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(World Review)   Argentina still refuses to pay back huge debt, files writ with the US Supreme Court to defend its rights as a sovereign nation. Meanwhile its supply of hard currency is running out. Don't cry for me Argentina, you'll need the tissues for yourself   (worldreview.info) divider line 28
    More: Fail, Don't Cry for Me Argentina, supreme courts, independents  
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2442 clicks; posted to Business » on 24 Jul 2013 at 11:24 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



28 Comments   (+0 »)
   
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2013-07-24 10:07:02 AM
What constitutes "hard currency", non Argentinian currency?
 
2013-07-24 11:10:43 AM

simplicimus: "hard currency"


Money from internet porn is considered hard currency. Expect more Argentinian pr0n.
 
2013-07-24 11:26:24 AM
Does Britain hold any of the debt?
 
2013-07-24 11:40:03 AM
Argentina is close to total economic collapse.  No amount of fake gov't statistics and currency theft will save them.

If you want to make some easy money, take a suitcase of US dollars and then fly to argentina.  You can sell your dollars on the street for over double the posted exchange rate.

Then take your pesos back to the US and change them back.

You'll make an easy 25% on your investment, probably closer to 40%
 
2013-07-24 11:40:04 AM
So does this mean it will be reverting to the normal plan of pointing at the Falkland Islands and shouting 'hey, look over there' to distract its citizens from the real problems?
 
2013-07-24 11:41:25 AM
Because without debt, there can be no economy!
 
2013-07-24 12:20:37 PM
Maybe they can pay it off in Bitcoins.
 
2013-07-24 12:32:07 PM
I say it's probably a good time for Argentina to invade the Falkland Islands soon.
 
2013-07-24 12:44:09 PM

Funk Brothers: I say it's probably a good time for Argentina to invade the Falkland Islands soon.


For strategic sheep purposes?
 
2013-07-24 12:48:34 PM

Dinobot: Funk Brothers: I say it's probably a good time for Argentina to invade the Falkland Islands soon.

For strategic sheep purposes?


The can't allow a Mutton Gap!
 
2013-07-24 12:53:09 PM
Last country that got uppity about their currency got it's ass invaded.
 
2013-07-24 01:12:13 PM

MugzyBrown: close to total economic collapse ...take a suitcase of US dollars


goparallel.sourceforge.net
 
2013-07-24 01:25:42 PM
But...But...The Falklands!
 
2013-07-24 01:31:20 PM

MugzyBrown: Argentina is close to total economic collapse.  No amount of fake gov't statistics and currency theft will save them.


This sounds like South Korea and another Southeast Asian country.
 
2013-07-24 01:31:51 PM

MugzyBrown: Argentina is close to total economic collapse.  No amount of fake gov't statistics and currency theft will save them.

If you want to make some easy money, take a suitcase of US dollars and then fly to argentina.  You can sell your dollars on the street for over double the posted exchange rate.

Then take your pesos back to the US and change them back.

You'll make an easy 25% on your investment, probably closer to 40%


ALSO JAIL
 
2013-07-24 01:36:14 PM

YixilTesiphon: MugzyBrown: Argentina is close to total economic collapse.  No amount of fake gov't statistics and currency theft will save them.

If you want to make some easy money, take a suitcase of US dollars and then fly to argentina.  You can sell your dollars on the street for over double the posted exchange rate.

Then take your pesos back to the US and change them back.

You'll make an easy 25% on your investment, probably closer to 40%

ALSO JAIL


At least he can afford to pay a lawyer at that point.
 
2013-07-24 01:36:33 PM

YixilTesiphon: MugzyBrown: Argentina is close to total economic collapse.  No amount of fake gov't statistics and currency theft will save them.

If you want to make some easy money, take a suitcase of US dollars and then fly to argentina.  You can sell your dollars on the street for over double the posted exchange rate.

Then take your pesos back to the US and change them back.

You'll make an easy 25% on your investment, probably closer to 40%

ALSO JAIL


??
 
2013-07-24 01:41:37 PM
http://dolarblue.net/historico/

It's a fascinating study of what happens when the gov't tries to control markets
 
2013-07-24 03:13:45 PM
Education time!!


FTA:  "The writ filed by Argentina calls on the Supreme Court to order the US appeal court dealing with the case to deliver its case records for review."

This is called a writ of certiorari.  This is how all "appeals" to the Supreme Court start.  You first petition the Court to issue the writ, which compels the lower court to "deliver up" the record from the proceedings below.  Then the Court decides, based upon the record, whether there are grounds to hear an appeal.

The writ of certiorari is one of the "great peragotive writs."  A Supreme Court, exercising its power, must necessarily have such a power.

Also, at the state level, the writ of certiorari to a higher court leads to a very limited review.  At the state level, it is only a means for a higher court to review the record and determine whether or not "the train has gone off the tracks."  It is not considered an appeal.
 
2013-07-24 03:30:00 PM
I love how the court told Argentina that they would hold $1.3 billion for them... you know... as an impartial (soon to be very farking rich) third party.  Hey Argentina, I'll hold your $1.3 billion payment until you guys can work this all out.  That judge must have been grinning from ear to ear.

