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Brazil and Argentine currencies recover against a weaker US dollar

Saturday, May 4th 2019 - 09:56 UTC
Full article 13 comments

Latin American currencies ended on a high note on Friday against a weaker dollar after robust U.S. jobs data painted a brighter picture for global growth and gave the U.S. central bank more reason to stay on its dovish path. Read full article

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  • Enrique Massot

    In Latin America, the dollar goes up most of the time; sometimes it goes down for a little while only to restart its upward course. Of course, Argentina is miles ahead in this race, thanks to the economic policies of Mauricio Macri and his gang of merry men.

    Now, no one would expect that a country could have a stable currency without the support of a strong domestic economy.

    When a government is submissive to external interests and tries to take the country back to its “glorious” agri-export Golden Age while destroying Argentina's incipient economy, the result is the current acute instability of the local money and massive foreign debt.

    When a government does not care about supporting the population's employment and purchasing power and in addition applies recession-prone recipes dictated by a foreign organization, deep recession (with high inflation) is the only possible outcome.

    In spite of purporting modernity, Macri has in the last four years attempted to realize the dream of the most elitist, backward sector of the Argentine society, that is to destroy Peronism while cornering the population with local industry-killing policies, rising unemployment, weakened unions and falling wages.

    As Cristina Fernandez de Kirchner defined in her recently published book Sinceramente: “Macri could have been a successful capitalist. He instead chose to be the vulture of the finances.”

    May 04th, 2019 - 02:20 pm - Link - Report abuse -2
  • Jack Bauer

    EM
    Just one question : you accuse Macri of “trying to take the country back to its “glorious” agri-export Golden Age while destroying Argentina's incipient economy”...
    Maybe you're right, but, while I am not defending any of his policies, I just wondered what you think about CFK's restriction of beef exports in 2014, and it's consequences ? not exactly as she intended....does she mention it in her book ? “ 'Sinceramente', fue una m**rda....”

    May 04th, 2019 - 09:15 pm - Link - Report abuse +1
  • bushpilot


    “I should not have used numbers that are not considered reliable”

    Her book is likely also not that “reliable”.

    Probably shouldn't quote that either.

    May 04th, 2019 - 11:49 pm - Link - Report abuse +1
  • Jack Bauer

    Regarding CFK's book...would it be unfair to say she has written whatever 'she' wants, 'her' truth ?......as they say, paper accepts anything, even sh*t..

    Reekie, have you already bought it ?

    May 05th, 2019 - 06:10 pm - Link - Report abuse +2
  • imoyaro

    Wait, is Kamerad/Komrade Rique trying to put a spin on good news? Fabulous!

    May 07th, 2019 - 09:57 am - Link - Report abuse 0
  • Enrique Massot

    JB

    The restriction on beef exports was to keep domestic prices from spiraling -- if you allow to export it all, then Argentines will be paying US or European prices for it.

    I do remember growing up many occasions when beef prices were out of reach for many, after the Revolucion Libertadora brought us back the incredible joys of the open market.

    I am now reading the book and I have to say many in Argentina have made comments similar to those found here. Others have read it.

    Of course, book stores are delighted and say the book is reviving their sad sales levels. A best seller, nothing else.

    May 08th, 2019 - 02:32 am - Link - Report abuse 0
  • :o))

    The BEST Seller:
    https://www1.folha.uol.com.br/mercado/2019/05/pela-1a-vez-em-21-anos-brasil-fica-fora-de-lista-dos-25-melhores-paises-para-investir.shtml?utm_source=twitter&utm_medium=social&utm_campaign=twfolha

    May 08th, 2019 - 08:24 am - Link - Report abuse 0
  • Jack Bauer

    EM
    “The restriction on beef exports was to keep domestic prices from spiraling” .....EXACTLY.....which calls for another question.....What caused that situation in the first place, that Argentines were unable to pay slightly higher prices for their beef ?
    What I'm getting at, is that IF the beef “episode” was an “isolated” occurrence during CFK's presidency, and not part of an already deteriorating situation, there would be no need to take extreme measures.....which backfired.

    As for CFK's book becoming a best-seller, how come ? I thought the people didn't have enough money for food ?

    May 08th, 2019 - 07:20 pm - Link - Report abuse 0
  • Enrique Massot

    Ah, Jack, Jack. The Argentine economy is melting down by the day after over three years of “business--friendly” Macri and yet you want to engage me on CFK's export policies from a number of years ago? Nice try, but no I don't have time for you about that.

    I will only say that I never said that the CFK terms were error-free. Still, I will take CFK's wrongs any time over the “rights” of MM.

    Finally, I will say that, even if I always knew Macri was bad news, I had never expected the extent of the damage and human suffering this man and his accomplices would manage to inflict on my home country in such a short time.

    And don't try to tell me Macri could not improve things in such a short time, because the deterioration has been immense since December 2015 and fewer people deny that with each passing day.

    May 08th, 2019 - 09:32 pm - Link - Report abuse 0
  • Jack Bauer

    EM
    I am not trying to divert attention from your criticism on Macri - probably well justified - but only to get your views on what happened before....and by your trying to avoid my question...“Ah, Jack, Jack”, gives me the impression you think CFK was perfect...which obviously she was far from...the beef episode wasn't just a small mistake in (export) policy, as if it could be /was easily corrected.
    And I'm not saying you claimed she was 'error-free', but seems you are loath to discuss CFK's blunders....the crisis in the Argentine, like in Brazil, was not the result of some unfortunate, isolated, overnight incident, that caught everyone with their pants down, it was the result of a slow but sure build-up of mistakes, that just went accumulating, making the economy difficult to fix in two, or even three years. It's the sum of mistakes, which when unattended to, and become problems, that turns into a crisis.
    The first “signs” of the crisis in Brazil go back to 2013, but took two years to become obvious...to most. If what occurred before the crisis was just a simple mistake, the crisis would probably never have occurred....
    But since you don't have time....so be it.

    May 09th, 2019 - 09:35 pm - Link - Report abuse 0
  • :o))

    @JB / @EM

    REF: “The restriction on beef exports was to keep domestic prices from spiraling”:

    Neither the price-hikes nor the restrictions could be the only solutions! Why not just Increase Production to ”meat“ the demand?

    Why not involve the ”Famous Brazilian Brothers”?

    If beef, pork, chicken, etc. production isn't enough; maybe many other living/dead/rotten creatures, waste-paper, etc. can SURELY help in The Economic Recovery!

    May 11th, 2019 - 12:20 pm - Link - Report abuse 0
  • Jack Bauer

    @:o))
    CFK's policy on beef exports backfired.....but she, like her supporters, will never admit she f*cked-up.
    As for the famous Brzln Bros, I hope they both face jail time and have to pay fines of billions. But at least, 'they' know how to do business......Brazilian style...

    May 11th, 2019 - 10:12 pm - Link - Report abuse 0
  • :o))

    @Jack Bauer

    REF: Brzln Bros

    The poor Bros. were just struggling to make the two ends meet. One can't really blame them because they were simply following the well-accepted culture. Besides, as you rightly said: 'they' know how to do business......Brazilian style...

    May 12th, 2019 - 12:36 am - Link - Report abuse 0

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