Argentina: 82% Purchasing Power Lost in 10 Years
Thursday, July 18, 2013 21:56
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Argentina’s
inflation keeps soaring. Its worth noticing some of these events
because there’s a good chance we’ll see some of these being similarly
implemented elsewhere to a degree, if not downright done the exact same
way.
inflation keeps soaring. Its worth noticing some of these events
because there’s a good chance we’ll see some of these being similarly
implemented elsewhere to a degree, if not downright done the exact same
way.
One
of the many problems with statistics and numbers in Argentina is that
its hard to come by reliable data since the government controls the
statistics institute known as INDEC and it refuses to publish any
numbers or statistics that could be perceived as a failure of the ruling
party. That’s how what should be the most accurate agency often shows
inflation numbers that are ten times less of what independent agencies
come up with. To make matters worse those independent agencies get fined
or shut down by the government if they don’t play ball.
of the many problems with statistics and numbers in Argentina is that
its hard to come by reliable data since the government controls the
statistics institute known as INDEC and it refuses to publish any
numbers or statistics that could be perceived as a failure of the ruling
party. That’s how what should be the most accurate agency often shows
inflation numbers that are ten times less of what independent agencies
come up with. To make matters worse those independent agencies get fined
or shut down by the government if they don’t play ball.
Still,
there are many ways in which people can ballpark a general idea of how
bad its getting. How much of your shopping cart you fill with a given
amount of money would be one of them. The price of bread, milk, those
are clear indicators of the cost of basic supplies linked to the cost of
living.
there are many ways in which people can ballpark a general idea of how
bad its getting. How much of your shopping cart you fill with a given
amount of money would be one of them. The price of bread, milk, those
are clear indicators of the cost of basic supplies linked to the cost of
living.
Another interesting thing to observe is the feeling of irrelevancy of the $100 bill.
You
see, a 100USD bill is considered a big bill to break down. Buying say
10c of candy with a 100USD bill may be frowned upon by most store clerks
in USA. A 100 USD bill is
still considered “big” money. 100USD buys you stuff. It buys you a pizza
or meals for four in most fast food joints. 100USD is respectable money
in the world of daily expenses and cash kept in wallets.
see, a 100USD bill is considered a big bill to break down. Buying say
10c of candy with a 100USD bill may be frowned upon by most store clerks
in USA. A 100 USD bill is
still considered “big” money. 100USD buys you stuff. It buys you a pizza
or meals for four in most fast food joints. 100USD is respectable money
in the world of daily expenses and cash kept in wallets.
As
prices keep soaring in Argentina, the 100 peso bill is seen more and
used around more up to the point where lots of ordinary things bought on
the average day cost 100 pesos. Its not considered “big” money any
more. There’s been an increasing demand for a 500 peso bill, and this
would no doubt help matters a lot, it sure would be used. But the
government considers this a way of acknowledging inflation, so they
refuse to make a 500 note. So
what happens? A)You have to walk around with a big fat wallet full of
bills. B) The government is printing 100 peso bills like crazy.
prices keep soaring in Argentina, the 100 peso bill is seen more and
used around more up to the point where lots of ordinary things bought on
the average day cost 100 pesos. Its not considered “big” money any
more. There’s been an increasing demand for a 500 peso bill, and this
would no doubt help matters a lot, it sure would be used. But the
government considers this a way of acknowledging inflation, so they
refuse to make a 500 note. So
what happens? A)You have to walk around with a big fat wallet full of
bills. B) The government is printing 100 peso bills like crazy.
Here’s a chart showing in red, how many 100bills are in circulation today in comparison to the last 10 years.
Wacky / Nutty facts about the Argentine Economy
*Argentina
has two, hour-based prices for bread. Scratching your head? Lost in
translation? Nope. Here’s the deal: A kilo of bread sells for 10 pesos
before 10 AM and it doubles in price after that. Insanity? Well, yes,
for most people it is. But for the Argentine government it’s a way of
saying bread costs only 10 pesos, while on realistic terms the price is
at least 20. Good luck finding any bread before 10 am, most bakeries
just happen to “run out” and don’t restock until 10 AM, or they have two
qualities of bread. The before 10 AM one probably being mostly sawdust
mixed with expired flour.
has two, hour-based prices for bread. Scratching your head? Lost in
translation? Nope. Here’s the deal: A kilo of bread sells for 10 pesos
before 10 AM and it doubles in price after that. Insanity? Well, yes,
for most people it is. But for the Argentine government it’s a way of
saying bread costs only 10 pesos, while on realistic terms the price is
at least 20. Good luck finding any bread before 10 am, most bakeries
just happen to “run out” and don’t restock until 10 AM, or they have two
qualities of bread. The before 10 AM one probably being mostly sawdust
mixed with expired flour.
*A liter of gasoline in Argentina costs as much as a litter of the milk, about 1.49 per liter. This is for the cheapest milk you can find. Other than being white, it tastes just like water.
FerFAL
Source: http://ferfal.blogspot.com/2013/07/argentina-82-purchasing-power-lost-in.html
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