Argentina About To Have 2 Different Currencys Peso-Cedin

[Fredd]

Almost invisible, we start having 2 "legal" currency that are peso and Cedin.-
As its not possible to emit more pesos without increasing much more the inflation, we go back to the oldies ideas of new currency , that even most provinces had in different moments of this countrys history.
It is a disgrace we arrived at this point one more time, we already know wats going on at this point and also what will happen.Perhaps as they " go for all" maybe they surprise me but the end of this "democratic progre regime" is very close and very dark as well

 

[Gringoboy]

Isn't it interesting to watch this regime grapple with the popular idea that in fact the world is indeed round.

 

[AmigoArtistico]

CEDIN - backed by the full faith and credit of the U.S. government the Argentine Republic.

 

[HenryNisental]

I believe that was done years ago in (where else?) Cuba. Venezuela also has 3 or 4 different exchange rates, I think.
Ah, the the beauty of authoritarism!!, they can go at any lenghts to avoid the most simple and obvious solution: leave it float free!!!

 

[camberiu]

One of the most interesting things I noticed about Argentina is how tolerant the population is towards inflation. As I had mentioned here before, and as Dilma is finding out the hard way, to inflate or print your way out of deficits is simply not politically possible in Brazil. Now she has a full popular revolt on her hands.
In Argentina however, people seem to accept their lot in life to be paid in toilet paper. I just can't understand how this is politically acceptable in Argentina.

 

[sleslie23]

Don't you people realize that having two of something is better than having only one? Duh.

 

[AmigoArtistico]

Isn't it interesting to watch this regime grapple with the popular idea that in fact the world is indeed round.

Learn to read, capitalist swine. The world is flat. Just ask bajozero and matias.

 

[syngirl]

After the crisis salaries were paid partly in tickets, pieces of paper that were given a value and that you could use to purchase goods in supermercados etc. In fact my husbands salary still shows 10% of his sueldo in "tickets" value even though he receives all in cash -- as if they've kept the tickets in place on the salary breakdowns in case they have to go back to the system.... maybe the CEDINs will become the new tickets?

 

[HenryNisental]

We are get used to inflation, that averages 110% per year during the las 80 years.
Besides, we do accept the peso as a reserve of wealth, only for temporary exchange of goods and services. For wealth we resort to the US dollar par excellence, though lately Euros are also used for that purpose. Argentina destroyed 5 or 6 currencies since the 1950´s, with one present peso equal to 10,000,000,000,000 pesos of 1950

 

[Montauk_Project]

Whenever I complain about inflation, my husband talks about the 300% inflation of his youth. Which to him wasn´t a huge problem, because there was a lot of work.
Many Argentines will prefer inflation with jobs and growth to "stability" with no inflation.
They prefer this to the economic crisis of the 90s which had a stable currency with a lot of unemployment and deindustrialization.
They distrust banks, would never have a savings acount with pesos so the fact that the peso is loosing value means little because they will spend it as soon as they get it, or find a way to "save" in property, cars, electronics, etc. Remember, in Argnetina used property has high resale values.
It is a problem if you export and have an exchange rate that doesn´t keep up with inflation, but most Argentines don´t export (businesses and farmers do).
Since 2008 people have been saying that the economy is going to crash. . . still waiting on that one!