The other day, a Galaxy S4 cell phone went from 7,999 Argentine pesos to 11,518 Argentine pesos in just 6 hours.
(Via Mark Perry)
Friday, January 24, 2014
Argentina's Price Inflation in One Photo
Argentina money printing is way out of control (Ben Bernanke must be envious). Until recently the Argentine government had been propping up the Argentine peso on foreign exchange markets by using their US dollar reserves. They are near out of reserves and thus the fall in the value of the peso is intensifying.
The other day, a Galaxy S4 cell phone went from 7,999 Argentine pesos to 11,518 Argentine pesos in just 6 hours.
The other day, a Galaxy S4 cell phone went from 7,999 Argentine pesos to 11,518 Argentine pesos in just 6 hours.
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Speaking of a country where wife succeeded husband.
ReplyDeleteKrugman and ygelsias both said this is an economic miracle and proof Keynesianism works
ReplyDeleteComing to a country near you...
ReplyDeleteThere is much more room for the Peso to fall. Last November I routinely received more than 10 Pesos for every 1 USD I had on hand. Meanwhile, the "official" rate was closer to 6-to-1. This will get worse - much worse - before it gets better. On a good day there will only be 1 major protest in Buenos Aires. On a bad day...
ReplyDeleteIt's a pity. Argentina is a beautiful country with very friendly people, a wonderful climate, and excellent food and wine.
Somewhere, somehow it is necessary to try the experiment of a Collectivist-Bureaucrat-Despot-FREE society. I wish its could be Argentina and/or Chile because that is where my wife and I feel we have to go to escape the USSofA political destruction of a once more principled and also beautiful country. Sad to see the parasitic elitist class ruling nearly the entire world.
ReplyDelete