VECKA 28
Onsdag
08
Juli
BT-annons
2020-06-05
photo


As rich as an Argentine
Bill Bonner summerar Argentinas historia.

In two remarkably asinine spectacles, we saw how the government of the U.S. has become as phony and pointless as reality TV.(Bill B)

Next, we’ll go on to Argentina. We’re curious to see how the country operates with 55% inflation and a new government determined to make things worse.

Since we were there last year, the peso has lost about half its value.

“It’s great down here,” say our friends, “as long as you have dollars.” We’ll find out. (Bill B)

The system worked plausibly well for the first 100 years. By 1914, the Argentines were richer than the French. The expression “as rich as an Argentine” was not followed by laughter, but envy.

Then, in the 1940s, Juan Perón figured out how to play the urban mob by promising the people more stuff. Over the next decade, he nationalized key industries, began aggressive spending programs, and redistributed wealth on a grand scale.

Output declined. Inflation increased. It kept increasing until 1980, when prices rose at a rate of 1,000%. (Bill B)

The inflation (as well as other things, presumably) soured the whole society. Corruption increased. And politics became more of a grotesque entertainment…

In Argentina today, one group makes extravagant and unrealistic promises. It gets elected. Then, when it has made a mess of the economy, another group takes over.

Much has been written about the quantity of money and its effects on money’s purchasing power, but the quality of money has been neglected.(Mises Institute)

We’re in a “valuations bear market.” I expect we’ll see several recessions over the next decade as the stock market burns off its ultra-high valuation levels.(Tom D)

The charts are unequivocal when you look from the perspective of gold. Stocks are falling… and a synchronized global currency devaluation is beginning.

It’s time to move to the sidelines if you haven’t already…
– Tom Dyson

The Riksbank took the historic step of lifting the repo rate out of negative territory back in December. But the central bank’s new forecasts and cautious commentary imply that this was a ‘one and done’ move. We see limited upside to the Swedish krona from Wednesday's meeting. (ING Economics)

 
Göran Högberg

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