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Leading Argentine economist says that we must admit “IMF is incorrigible”

Friday, May 1st 2015 - 06:44 UTC
Full article 38 comments

Economist Aldo Ferrer has said the International Monetary Fund (IMF) was “incorrigible”, questioning the report the multilateral credit organism released this week saying Argentina should devalue on its peso currency and carry out austerity policies to get back on the track of growth. Read full article


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  • ilsen

    It seems most Argentine Economists could do with a thorough spanking from the IMF.
    They never seem to learn.

    May 01st, 2015 - 10:47 am - Link - Report abuse 0
  • willi1

    ”...without considering structural matters.“...

    these structural matters are mainly located in the so called brains of the ck robberment and its followers and profiteers like aldo ferrer.

    May 01st, 2015 - 10:50 am - Link - Report abuse 0
  • darragh

    This, presumably is the Aldo Ferrer who describes himself as an 'economic nationalist'

    Economic Nationalism:-

    “Economic nationalism is a body of policies that emphasize domestic control of the economy, labour, and capital formation, even if this requires the imposition of tariffs and other restrictions on the movement of labour, goods and capital. In many cases, economic nationalists oppose globalization or at least question the benefits of unrestricted free trade. Economic nationalism may include such doctrines as protectionism and import substitution”

    No wonder then that he disagrees with the IMF

    May 01st, 2015 - 11:45 am - Link - Report abuse 0
  • golfcronie

    If Mercopress are reading the contents of these comments then listen up.
    Orgasm : a feeling you get when having just completed having sex
    Organism : a single cell creature
    Organisation : an entity, for instance A BANK or POST OFFICE
    Hope you take on board the above.

    May 01st, 2015 - 11:56 am - Link - Report abuse 0
  • ilsen


    I second that!

    It seems to be habitual. Down with that sort of thing! It must stop.

    May 01st, 2015 - 01:01 pm - Link - Report abuse 0
  • Voice

    Organism : a single cell creature...???

    ...are you confusing.....Amoeba...?

    May 01st, 2015 - 02:02 pm - Link - Report abuse 0
  • chronic

    Cultural equivilencies:

    “Leading Argentine economist” = “Chief Witch doctor”

    “borrowing at usuary rates” = “winning”


    May 01st, 2015 - 03:58 pm - Link - Report abuse 0
  • Conqueror

    Ferrer isn't a 'leading economist'. He's a hack. Still, at least he's 88 and senile. When will he dig a hole and pull it in after him?

    May 01st, 2015 - 04:01 pm - Link - Report abuse 0
  • axel arg

    As i said in some opportunities, this country has always been crossed by two ideological lines (conservative project, and progressive one), that's why it doesn't sorprise to see some argentines who listen to what the i. m. f. says, even despite the dramatic experience that we had with it.
    It doesn't sorprise either when i see that many people still give entity to the words of some cretin economists who publish their opinions in la nación (broda, melconian, espert and some others), who not only have failed sistematicly with what they forecasted on their reports, where most them warned about future economic disasters, which fortunatelly didn't happen, but also, one of the few advices that they have always given, is to make hard cuts on our national budget.
    Some people haven't seen yet that the problem isn't whether the government devalues the currency, or whether it makes some cuts, in fact, c. f. k's government has made some cuts on transportation sistem and on energy, however it has kept on promoting the rases in salaraies, and it has continued to protect the most vulnerable sectors of our society, that's why, our people almost didn't suffer for those decisions.
    Then, the point is to analize the statal intervention on our economy.
    Some ignorants insist on making too partial lectures about our deficit and inflation, but they never take into account the international context sinc 2008, the situation of arg.'s main trade partners, and the situation of the commodities that we export, beside, in relation to inflation, they just reduce the problem to a question of monetary emission, when actualy the causes are much more relevant, in such an unbalanced economy like our's.
    In this deplorable int. context, if the state didn't have a much more active role, it wouldn't be extrange if we had a similar number of unemployment, to the one that we had in the 90's, which is actualy what bussiness men want, due to they want to pay misserabe salaries.

    May 01st, 2015 - 04:15 pm - Link - Report abuse 0
  • ilsen

    Nurse! He's out again!

    May 01st, 2015 - 04:26 pm - Link - Report abuse 0
  • pgerman

    Economist Aldo Ferrer is not a “leading” economist. He is just another fascist/peronist econmist with old and perished ideas. He is old, his ideas are old. As old as the “marchita peronista” (almost 70 years old). They are the past and the present but they are not the future.

    May 01st, 2015 - 04:26 pm - Link - Report abuse 0
  • Voice

    ...says the coffin dodger...
    Surely you are on your last legs....

