Skip to comments.Argentines jockey to cope with economic turmoil
Posted on 01/30/2014 9:34:40 PM PST by Kartographer
Consumer prices are soaring, the treasury is running low on foreign currency and the peso has had its sharpest slide in 12 years. Instead of rioting, though, Argentines are falling back on tried and true survival skills to cope with the turmoil.
Inflation is at about 30 percent and there's been a 15 percent drop in the peso's value against the U.S. dollar over a few days. But Argentina has gone through five much more dire economic times since the 1930s.
So some Argentines are hoarding dollars, while others stockpile goods or plow their savings into real estate.
More people ride bikes now following recent increases in public transportation fares. They eat less at restaurants and cook at home. They buy cheap, pirated DVD copies of the latest films rather than go to the cinema.
(Excerpt) Read more at myfoxny.com ...
Argentina is not exactly an example of doing things. I’m more concerned about the uptick in European banker suicides lately.
Indeed. What did those hari-kari bankers know about what’s ahead for all of us?
Please don’t squeeze the food money!
I heard from an exchange student from there that the commie leader flake has reduced the voting age to 16 or wants to....she said the people who have worked hard all their lives are furious.....
can anyone point to a souce of these Europeon suicides?
Of course, switching to a sound-money, low-tax, low-regulation, free-market economy, with the State selling most of it’s assets to private actors or local governments, would be the way to go.
But I won’t be holding my breath waiting for Argentina’s elites to come to that conclusion.
Bitcoin - obviously
Isn’t Paul Krugman their chief economic advisor?
“can anyone point to a souce of these Europeon suicides?”
“So what currancy shall we hoard? Marks? Yuans? How about Charmen?”
Currency is Dried beans soup mix, instant rice, cans of meat. I invest every time I go to grocery.
One guy already retired. One an investment banker and while they said ‘bankers’ in the article i didn’t see the other was actually an investment banker. The active one committed suicide during ‘bonus week,’
Enough there for the 2 stories to not be related.
I hate posting links to Bloomturd but here is an excellent article on Argentina.
Thirteen years after that collapse, President Cristina Fernandez de Kirchner is running out of time to avert another crisis. The policy mix that Fernandez and her late husband and predecessor, Nestor Kirchner, used to usher in 7 percent average annual growth over the past decade — higher government spending financed by printing money — is unraveling.
We've been having to eat down on the pantry and you'd be surprised how fast it goes.
It is probably worth noting that the shepherd of the flock in Argentina when things fell apart back in 2001-2002 is now the shepherd of a worldwide flock, Pope Francis.
Ping to #17.