MercoPress. South Atlantic News Agency
Argentina central bank raises basic rate to 28,75% to contain inflation expectations
Argentina's central bank raised its policy rate to 28.75% on Tuesday, up from 27.25% previously, as inflation expectations rise, the monetary authority said in a statement. It was the bank's second consecutive hike after a long period of holding the rate steady. Read full article
Comments
Disclaimer & comment rulesMacri's failing economic policies are creating inflation, go figure
Nov 08th, 2017 - 12:35 pm - Link - Report abuse -7I wonder if BK understands that 23% inflation this year is lower than the 38 % inflation for Kirchner's final year.
Nov 08th, 2017 - 01:52 pm - Link - Report abuse +5Speaking of which, it looks like Kirchner's commerce secretary, Moreno, is going to be indicted for his crimes in running the lie machine that was the INDEC in CFK days.
BK you are probably American as no one in the UK would say “ go figure ” numptie.
Nov 08th, 2017 - 02:05 pm - Link - Report abuse +5Not just american but an incarnation of tinkle
Nov 08th, 2017 - 05:00 pm - Link - Report abuse +4As much as 23 per cent inflation and 28.75 interest rates.
Nov 08th, 2017 - 09:03 pm - Link - Report abuse -4It's called stagflation.
In that case, Reekie, the CFK reign was marked by mega-stagflation.
Nov 09th, 2017 - 12:34 am - Link - Report abuse +5Inflation in Argentina 2007 to 2013: 337% For 2014 alone, 40% inflation.
Yes there was inflation. Not stagnation, Marti. You know it. You may try to keep focus on how bad CFK was and ignore what's happening today in Argentina, but at some point the new reality imposed by Macri and his accomplices will end up sinking in.
Nov 09th, 2017 - 01:21 am - Link - Report abuse -6Argentines may be duped once, a couple times, but not forever.
No, reekie, it is the reality of how bad the CFK regime was that is now sinking in. Hence the increasing approval and support for the government that replaced it. Or have you not been paying attention again?
Nov 09th, 2017 - 11:28 am - Link - Report abuse +4Of course, as a Brit I could never use an Americanism, seeing as we've kept our culture pristinely free from American influence ;)
Nov 09th, 2017 - 06:31 pm - Link - Report abuse -8“it is the reality of how bad the CFK regime was that is now sinking in. Hence the increasing approval and support for the government that replaced it”
A logical fallacy even if it were true that Cristina was terrible (in fact its the opposite of the truth), but an effective propaganda campaign of vilification to distract from Macri's attacks. Btw if you keep up the focus on Cristina and Kirchnerism you make it all the more likely that she'll be seen as the obvious alternative when Macrism becomes unbearable and a proven failure, and it will all blow up in your face. Vuelve jefa!
The latest prediction of CFK's return is for fiscal 2098, as an embalmed corpse looking very much the way she does today.
Nov 09th, 2017 - 10:24 pm - Link - Report abuse -1Like Sleeping Beauty then, or Snow White - though I don't think she'd have to wait that long for a kiss ;)
Nov 10th, 2017 - 10:09 am - Link - Report abuse -4Golfcronie
Nov 10th, 2017 - 12:54 pm - Link - Report abuse +2BK is like Think (probably the same person) either an American or was raised in America as they both drop in the odd Americanism which they don't realise are Americanisms like 'go figure'. I don't think I've ever heard somebody who is not American say that.
B_K Oh no! Another faux pas. You should have said “ we have kept our culture PRISTINE” not pristinely ! You have obviously not studied English grammar in England. A faker from across the Atlantic somewhere. Fail!
Nov 10th, 2017 - 03:38 pm - Link - Report abuse +1No Brit would spout the pro Peronist drivel you peddle either.
@ML
Nov 10th, 2017 - 03:57 pm - Link - Report abuse -2Oh come on Marti. Nice try.
Here are the inflation numbers for the last five years, from (non-Kirchnerist) Focus Economics:
2012: 10 %
2013: 18.4 %
2014: 38 %
2015: 26.7 %
2016: 41.2 %
So with any luck, the Macri government may return this year to 2015 CFK numbers.
Also, here's some reading for you, from Financial Economics:
”September inflation data comes as a blow to the government and the (Central) Bank.
“Stubbornly-high inflation is a persistent problem for the government since it will have to ”continue accumulating external debt to finance the fiscal deficit as the government PLANS “to cut elevated public spending.”
https://www.focus-economics.com/country-indicator/argentina/inflation
The word “PLANS” is key, because after letting go thousands of contracted employees, Macri has fattened the public office with highly-paid officials with dubious functions, such as the July 2017 appointment of 29-year-old architect María Belén Cardasz as...(sound maracas, bells and cymbals) “Director of Bicycle Mobility” to be paid US$ 2,900 per month. And I am not kidding--this was commented all over the place.
This unusual appointment is by no means exceptional, as shown by Perfil under the headline: “Cuales son los cargos mas insolitos creados durante el Macrismo.”
Also, what the big picture shows:
“Cristina Kirchner took the government in 2007 with 10 ministries and left, en 2015, with 16; Macri has so far added five ministries to that number.” (La Nación).
And don't get me going on the juicy business operations on the go concocted by the busy team of CEOs now in charge--whatever corruption existed during CFK will be dwarfed once information comes out.
Enrique,
Nov 10th, 2017 - 10:37 pm - Link - Report abuse +2If you plot that data, it will clearly show an upwards trend during CFK's years. Using the same method you will see that the current trend is down.
That my friend is called an inflection point.
Why does this concept mattert?
It matters because had Kirchnerism stayed in power we would be enjoying Venezuelan inflation rates by now.
Don't take my word for it. Just look at the numbers.
Reekio,
Nov 13th, 2017 - 07:17 pm - Link - Report abuse +1”Here are the inflation numbers for the last five years, from (non-Kirchnerist) Focus Economics: 2012: 10 % 2013: 18.4 % 2014: 38 % 2015: 26.7 % 2016: 41.2 % So with any luck, the Macri government may return this year to 2015 CFK numbers.”
But this data doesn't show the true inflation rates when CFK had turned INDEC into a peddler of fiction: https://www.economist.com/news/americas/21722694-end-bogus-accounting-argentinas-new-honest-inflation-statistics It is estimated that you need to multiply CFK's rates by 2x or 3x to get close to the truth.
Tarquin is correct, you need to plot the data to see the trend.
Even with your figures, it looks like like he's going to do better than the 2014-16 CFK numbers, but if you conservatively factor in a 2x adjustment into your figures and look at the trends, Macri has performed a miracle to get the inflation rate down to a reasonably consistent ~20% so quickly after it was accelerating away at ~80+.
Kamerad/Komrade Rique has no truthful reply. As Abraham Lincoln once said, “I need a man who can do the Arithmetic.” As Kamberad/Komrade Rique has made clear, he is not that man. ;)
Nov 14th, 2017 - 07:34 am - Link - Report abuse 0@imoyaro
Nov 14th, 2017 - 09:51 am - Link - Report abuse +2We are reminded of the way in which a prospective Kirchnerist INDEC accountant responds to the interview question, “how much is two plus two?”
The correct response for Kirchnerist accounting is, of course, “How much do you want it to be?”
Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!