    May 01st, 2015 - 04:29 pm - Link - Report abuse 0
  • pgerman


    You might be able to explain to all of us the current situation of the BCRA. Based on the official files of the BCRA the monetary base (pasive) at the official U$D rate is U$D 54,000 millions while the NOMINAL reserves (active) are U$D 32,000 millions. In addition the REAL reserves are around U$D 16,000 millions to back U$D 54,000 is quite a hard task !!!...

    May 01st, 2015 - 04:44 pm - Link - Report abuse 0

    Ah, a morning cup of humor.

    IMF is now titled as an “ organism, ” rather than an “ organization. ”

    What next ? The OAS ?

    May 01st, 2015 - 05:57 pm - Link - Report abuse 0
  • golfcronie

    The company I work for are a good “ orgasm ” I like that.

    May 01st, 2015 - 06:05 pm - Link - Report abuse 0
  • Pugol-H

    @9 axel arg
    You still haven’t explained how this level of spending is going to be paid for.

    Once the money Argentina has just borrowed at very expensive rates, runs out.

    At which point you will have not only pay for the spending but the interest on the loans as well.

    What is the plan going forward????

    May 01st, 2015 - 06:21 pm - Link - Report abuse 0
  • Briton

    Apparently, the more they confuse, the more extraordinary and outlandish words they invent...

    May 01st, 2015 - 07:00 pm - Link - Report abuse 0
  • pgerman

    I cannot stop thinking his writting: “Some ignorants insist on making too partial lectures about our deficit and inflation”.

    May 01st, 2015 - 07:20 pm - Link - Report abuse 0
  • Conqueror

    @9. Blah, blah, blah. While you're wittering on about the international context since 2008, would you care to clarify your inflation, your failing industry, your 'victim' mentality? Up in the intelligent north of the world, we have an area called 'the eurozone'. It doesn't know what it's doing, but it is wedded to ideology instead of commonsense. It seems that 'the eurozone' is now scraping out of recession, just. But it never, NEVER descended to the level that argieland has reached. Of course it could slip back any time. Here in the UK, we find this quite amusing. Because we are ahead of the game, AGAIN. Nowadays, the intelligent amongst us believe in practicality. And so the UK stands as a shining beacon. Now, take this slowly, argieland is in more crap than 'the eurozone'. On top of all the rest, argieland has massive debts. The 'holdouts' are just the tip. What about the 'me toos'? What about all the court judgments? What about all the 'parts' of argieland that China can now take? Kirchner smiles and waves, but she won't be around to pay for what she's borrowed. Oh, I don't know why I bother. You don't have the wit to see what's coming.
    @10. I agree. I see that he's reached the point of wanting to 'analise' things.
    @12. I see you made a comment. Was it worth reading? For instance, were there any words with three or more syllables?

    May 01st, 2015 - 08:19 pm - Link - Report abuse 0
  • Voice

    ....says the decaying, decrepit, dilapidated, antiquated, incapacitated coffin dodger...
    ..happy now...? ;-)))

    May 01st, 2015 - 10:27 pm - Link - Report abuse 0
  • Everyone_needs_ResveratrolL


    They are still around?

    May 02nd, 2015 - 01:21 am - Link - Report abuse 0
  • reality check

    Leading Argentine Economist, hmm!

    Says it all really. WTF ever heard of him?

    He's a nobody and if he's been advising the Aegentines? Well I'm sorry mate, I'm not impressed by your resume!

    May 02nd, 2015 - 01:31 am - Link - Report abuse 0
  • ilsen

    Another symptom of the Argentine Malaise.

    Dead in the water.

    Just floating about.

    Soon to sink.

    Bye bye!

    May 02nd, 2015 - 02:27 am - Link - Report abuse 0
  • yankeeboy

    You have to be willfully ignorant to not see that Statism/Socialism/Communism/Peronism or what ever you want to call it is a failed ideology.
    How these very stupid people can go out with these idiotic statements time and again ignoring, the fall of the Soviet Union, the current situation in both Venezuela and Argentina and then have the audacity to say the “system works” is beyond a thinking person's comprehension.

    I think they drink poisoned water in Argentina that makes everyone delusional.

    May 02nd, 2015 - 12:03 pm - Link - Report abuse 0
  • Conqueror

    @20. But I have the scythe! 'decaying', how? 'decrepit', how? 'dilapidated', how? 'antiquated', how? 'incapacited', how? How's your leprosy? And your myasthenia? And the land of the scotch is dilapidated, antiquated and incapacitated. In fact, congenitally drunk.

