Peso posts sharpest weekly fall since Milei took office

[Betsy Ross]

Peso looks like it's going to really start falling apart. Some on this forum predicted this a while back. What a big defeat Milei and his team took in the Province elections. Let's see how the mid-term elections in October go.

Peso posts sharpest weekly fall since Milei took office

Market rout follows ruling coalition’s defeat in Buenos Aires Province election; Sell-off deepens amid corruption scandal and doubts over October elections.

www.batimes.com.ar

 

[Larry]

Told you all this would happen. Milei and his sister are crooks. Finally we are getting to more realistic exchange rates. Should get much worse as people figure out that they are crooks and fraudsters.

 

[lemonade]

Told you all this would happen. Milei and his sister are crooks. Finally we are getting to more realistic exchange rates. Should get much worse as people figure out that they are crooks and fraudsters.

So what is the true value of the exchange rate @Larry ? Everyone has been telling me the value wasn't real and I guess it is playing out just like some locals told me. Is there a problem with this website? I was locked out from logging in a few days?

 

[Blockchain]

Peso looks like it's going to really start falling apart. Some on this forum predicted this a while back. What a big defeat Milei and his team took in the Province elections. Let's see how the mid-term elections in October go.

Peso posts sharpest weekly fall since Milei took office

Market rout follows ruling coalition’s defeat in Buenos Aires Province election; Sell-off deepens amid corruption scandal and doubts over October elections.

www.batimes.com.ar

I'm coming to BA next month. More pesos for my buck sounds good to me.

Told you all this would happen. Milei and his sister are crooks. Finally we are getting to more realistic exchange rates. Should get much worse as people figure out that they are crooks and fraudsters.

It looks like Milei is a crook just like all the other Presidents before him. It looks like you are right Larry.

So what is the true value of the exchange rate @Larry ? Everyone has been telling me the value wasn't real and I guess it is playing out just like some locals told me. Is there a problem with this website? I was locked out from logging in a few days?

I had the same problem. I asked the Admin and they said they were getting massive amounts of spam and hackers on their site.

 

[Flamingo]

It feels like the wheels are coming off the tracks with the peso.

 

[FuturoBA]

As the peso falls I expect it to be the catalyst for the blue dolar to start rising. Right now they're still roughly equal. But as the peso falls probably means inflation will rise which means more uncertainty and therefore more demand for the dollar again.

 

[RN in BA]

As the peso falls I expect it to be the catalyst for the blue dolar to start rising. Right now they're still roughly equal. But as the peso falls probably means inflation will rise which means more uncertainty and therefore more demand for the dollar again.

What is the exchange now if you use your foreign credit card? @FuturoBA did you ever make it to BA to live? I'm wondering out of all these exchange rates which one is for using your credit cards? Is that MEP?

 

[Flamingo]

As the peso falls I expect it to be the catalyst for the blue dolar to start rising. Right now they're still roughly equal. But as the peso falls probably means inflation will rise which means more uncertainty and therefore more demand for the dollar again.

When will we see 2000 pesos to $1? Many locals tell me that that is the realistic rate.

 

[Nasdaq]

When will we see 2000 pesos to $1? Many locals tell me that that is the realistic rate.

If we see 2k pesos inflation is probably going to head back up. The question is if the blue dollar will rise faster. Over the long haul it has made sense to hold USD. Peso has never held up over time. If history repeats itself, that will still hold true.

 

[ElQueso]

If we see 2k pesos inflation is probably going to head back up. The question is if the blue dollar will rise faster. Over the long haul it has made sense to hold USD. Peso has never held up over time. If history repeats itself, that will still hold true.

Most of my friends here are tapped out at current prices. The economy is already struggling and not many of my friends spend much money here. Wages are stagnant too and not going up too much at only 1% a month more or less. You are right Nasdaq over the extended period of time through the major devaluations the USD has far outpaced inflation and it has gotten cheaper.

It is good that I haven't noticed prices spiking up with the recent devaluation in August and recently so far. That could change but I think that people are tapped out at current prices. I can't imagine if prices went up more.

 

[Finance Prof]

Most of my friends here are tapped out at current prices. The economy is already struggling and not many of my friends spend much money here. Wages are stagnant too and not going up too much at only 1% a month more or less. You are right Nasdaq over the extended period of time through the major devaluations the USD has far outpaced inflation and it has gotten cheaper.

It is good that I haven't noticed prices spiking up with the recent devaluation in August and recently so far. That could change but I think that people are tapped out at current prices. I can't imagine if prices went up more.

Milei and his team have done a great job of slowing down the inflation but not printing money. That is what really causes inflation and the government has done a good job of halting the money supply and printing pesos.

 

[ben]

Milei and his team have done a great job of slowing down the inflation but not printing money. That is what really causes inflation and the government has done a good job of halting the money supply and printing pesos.

It isn't just printing money that causes inflation in Argentina. Argentina is a terribly complex country. I have been here a long time. Things like greed, fear, and a million other things have caused inflation in Argentina. In Argentina they have crazy taxes to contend with. Other factors like price of oil, tariffs, wars and other things can cause prices to spike here.

