Confirmed: the BCRA is intervening in the exchange rate.

[Quilombo]

Welp, here's that screaming I was talking about:

La Nación has a very milquetoast article about the Libertarian Plan Platita/Dollar Lag/Plan Llegar for the elections and here's the top comment:


Apparently La Nación (yes that La Nación) are a bunch of Kukas because they dare to point out that the Nobel Laureate & Caputo aren't wearing any clothes. Just a thought: if you have to use caps locks to yell in the comments of the paper you pay to subscribe to (only subscribers can comment on LN articles) maybe, just maybe, Caputo isn't the Messi of Economists? Maybe the chainsaw didn't address the fundamentals? Maybe ~2 billion a month so people can travel to/buy things in neighboring countries isn't a wise use of IMF loans while Bahia Blanca lay in ruins, retirees starve, and doctors flee to Spain? Maybe ARCA obliging banks to provide even more details vis a vis consumption in dollars signifies that they know the reserves are being spent frivolously on Spotify and Caipirinhas instead of upgrades to ports or the Mercosur Highway (RN12/14) and the IMF is going to expect that to change come November?

Anyways, I'm glad I won't be here after the midterms, because I'm honestly reminded of this meme whenever I think about the future of the country under Milei, and the prospect of a Peronist return:

 

[carride]

Welp, here's that screaming I was talking about:

La Nación has a very milquetoast article about the Libertarian Plan

That commentary article brings up many issues. Here is one the author describes:

This week, the rating agency Morgan Stanley Capital International (MSCI) decided to keep Argentina on the list of the world's highest-risk countries for financial investment. We're playing in the same league as Nigeria, Palestine, or Zimbabwe . The reasons are the continued restrictions on capital outflows

MSCI keeps Argentina as ‘standalone market’ without reclassification - Buenos Aires Herald

An improved assessment could have opened up to US$3 billion in investment, but a government spokesperson told the Herald there were ‘no expectations’ prior to the announcement

buenosairesherald.com

 

[Redpossum]

That commentary article brings up many issues. Here is one the author describes:

MSCI keeps Argentina as ‘standalone market’ without reclassification - Buenos Aires Herald

An improved assessment could have opened up to US$3 billion in investment, but a government spokesperson told the Herald there were ‘no expectations’ prior to the announcement

buenosairesherald.com

ouch

 

[Che1990]

Welp, here's that screaming I was talking about:

La Nación has a very milquetoast article about the Libertarian Plan Platita/Dollar Lag/Plan Llegar for the elections and here's the top comment:

View attachment 10459
Apparently La Nación (yes that La Nación) are a bunch of Kukas because they dare to point out that the Nobel Laureate & Caputo aren't wearing any clothes. Just a thought: if you have to use caps locks to yell in the comments of the paper you pay to subscribe to (only subscribers can comment on LN articles) maybe, just maybe, Caputo isn't the Messi of Economists? Maybe the chainsaw didn't address the fundamentals? Maybe ~2 billion a month so people can travel to/buy things in neighboring countries isn't a wise use of IMF loans while Bahia Blanca lay in ruins, retirees starve, and doctors flee to Spain? Maybe ARCA obliging banks to provide even more details vis a vis consumption in dollars signifies that they know the reserves are being spent frivolously on Spotify and Caipirinhas instead of upgrades to ports or the Mercosur Highway (RN12/14) and the IMF is going to expect that to change come November?

Anyways, I'm glad I won't be here after the midterms, because I'm honestly reminded of this meme whenever I think about the future of the country under Milei, and the prospect of a Peronist return:

View attachment 10460

It’s one of the things I most hate about the government. If you question or disagree, you’re a kuka.

The fact that they have to come out and defend the economic plans says a lot in itself.

 

[Redpossum]

It’s one of the things I most hate about the government. If you question or disagree, you’re a kuka.

The fact that they have to come out and defend the economic plans says a lot in itself.

The fact that they get so very angry and indignant at any criticism says a lot also.

 

[Bajo_cero2]

Welp, here's that screaming I was talking about:

La Nación has a very milquetoast article about the Libertarian Plan Platita/Dollar Lag/Plan Llegar for the elections and here's the top comment:

View attachment 10459
Apparently La Nación (yes that La Nación) are a bunch of Kukas because they dare to point out that the Nobel Laureate & Caputo aren't wearing any clothes. Just a thought: if you have to use caps locks to yell in the comments of the paper you pay to subscribe to (only subscribers can comment on LN articles) maybe, just maybe, Caputo isn't the Messi of Economists? Maybe the chainsaw didn't address the fundamentals? Maybe ~2 billion a month so people can travel to/buy things in neighboring countries isn't a wise use of IMF loans while Bahia Blanca lay in ruins, retirees starve, and doctors flee to Spain? Maybe ARCA obliging banks to provide even more details vis a vis consumption in dollars signifies that they know the reserves are being spent frivolously on Spotify and Caipirinhas instead of upgrades to ports or the Mercosur Highway (RN12/14) and the IMF is going to expect that to change come November?

Anyways, I'm glad I won't be here after the midterms, because I'm honestly reminded of this meme whenever I think about the future of the country under Milei, and the prospect of a Peronist return:

View attachment 10460

 

[Che1990]

And one of the other things I hate about the government is the hypocrisy.

Milei also said, in his typically aggressive way,
that getting in debt was immoral, that going to the IMF was awful and what countries do when they are on the brink of collapse.

18 months later here we are with a big IMF loan and the government getting in more debt to meet its obligation with that loan.

 

[IamWaldo]

The fact that they get so very angry and indignant at any criticism says a lot also.

This might not be popular, but here’s how I see it: everyone’s vote counts the same, even if someone’s just mad in the moment.

Online, whoever yells the loudest gets the spotlight. People who lash out—or just like to stir things up—often end up steering the conversation, and trolls only make it worse.

That is the sole reason wy we have this guy as president. I can not believe that from the entire country that Milei is the most fit guy to lead the country.

That’s why I’m starting to wonder if this system can keep working the way it’s supposed to.

 

[dlish]

Top article on Infobae today is about cracks appearing in the exchange scheme: https://www.infobae.com/economia/20...tenciones-a-la-soja-y-que-pasara-si-las-sube/

Curious for @LuckyLuke and @Quilombo 's take on this news.

 

[LuckyLuke]

Top article on Infobae today is about cracks appearing in the exchange scheme: https://www.infobae.com/economia/20...tenciones-a-la-soja-y-que-pasara-si-las-sube/

Curious for @LuckyLuke and @Quilombo 's take on this news.

It wasn't a bad strategy for Milei and it certainly got them the dollars they needed. What hat Milei will pull the remaining dollars out from before the election remains to be seen.

What's even more remarkable about the soja story is that JP Morgan un-winded their carry trade as a result of this. They began buying peso denominated bonds in late April after the IMF agreement. Which is to say, that JP Morgan -the most capitalized bank in the world, could only stomach 2 months of the bicicleta financiera before getting spooked by potential FX instability.