Are Baexpats Members Nymphomaniacs For Dollars?

[Joe]

With all the talk of how to get dollars in BA on this forum, might we also call BAexpat members "nymphomaniacs for dollars"?

President Hugo Chavez's finance minister lashed critics of last week's controversial Venezuelacurrency devaluation as "cretins" on Wednesday and chided Venezuelans for behaving like "nymphomaniacs" towards the U.S. dollar.

http://www.reuters.c...E91C11J20130213

I propose a solution to this problem. Allow foreign currency accounts in Argentina - but only in Cuban Moneda National or Venezuelan Bolivars. This would be an improvement by given the people two choices instead of just one. This would also insure that their peso accounts would retain value relative to their foreign currency accounts.

 

[quitodario]

I heard an economist on a TV news show (En Voz Propia) propose an interesting idea ... a savings product that would be in US dollars. Basically, you put in pesos and they would be converted into virtual dollars (in the form of a sort of bank deposit certificate) at the official rate, with the catch being that you could only then use the certificate for purchases in Argentina, like a house or car for instance.

I would think such a scheme would ease the demand for real dollars and bring down the blue dollar, while also addressing the govt.'s concern of hemorraghing moeny.

 

[Iznogud]

There's absolutely no mystery. Argies have practiced saving dollars since forever, our simple solution to chronical inflation, It has always been a choice between dollars or bricks for us.
Most practical expats have adopted our practices.
You do not have to like it, just find it useful and simple enough.

I was going to say we do not fuc4ing care what venezuelans say or do but am afraid that is unfortunately not accurate any more.
Our ties with Cuba start and stop with our Enlightened Leader and that illiterate junkie that used to shine on the footbal fields 3 decades ago. Thank God, that disease is not contagious.

 

[PhilipDT]

I heard an economist on a TV news show (En Voz Propia) propose an interesting idea ... a savings product that would be in US dollars. Basically, you put in pesos and they would be converted into virtual dollars (in the form of a sort of bank deposit certificate) at the official rate, with the catch being that you could only then use the certificate for purchases in Argentina, like a house or car for instance.

I would think such a scheme would ease the demand for real dollars and bring down the blue dollar, while also addressing the govt.'s concern of hemorraghing moeny.

Did that economist happen to work for the currant administration? What a bone headed idea.

 

[Joe]

The K-Apologists on this board often say that they are not seeking a Cuban or Venezuela style of Socialism but rather the Scandinavian one.

But they defend (or apologize) for each action of the K-Regime that moves toward Venezuelan style socialism - in fact many of the things that have occurred were recently implemented in Venezuela, currency controls, price controls, nationalizations. These are practices not seen in the Scandinavian countries but are vigorously defended by these K-Apologists.

Are K-Apologists are aware of this contradiction?

 

[Iznogud]

I heard an economist on a TV news show (En Voz Propia) propose an interesting idea ... a savings product that would be in US dollars. Basically, you put in pesos and they would be converted into virtual dollars (in the form of a sort of bank deposit certificate) at the official rate, with the catch being that you could only then use the certificate for purchases in Argentina, like a house or car for instance.

I would think such a scheme would ease the demand for real dollars and bring down the blue dollar, while also addressing the govt.'s concern of hemorraghing moeny.

Moronic.
That's what people have been doing for ages with real estate and look what the trustworthy current administration did.
That not only messed with a large part of the population's savings and income but also screwed a lot of construction workers out of a job.
Another "successful economist" that found a diploma at the bottom of a cereal box. Likely filthy rich too, or in the process of becoming so.

 

[dennisr]

I heard an economist on a TV news show (En Voz Propia) propose an interesting idea ... a savings product that would be in US dollars. Basically, you put in pesos and they would be converted into virtual dollars (in the form of a sort of bank deposit certificate) at the official rate, with the catch being that you could only then use the certificate for purchases in Argentina, like a house or car for instance.

I would think such a scheme would ease the demand for real dollars and bring down the blue dollar, while also addressing the govt.'s concern of hemorraghing moeny.

Capitalism in Argentina?
Think these bonds are in dollars: small investor YPF.

http://www.iprofesional.com/notas/154817-Para-los-pequeos-ahorristas-YPF-ultima-detalles-para-salir-a-ofrecer-nuevo-bono-a-un-ao-y-con-tasa-mayor-a-la-de-un-plazo-fijo

 

[quitodario]

I would think some kind of financially creative idea would be necessary to get the country out of the bind the government has put it in. Restrictions on the dollar may have reduced capital flight, but the obvious consequence was the emergence of a black market (the blue dollar) and the subsequent devaluing of the peso. The blue dollar is a bonanza for those with access to dollars, but it's no good for the country; trading capital flight for devaluation is still digging a hole. Addressing the demand side of the blue dollar equation with some kind of creative financial mechanism seems like an option. About a year ago, when we were having our apt. appraised, I asked the real estate agent what he saw happening with the govt.'s move to pesification. He mentioned one of the things that was being discussed was a savings product pegged to the average value of a sq. meter.These sort of ideas remind me of the way Brazil introduced the real to replace the cruziero during their last bout of hyper inflation ... now almost 20 years ago.

 

[Crema Americana]

I'd rather invest in toilet paper. At least it holds its value.

 

[PhilipDT]

. Restrictions on the dollar may have reduced capital flight,

Don't think they really did.