    @24. You are, of course, correct. Especially the poisoned water. Don't they drink their own piss as well? One hesitates to wonder what other body wastes they assimilate. Although the phrase “You are full of s**t” comes to mind. But let's consider reality. North Korea is such a successful socialist state that it's difficult to get in, never mind the happy snaps. Syria is a dictatorship similar to argieland. Iran is a theocracy headed by a bunch of nutjobs. Russia is another dictatorship headed by an ex-KGB nutjob. How promising! China has a quasi-capitalist, socialist dictatorship. India, Pakistan and Bangladesh are write-offs. With any luck they'll annihilate each other. Three autocracies that pretend to be republics. Except for the wealth distribution.

    This is the problem with incompetents such as Ferrer, Nostrils the peanut, axel_the_warg, voice_much_less, marco the minger, alexandro the arse. Any of them travelled outside the cesspit? How many of them LIKE a cesspit? Way back, axel_arg admitted to being a primary school teacher. None of the rest like to admit their La Campora/Quebracho membership.

    Is the IMF 'incorrigible' for acting within its Articles of Agreement? Or is argieland just trying to produce more 'smoke and mirrors' over belligerency, corruption, criminality, deception, evasion, fraud, larceny, mendacity?

    Simple question. Who has mega-debts that it refuses to even try to repay? Clue. It starts with 'A'.

    May 02nd, 2015 - 04:22 pm - Link - Report abuse 0
  • Enrique Massot

    Aldo Ferrer is right.
    The IMF, which now shows so much alarm in the face of Argentina's imminent demise, was publishing rave reports about the country just a few months before its catastrophic default of 2001. At the time, Argentina was approaching 50 per cent poverty and 25 per cent unemployment.
    In 1997, IMF managing director Michel Camdessus was praising the “energy and courage” of sadly remembered Argentine president Carlos Menem and economy minister Domingo Cavallo.
    In 2004, then IMF managing director Rodrigo Rato advised Argentina to pay its creditors to come back to “normal.” Rato was arrested last April 16 for alleged fraud, concealment of assets and money laundering.
    Every time a government followed the IMF's recessionary recipes, there were massive layoffs, popular protests and police repression leading to deaths and arrests. in Argentina.
    With such background, it's not surprising the IMF does not enjoy a lot of esteem among Argentines.

    May 02nd, 2015 - 06:50 pm - Link - Report abuse 0

    Nr. 26 -

    True, true.

    They save their fury and lack of esteem for the important controversies like Mr. Walt Disney, and his group of cartoonists visiting Argentina to learn about the beautiful country, they branded as spies.

    Oh, yes, the Hermann Goering flying schools established before WW 2, there is only great admiration for.

    May 02nd, 2015 - 09:20 pm - Link - Report abuse 0
  • Conqueror

    @26. Did you, inexplicably, fail to mention the 'connection' between Rato and argieland? And that connection, that you share, is spain! In what is called the Bárcenas affair, spain's current 'People's Party' government turns out to be as bent as Kirchner's Victory Front. At least we have a clue that spain's current Prime Criminal, Rajoy, may have picked up as much as €275,000 over 11 years. He must be really jealous of Kirchner. An estimate in excess of US$16 million is usual for Kirchner.

    Being in Canada, and 'thinking' that argieland is so wonderful, what did you acquire? From whom? Do you have a planned escape route? Will you just surrender to the RCMP and claim to be a victim?

    May 03rd, 2015 - 12:41 pm - Link - Report abuse 0
  • chronic

    Can I say it one more time?

    Communism(and socialism/perronism/chavism/kirchnerism) is a FAILED IDEOLOGY.

    May 03rd, 2015 - 05:44 pm - Link - Report abuse 0
  • CabezaDura2

    Ferrer has always being a K subordinate since the very beggining and makes very little sense, but at least he is miles ahead of Axel Kicillof and the rented “economists” of La Gran maKro

    May 04th, 2015 - 03:44 am - Link - Report abuse 0
  • axel arg

    PGERMAN: (9) Sorry, but i can't give you an answer, because i don't have enough information about.
    PUGOL-H: (16) I don't know what's the plan going forward, i am not the minister of economy.
    Anyway, it's interesting what you say about the interest rate that we pay. While it is true that the rate that we pay (9%) is higher than what other countries pay (5%), but it's also true that with that low rate, nations must be submitted to the conditions of the credict entities, like with the i. m. f. Beside, as aldo ferrer said a few days ago, ``it's an inverstment in sovereignty´´, due to although the rate that we pay is higher than others, however nobody tells us what we have to do with our economic policies.
    Respecting our spending, the government has used the money from anses in many opportunities, which have increased in more than a 300% since it was renationalized in 2008, in order to fund productive projects.

    May 04th, 2015 - 04:26 pm - Link - Report abuse 0
  • yankeeboy

    Anses had U$25B in hard assets in 2007. The Ks stole it in 2008 and replaced it with worthless Rg bonds paying interest below the inflation rate.