In other news, America and Britain have been holding countries in DEEP economic debt rather than invading them.  Some time around WW2 we figured out how to have a giant empire with relatively few native casualties... you know... until our financial "colonies" decided that they were more than just a little upset at this idea... First we collapse their economy, and if that doesn't work we bomb them from space.  USA USA USA!
 
2013-07-24 04:07:55 PM
when money becomes toilet paper, toilet paper becomes money

or something
 
2013-07-24 05:27:19 PM

Big Rock Star: I love how the court told Argentina that they would hold $1.3 billion for them... you know... as an impartial (soon to be very farking rich) third party.  Hey Argentina, I'll hold your $1.3 billion payment until you guys can work this all out.  That judge must have been grinning from ear to ear.

In other news, America and Britain have been holding countries in DEEP economic debt rather than invading them.  Some time around WW2 we figured out how to have a giant empire with relatively few native casualties... you know... until our financial "colonies" decided that they were more than just a little upset at this idea... First we collapse their economy, and if that doesn't work we bomb them from space.  USA USA USA!


Argentina screwed itself pretty good on its own, with rampant tax evasion and money laundering within the government drove the country to bankruptcy over ten years ago.
 
2013-07-24 05:48:21 PM
The Iron Bank always gets its due
 
2013-07-24 05:50:51 PM

MugzyBrown: Argentina is close to total economic collapse.  No amount of fake gov't statistics and currency theft will save them.

If you want to make some easy money, take a suitcase of US dollars and then fly to argentina.  You can sell your dollars on the street for over double the posted exchange rate.

Then take your pesos back to the US and change them back.

You'll make an easy 25% on your investment, probably closer to 40%


Because Homeland Security won't bat an eye at someone traveling with a lot of cash to South America
 
2013-07-24 06:03:55 PM

dumbobruni: Big Rock Star: I love how the court told Argentina that they would hold $1.3 billion for them... you know... as an impartial (soon to be very farking rich) third party.  Hey Argentina, I'll hold your $1.3 billion payment until you guys can work this all out.  That judge must have been grinning from ear to ear.

In other news, America and Britain have been holding countries in DEEP economic debt rather than invading them.  Some time around WW2 we figured out how to have a giant empire with relatively few native casualties... you know... until our financial "colonies" decided that they were more than just a little upset at this idea... First we collapse their economy, and if that doesn't work we bomb them from space.  USA USA USA!

Argentina screwed itself pretty good on its own, with rampant tax evasion and money laundering within the government drove the country to bankruptcy over ten years ago.


Argentina also seems to have a knack for coming up with terrible new laws that have a nice populist appeal but create way more problems than they solve.  A while ago, I saw an article (I think in BusinessWeek?) about how Argentinian law requires that any company that imports any product must also make exports of equal value.  This has led to some pretty strange market distortions; for example, some of the country's largest exporters of olive oil are luxury car dealerships.
 
2013-07-24 11:15:06 PM

Carousel Beast: YixilTesiphon: MugzyBrown: Argentina is close to total economic collapse.  No amount of fake gov't statistics and currency theft will save them.

If you want to make some easy money, take a suitcase of US dollars and then fly to argentina.  You can sell your dollars on the street for over double the posted exchange rate.

Then take your pesos back to the US and change them back.

You'll make an easy 25% on your investment, probably closer to 40%

ALSO JAIL

??


I guess changing money for profit is illegal?
 
2013-07-24 11:41:31 PM

sendtodave: Carousel Beast: YixilTesiphon: MugzyBrown: Argentina is close to total economic collapse.  No amount of fake gov't statistics and currency theft will save them.

If you want to make some easy money, take a suitcase of US dollars and then fly to argentina.  You can sell your dollars on the street for over double the posted exchange rate.

Then take your pesos back to the US and change them back.

You'll make an easy 25% on your investment, probably closer to 40%

ALSO JAIL

??

I guess changing money for profit is illegal?


You have to declare the amount of currency you're carrying if it exceeds certain thresholds whenever you arrive at a foreign port of entry. Carrying a suitcase of cash will certainly trigger an investigation.

And if you're making money playing the foreign exchange market, you're liable for taxes in both countries.

Naturally, someone who wants to avoid the gubermint taking their hard earned cash, so the incentive is to hide it.

And of course, if you get caught, they can always add smuggling currency to the list of charges.
 
2013-07-25 10:13:33 AM

sendtodave: Carousel Beast: YixilTesiphon: MugzyBrown: Argentina is close to total economic collapse.  No amount of fake gov't statistics and currency theft will save them.

If you want to make some easy money, take a suitcase of US dollars and then fly to argentina.  You can sell your dollars on the street for over double the posted exchange rate.

Then take your pesos back to the US and change them back.

You'll make an easy 25% on your investment, probably closer to 40%

ALSO JAIL

??

I guess changing money for profit is illegal?


Selling US dollars at the market rate rather than the rate Christina Kirchner pulls out of her butt is illegal in Argentina, yes.

And yes, this crisis is entirely of Argentina's doing. It used to have one of the highest standards of living in the world.
 
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