22 am - Link - Report abuse 0I'm no economist and don't pretend to be but even I can see that there is something fundamentally wrong in an economy that has 'official' exchange rates and 'black market' exchange rates.
Jan 08th, 2014 - 09:53 am - Link - Report abuse 0Here in Ireland we've been living through the crazynomics of the Eurozone (all our own fault I know) but as far as I know there has never been a 'black market' in exchange rates.
Oh where is Think!?
Jan 08th, 2014 - 11:40 am - Link - Report abuse 0I know he must be shivering with er anticipation? No that's not why. Fear? Maybe
It should have no problem going over 11 today and maybe 12 by next week.
Then where it goes nobody knows
The SOY is baking in the fields. This more than the hot weather must have THe Rg gov't sweating profusely. Its not like they can buy much with Pesos on the Intl mkt now is it?
I do love it when cheats, liars and thieves get screwed over. And who deserves to get screwed over more than argieland? I do feel sorry for the 10 or 15 Argentines who are honest, intelligent, responsible and sane. Perhaps they'll flee over the mountains. Can we hope that the whole place will implode and they'll start eating each other?
Jan 08th, 2014 - 12:05 pm - Link - Report abuse 0official dollar should cost 11 or 12 pesos.
Jan 08th, 2014 - 12:56 pm - Link - Report abuse 0maybe a bit more.
then we would be in a similar situation as 2003 - 2008, with a gdp growth of 9 %.
agro exports would be competitive again, and, as we have already experienced, the result would be directly invested in productive activity (construction, agricultural machinery, automotive industry, etc.) creating a lot of job positions and not in speculation.
initially there is a cost to pay, but that critical period is very short.
of course the man to do it properly is not kicillof, but lavagna.
anyway i still have some confidence in fábrega, the president of the bcra
So how long do you think an 100% devaluation will boost the economy?
Jan 08th, 2014 - 01:03 pm - Link - Report abuse 0Wouldn't that also put you into hyperinflation immediately?
Silly boy there is no history you can point to that shows you can massively devalue your way to long term prosperity. If so you'd be rich not poor.
How many Arg currencies have there been in your lifetime? Your Parents? Grandparents? All of them started with small devaluations, then bigger, then adding 1 zero, then 2 then 10.
Will you idiots ever learn?
“So how long do you think an 100% devaluation will boost the economy?
Jan 08th, 2014 - 01:33 pm - Link - Report abuse 0Wouldn't that also put you into hyperinflation immediately?”
what do you know about 2003 - 2008? nothing?
what was the inflation rate then? near 0?
what was the growth rate in that period? 9%?
the main error was to replace a good economic team for a bunch of useless imbeciles.
shut up yank and go back to your tent in obamaville
It's time to play the music
Jan 08th, 2014 - 01:41 pm - Link - Report abuse 0It's time to light the lights (ironic that)
It's time to meet the Argentinians on the Muppet Show tonight.
Maybe I'm being unkind to all the decent hardworking muppets out there...
8. Do you forget what happened in 2001? You economy was in a severe depression. Its not rocket science to grow the economy 9% for a few years when it went DOWN 25% in ONE YEAR ALONE.
Jan 08th, 2014 - 02:02 pm - Link - Report abuse 0BTW I lived there in 2003-6 inflation started to be 25% when I left and the peso was 3/1.
Now you are saying it needs to be 12/1.
You are barking mad
You will see hyperinflation start anytime now
So how many currencies have you had in the last 75 yrs? And why is that?
You are pretty dumb but I'll try and teach you if I can.
Not everyone can learn though
@10: ohh boy, your parents didn't die yet? They are a example of how a child should not be raised.
Jan 08th, 2014 - 02:43 pm - Link - Report abuse 0You were saying about hiperinfaltion since 2010, economic crash about to happend in 2010, 11, 12, 13 and now 14. You see? You got some serious issues with you brain, are you sure your parent are nor related?
And yet here I am and the Peso is at $11.13 WITH GOVT intervention. Yes hyperinflation is coming. I am surprised as anyone that it hasn't happened yet. My guess is that the GDP growth numbers are very inaccurate and you're really in recession so its keeping the inflation in check ( at 40%!)
Jan 08th, 2014 - 03:33 pm - Link - Report abuse 0Its very hard to predict when the numbers are false. Ask the IMF.
@werteiner. it is a matter of genetics no doubts.
Jan 08th, 2014 - 03:34 pm - Link - Report abuse 0the funny thing is that this twat probably never set a foot here, dont know a thing about economics, but he insists in opining.
