That sounds good, but I’m more worried about the effect on the poor, even if the financial system is ticking over nicely. Judging by the amount of cars in the street, and people in the mall , and so on, economy looks normal. I was in the mall a week ago and three people walked past carrying TVs they’d just bought within the space of a few minutes.
More all time records today to end the week - and these were not brief spikes but the rate most of day and at tne end
£ 1247
$ 1050-1051
€ 1060
Today was the day the £ finally beat the record set in 2003
I just wanted to say that their “market conditions, …, have been normal” just means, everything is going to crash… globally… sooner or later this crash is coming, and we are fortunate to witness it… maybe I am wrong. Lets see…
Stock up while you can people. Rural types or urbanites with natural sun aspect, victory garden. Have a defense plan and plan B and C just in case.
Will be quite chaotic everywhere. And with these millennial idiots in practica with multi-palo sueldos where Chile already saw the largest taco in history and the overlooking of closing the mountain border before a major storm front (and don’t even mention the skyrocketing crime rate since the election), expect a lot of chaos in Chile.
If the NC passes, the military cannot be used for internal disorder. The criminals will rule the streets (they already do).
The Banco Central is selling USD $25Bn from Chile’s ever-depleting reserves in an attempt to sustain the Peso.
The supposition is that they did this at the behest of finance minister Mario Marcel in order to prop up the CLP, at least until the 4th September, in order to aid the Apruebo cause.
The Banco Central is supposed to operate independently of government, but it looks as if it succumbed this time to political pressures, which signals the end of fiscal responsibility.
I bought Mercurio today and it says the Banco Central`s announced move was well received and pushed the $ back from 1050 to 970s yesterday, and Bloomberg website agrees.
However xe.com and https://www.x-rates.com are still showing 1050. I suspect those are wrong and will updated to the correct figures on Monday morning
I had a look in Transferwise and they are offering 968 which is a bit stingy but understandable given the volatility
Credit due to the leaders of Chile from 2000 to 2019 that kept Chile`s overall debt at a low level
As I understand it, Peru (whose currency actually appreciated) now has a larger US dollar reserve than Chile after this action. There is what only 26.000 million left after blowing 25.000 million and 5.000 million previously.
Burric, Marcel, Grau are out of ammo and when the market speculators overrun this act, we are FUBARed into the next decades.
I’m beginning to think my theory on the thrashing of the Chilean peso back on February 5th just might be true.
Various news sites are reporting a further fall of 30 or so to around 930-940, it looks like that is the real middle rate
When I log in to Transferwise just now I also see similar rates
I think we can most likely likely trust the news sites over xe.com, xe.com has been a bit wrong once before as well if I recall (although not this much)
Looks like my prediction of xe.com correcting itself this morning was inaccurate (so far) sorry about that
I recommend check 3+ sources each time you check from now on - and include a google search for news reports
xe.com definitely wrong as Santander currently buys dollars for 930 according to my online bank. I will always take that as the real rate, because if they screw up, it will be very expensive for them…
but several days with XE being so off is strange
While central banks are all a bad idea, if you’re gonna have one, make it private like the Fed (but don’t be the Fed). The only reason South Africa is still standing is because the ANC commies can’t get their grubby little paws on the Reserve Bank, although are trying to change the constitution to change that.
Blew half the USD reserve on intervention in mid july for the peso, but its already nearly “recovered” half way to the all time high and August isnt even over yet. Was it worth it for this flash in the pan? What about our dignity? I cant figure out if a weaker peso or the fact that we have 25 billion less USD…which is worse for our collective dignity?
Yeah, who would have ever thought USD reserves of Chile would be less than Peru’s.
That Marcel dude could have retired in semi-anonymity but instead joined up with commies to probably be forever condemned in the history and economic textbooks.
Going back to my theory that the Empire really does not care if Chile goes commie or not and is more than happy to see Chile’s conversion to just another broke Ibero-American country (see an above post, around 10 above this post).
Hacienda and the Central Bank just signed up for a US $18,500,000,000 IMF line of credit that can be used any way the Chilean authorities want.
A previous much smaller line approved during COVID and Piñera which was never used was retired.
Can the commie$ keep their hand$ off of thi$? Argie, here we come!!
