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4/8/14

Argentina: Amateur hour is over

You may be wondering why you haven't been hearing about the Argentina financial crisis via your preferred biz newswire recently.


The main reason is that there never was one. As that chart illustrates, just after the currency devaluation (Jan 23) when the screamfest and "direct to hell" commentaries were being peddled by supposedly serious biz media sources, the gap between the official dollar and the black market dollar was ArgP$5.10 (the official at 8, the "dolar blue" at 13.10). Yesterday, the official dollar closed at 8.01, the dolar blue at 10.70.

In other words, amateur screamtime is over and the bullshit artists have moved on because in the same way that no news is good news, when it comes to Argentina econ good news is no news. In English language reporting at least.