#4 Yankee. He is here in spirit, can't you sense the vibes...err I mean noxious aura. Rgland is at the pinacle of economic sophistication..err I mean economic collapse. It can be observed in all aspects of ramshackle public utilities.
Jan 08th, 2014 - 03:47 pm - Link - Report abuse 0“Fábrega's convergence strategy does not seem to be working effectively”
Jan 08th, 2014 - 04:24 pm - Link - Report abuse 0Do you think?
Will KFC be satisfied when the entire population is homeless and starving?
When that happens will she finally admit that her policies were wrong?
Probably not, I bet Tango 01 is all feulled up and ready for take off even now.
A new record high, despite the intervention of the CB.
Jan 08th, 2014 - 04:30 pm - Link - Report abuse 0Someone is losing the battle here, and increasingly rapidly.
Don’t need to be Einstein to realise that.
If there is a hiccup with the Soy crop or commodity prices, an unmitigated disaster will immediately follow.
Not rocket science this one.
Comment removed by the editor.
Jan 08th, 2014 - 04:41 pm - Link - Report abuse 0@17 warteiner
Jan 08th, 2014 - 05:01 pm - Link - Report abuse 0What, it’s now only 10.65, oh that’s all right then, problem gone away.
Now let’s rearrange the deckchairs on this here ship SS Titanic.
Go to dolarblue.net when I posted small caves reported over 11 and in Brazil over 12,
Jan 08th, 2014 - 05:19 pm - Link - Report abuse 0I never lie
Why bother when the truth is worse?
Haha
Hi Warteiner
Jan 08th, 2014 - 06:23 pm - Link - Report abuse 0You are like a child in a playground, if you don' get your own way you resort to name calling - how mature of you.
Hi Leiard,
Jan 08th, 2014 - 06:40 pm - Link - Report abuse 0I will proceed to explain to you why do I say what I said.
When you see people that all it does is wishing that Argentina goes bankrupt, never mind the children and all the people that will suffer, you have to “downgrade” to their level to comment. It's sad, but that kind of people only understand that way.
And untill the lot stop wishing Argentina to desapair I will come with the “truth” and spam all the site like Chriss mum who works on lincoln rd. or c*untqueror that is half Paki and is sad for that or yankeec*unt, who's wife left him for an Argentine and found her giving the doorman at Gibraltar pub a blow (right Freed ;) )
Wart, You are one classy guy! Keep telling us the truth and I will do the same.
Jan 08th, 2014 - 07:01 pm - Link - Report abuse 0Only one of our versions is correct tho
I think history speaks for itself
Enjoy your Tomatoes while you can.
hahahaha
@21 Warteiner
Jan 08th, 2014 - 08:46 pm - Link - Report abuse 0That is a very poor excuse for immature rants and name calling.
It will not help your arguments and facts in anyway.
It will just lead to people laughing at you for acting like an immature child.
This doesn’t look good. Commodity prices, including soya beans and wheat are drifting downwards, reducing Argentina’s dollar earnings over the next 6 months. This will inevitably push the black market (or market rate) up.
Jan 09th, 2014 - 12:17 am - Link - Report abuse 0Historical experience suggests any future readjustment to a real world market rate will lead to a burst of hyperinflation leading to shortages with drastically reduced imports. Furthermore countries which operate an official rate with such a divergence from a black market rate opens up possibilities of corruption by those few with access to official dollars.
It’s the poor of Argentina who will suffer most of course. A hundred years ago Argentina was one of the richest countries in the world. A land full of potential; it should have developed like Canada or Australia. How did it come to this? Sad story.
24 Rupert
Jan 09th, 2014 - 04:53 am - Link - Report abuse 0and some, like Cristina and her partners in crime will not suffer at all, but live comfortably in NY, or somewhere else with a stable government and Rule of Law.
The misguided Nationalist stooges that have supported her government and her thieving, will live in hardship, just like the regular poor.
I don't think she would be safe in NY. The trolls tell us it's a violent city.......she might get mugged........definitely not raped though.
Jan 09th, 2014 - 09:50 pm - Link - Report abuse 0CaptnPoppy
Jan 10th, 2014 - 01:54 am - Link - Report abuse 0We already know from her last trip to NYC, there are “Potbangers” there too.
Embarrassing !
Comment removed by the editor.
Jan 10th, 2014 - 03:29 am - Link - Report abuse 0Troy....they came from Boston AND the Connecticut area as well to bang those pots.
Jan 10th, 2014 - 09:59 am - Link - Report abuse 0Commenting for this story is now closed.
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