Interesting stock market effect

[mspart]

You mean you are converting them back to a us dollar, singular.

mspart

[Bigbrog]

1 hour ago, Mike Parrish said:

I just got back from Argentina.

The central bank raised interest rates to 97%.

We've got it soooo good here.

Wasn't it not too long ago there was a faction of our own citizen's that were calling for the US to be like Argentina?  Crazy to think that people want our society to be like that.  Too bad for Argentina as it looks like a beautiful place.

[mspart]

I believe it is.   It is around the same latitude as the US only in the southern hemisphere.   Interest of 97% is pretty stupid.  

I think it would be a huge deal if we lose the reserve currency status we currently have to China. 

mspart

[Mike Parrish]

20 minutes ago, mspart said:

I believe it is.   It is around the same latitude as the US only in the southern hemisphere.   Interest of 97% is pretty stupid.  

I think it would be a huge deal if we lose the reserve currency status we currently have to China. 

mspart

The menus are printed with rectangles where the prices go for the restaurants since they update pricing nearly every day.

Edited May 19, 2023 by Mike Parrish

[Wrestleknownothing]

56 minutes ago, mspart said:

I believe it is.   It is around the same latitude as the US only in the southern hemisphere.   Interest of 97% is pretty stupid.  

I think it would be a huge deal if we lose the reserve currency status we currently have to China. 

mspart

Not gonna happen

[mspart]

Let's hope not.

mspart

[mspart]

Interesting update from Argentina:

https://finance.yahoo.com/news/argentina-cuts-interest-rate-inflation-160110392.html

Argentina cuts interest rate to 35% as inflation outlook eases

BUENOS AIRES (Reuters) -Argentina's central bank cut its benchmark interest rate to 35% in a surprise move on Friday, boosting local markets and signaling growing optimism by the government that it can tame the country's triple-digit inflation.

The 500 basis point cut was the seventh time the policy rate has been lowered since outsider libertarian President Javier Milei took office in December when it was 133%. Bond prices rose on average 2% on the news and the country risk index fell.

Milei has targeted the country's inflation rate, long a drag on savings and economic activity. While annual inflation remains above 200%, monthly inflation has dropped sharply to around 3.5% from over 25% at the end of 2023.

"The decision is based on the liquidity context and the drop observed in inflation expectations," the central bank said in a statement, which also pointed to the government's "strengthening of the fiscal anchor."

Things are going in the right direction for Argentina under Milei's guidance.  Many said he would ruin the country.   I believe many in the country are breathing sighs of relief as the stranglehold of unbridled inflation is greatly lessening.   It is still too early to say Milei has won the day but things are definitely moving in the right direction from a macro economic perspective. 

mspart