    Axel continues to be the stupidest poster on the board.

    May 04th, 2015 - 06:36 pm - Link - Report abuse 0
  • Enrique Massot

    31 Axel
    Absolutely. Axel is right and they cannot even accuse him of living in another country!
    So YB pulls fake numbers out of his bag and he believes he has “proof” to insult Axel.
    YB: Carlos Menem privatized the pensions and that was indeed stealing. The Anses is now doing very well and thanks to CFK's latest moratorium, many workers who could not before were able to get a pension. Try again YB.

    May 04th, 2015 - 07:14 pm - Link - Report abuse 0
  • yankeeboy

    Reekie, you are a filthy liar and propagandist.
    You make me sick.

    May 04th, 2015 - 09:09 pm - Link - Report abuse 0
  • Enrique Massot

    34 yb
    Bad choice of sources Yb.
    Your piece really is propaganda of the worst kind. The Center for Security Policy is an extremely reactionary organization and it's not surprising it sings the praises to former president Carlos Menem:
    “The AFJP system was introduced during the Carlos Menem Administration in 1994 as an efficient way to replace the country’s state-run pension system...”
    Nice try.

    May 05th, 2015 - 06:30 am - Link - Report abuse 0
  • yankeeboy

    Can you prove anything is incorrect?

    There's 100s of links so google it and choose another one.

    You're a disgusting apologist and liar.
    Filthy filthy marxist liar.

    May 05th, 2015 - 01:05 pm - Link - Report abuse 0
  • Simon68

    36 yankeeboy (#)
    May 05th, 2015 - 01:05 pm

    ...“You're a disgusting apologist and liar.
    Filthy filthy marxist liar.”

    You're wrong there Yankeeboy, Enrique none of those things, he is a typical brainwashed Argentine expatriate who honestly believes that the K (mis)government is the most wonderful thing to hit Argentina since 1912!!!!

    If he lived as we do he would still think everything was marvelous even as his minimum pension became worthless as it is today. My wife's pension is ARS $3800 and does not support her throughout the month, one needs a minimum of ARS $5000 to break even at the end of the month.

    Just to give you an idea, a loaf of bread made with integral flour costs ARS$ 63.
    We, as a couple, under doctor's orders have to eat this type of bread. With a great deal of effort we manage to limit ourselves to a loaf every two days which still means we lay out almost ARS$ 1000 per month just on bread!!!!!

    The AFJP system was not good, the companies were allowed to charge exorbitant administration fees, this was of course the fault of the government because they did not regulate the system correctly. In Chile the private pension scheme seems to work perfectly well and pensions there are excellent.

    May 05th, 2015 - 01:39 pm - Link - Report abuse 0
  • yankeeboy

    Reekie, I'll make it easy on you because I think you're somewhat retarded:
    Google this argentina+seizes+private+pension+funds

    Not only do I think you're stupid, your dishonest and smarmy. Like Think, Voice et al you tell half truths and outright lies and expect people to believe them.
    Filthy liars the lot of you.

    May 05th, 2015 - 06:06 pm - Link - Report abuse 0
  • axel arg

    With people like you, it's too difficult to have a serious debate about politic. If you don't like kirchnerism, your posture is as respectable as mine and Massot's, but it doens't mean that if he agrees on kirchnerism, is because he's brainwashed, that's actualy the typical argument of the reactionary people who try to invalid the opinions of all those who don't think like them. Beside, do you think that a (mis)government can rule a nation like this one for 12 years?.
    Many people in this forum still deffend neoliberal ideas, which took this country to start XXI century in the conditions of a beggar. Sorry, but i don't forget that one of the few opportunities to progress that we had during most menemism and especially after 1999, was to get a european passport, in order to go to work to Spain or to Italy.
    On the other hand, i agree on you when you say that the pensions of retired people are low, but it would too injudicious to deny that there was a signifficant improvement not only of the pensions, but also almost all people who are old enough to be retired, have a pension, in fact, we have the biggest number in latinamerica of people who have a pension.
    I know that now you are going to tell me that many of those people who were given a pension by the government in the last 12 years, didn't pay their provisional amounts along their lives, however you shouldn't omit to mention the social disasters provoked by neoliberalism since 1975 untill 2002, when millions of people lost their jobs, and many of them just survived with too precarious jobs, where their bosses didnt pay them the provisional amounts.
    On the other hand, it would better to make an ample analysis when we talk about Chile, although i don't ignore that in some aspects it has better indexes than Arg., but it's also true that in other aspects our's are better. Beside, the history of both countries is totaly different, that's why it's not serious to compare Arg. with Chile.

    May 10th, 2015 - 04:06 pm - Link - Report abuse 0

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