Many stores will charge as much as they want and many times they are in cahoots with one another to collude on pricing. Some would argue that Milei has not really cut down much on inflation at all and the price of things. It continues to go up.

 

[Nasdaq]

When it comes to Argentina you can't go by textbook definitions of what causes inflation or not. Too many factors here like some of you mentioned. There have been times in history when Argentina couldn't print money because of supply chain issues, inability to get paper to print bills,

Argentina has been expensive and it has been cheap. And I guess it will follow that pattern as different presidents come and go. Inflation has gone up and it has come down. Sometimes it tracks the money supply and sometimes it does not. Argentina is a basket case and I would be careful to use text book cases for Argentina. It simply does NOT follow logic or common sense.

The psychology of locals is something that can't be underestimated.

 

[CraigM]

Told you all this would happen. Milei and his sister are crooks. Finally we are getting to more realistic exchange rates. Should get much worse as people figure out that they are crooks and fraudsters.

You were right about them being crooks Larry, seems undeniable at this point. I think they're petty crooks though compared to the Kirchner's who belong on the kleptocrat wall of shame with Chavez, Suharto and that lot. I wonder if Milei even understands what he sacrificed for such a pittance.

In terms of Peso devaluation, of course it was going to gap down after that election result. You could hear that familiar sucking sound of dollars leaving the country. Who the hell is looking to invest in Argentina after the architect of their greatest economic blunder (and that is saying something) won in a landslide.

 

[Betsy Ross]

You were right about them being crooks Larry, seems undeniable at this point. I think they're petty crooks though compared to the Kirchner's who belong on the kleptocrat wall of shame with Chavez, Suharto and that lot. I wonder if Milei even understands what he sacrificed for such a pittance.

In terms of Peso devaluation, of course it was going to gap down after that election result. You could hear that familiar sucking sound of dollars leaving the country. Who the hell is looking to invest in Argentina after the architect of their greatest economic blunder (and that is saying something) won in a landslide.

Doubt we will ever see any honest politicians in Argentina. You know a country is screwed up when you are comparing degrees of crook level. I don't think we know the full extent to Milei's sister's misdeeds. You never know how much they are stealing typically until years later. From what I hear it's across all levels what she is trying to get her hands on.

 

[Larry]

When it comes to Argentina you can't go by textbook definitions of what causes inflation or not. Too many factors here like some of you mentioned. There have been times in history when Argentina couldn't print money because of supply chain issues, inability to get paper to print bills,

Argentina has been expensive and it has been cheap. And I guess it will follow that pattern as different presidents come and go. Inflation has gone up and it has come down. Sometimes it tracks the money supply and sometimes it does not. Argentina is a basket case and I would be careful to use text book cases for Argentina. It simply does NOT follow logic or common sense.

The psychology of locals is something that can't be underestimated.

You were right about them being crooks Larry, seems undeniable at this point. I think they're petty crooks though compared to the Kirchner's who belong on the kleptocrat wall of shame with Chavez, Suharto and that lot. I wonder if Milei even understands what he sacrificed for such a pittance.

In terms of Peso devaluation, of course it was going to gap down after that election result. You could hear that familiar sucking sound of dollars leaving the country. Who the hell is looking to invest in Argentina after the architect of their greatest economic blunder (and that is saying something) won in a landslide.

Thank you @CraigM! Lately many in Argentina FINALLY are telling me I was right about Milei and his sister. They are Crooks. The K's had many decades to accomplish their theft. Karina was trying to do it all quickly. She isn't any different than Cristina. Same. Everyone agrees Karina is rotten to the core. The excuses some will make. Now we are seeing the exchange rate finally fall. I hope it goes to 2,000 to $1 USD.

 

[CraigM]

You know a country is screwed up when you are comparing degrees of crook level.

Still laughing about that Betsy, so true. I still think Milei's the best thing for Argentina but he's not very good at winning hearts and minds.

 

[Larry]

Still laughing about that Betsy, so true. I still think Milei's the best thing for Argentina but he's not very good at winning hearts and minds.

He has terrible judgement. He should have got rid of his sister a long time ago. It seems like he will go down with the ship. There is loyalty and there is just plain stupid. Milei is plain old stupid.

 

[Betsy Ross]

Still laughing about that Betsy, so true. I still think Milei's the best thing for Argentina but he's not very good at winning hearts and minds.

Things change very quickly in Argentina. The joke Craig is if you wait long enough you will be right. Some of these Presidents start out with good intentions and then just end up all corrupt. Temptation is too much for them. Milei and his sister don't seem too much different than CFK. Karina seems like if given the opportunity to stay in another term she might be worse than Cristina.

 

[CraigM]

He has terrible judgement. He should have got rid of his sister a long time ago. It seems like he will go down with the ship. There is loyalty and there is just plain stupid. Milei is plain old stupid.

That's one thing we all agreed on after that crypto debacle. But I guess it's easier said than done. President Biden couldn't bring himself to cut ties with his son no matter how bad the carnage, and went on to shed what was left of his reputation in the final months of office.