“Unpatriotic dollar” at $495: the background

“Unpatriotic dollar” at $495: the background

when still properties were bought and sold in pesos, many sold badly and few bought well; in july 1975who prepared the Rodrigazo-an entrepreneur and mastermind-Ricardo Mansueto Zinn-, who would remain an official with the de facto government, saw a price go from $66.50 to $250 in July 1976 (3.75 times in a year).

in january 1981 Lorenzo Sigautpredicted macro corrections and in turn denied devaluation, for this reason Martínez de Hoz had to devalue 10% in February and another 10% in March. Thats why he encono Videla and Viola. The year began with the dollar at $2,038.50 per dollar and ended at $10,400 (3.42 times).

Alfonsín’s antipathy towards Cavallo descended from presumed unfair missions by the USagainst the interests of the country in the summer of 1989. In the winter, horse I would be Chancellor of Menem. According to reports, Cavallo would have suggested to the multilateral credit organizations that they not lend more to Alfonsín, because if they won the presidential elections, they would not repay the loans.

The economy was bad, but the suspension of credits from the World Bank triggered a currency runwhich became banking. He February 6, 1989 triggered: suspension of credits, collapse of reserves, incessant devaluation, pulverization of wages, looting of supermarkets, hyperinflation of around 200% in a monthand the poverty shot up to 50%. Alfonsín brought forward the elections presidential elections scheduled for October, to May 14 and the transfer of powerto July 8 (Pichetto already suggested it). The currency run transported the dollar from 26 australes before the exchange and bank holiday to 290 australes in May (11.15 times)540 australes in June (20.76 times)665 australes in July (25.57 times).

July 3 2001the newspapers reproduced Domingo Cavallo who accused of “treason to the Fatherland” Roque Fernández, Carlos Rodríguez, Pablo Guidotti and Jorge Ávila (UCEMA): “They speak ill of the government with their friends abroad”, said the Minister of Economy. Let’s remember the end of Convertibility and a dollar that would go from $1 to $4 (4 times). Domingo Cavallo was denounced on October 17 2002by alleged “treason to the Fatherland”after having told a Brazilian magazine that “Argentina has become an insignificant country.”

The Friday before the election STEP 2019 there were massive purchases of shares of banks and companies and Argentines on the Stock Market and Wall Street, which contributed to establishing that Macri won. This gloss was crossed by Pablo Gerchunoff, which suggested that a conspiracy could harm inadvertent savers. In the opposition, they studied presenting a criminal complaint to investigate the authors of the alleged ruse. The most exposed was the director of a former Macri official consultancy, who announced that Friday in a call with Wall Street investors that Macri was going to win 38% to 37%. Alberto Fernández-Cristina Fernández de Kirchner prevailed by 15.57 points over the Mauricio Macri-Miguel Ángel Pichetto formula. August 12, 2019 was a “Black Monday”the Bag porteña se collapsed 38% in pesos, Argentine shares on wall street they sank up to 60% and the dollar jumped 19%. Many pointed to the president of an international bank, very close to Macri, who, in a famous colloquium, announced the Macri-Pichetto formula.

Nothing New Under the Sun 2023

Dollar with an “open ending”, the columnist leaves the reader to conjecture the scope, completing the contemporary narrative by himself and with his memories. We have briefly periodized the events of the last 48 years thus allowing, if possible, to draw lessons, always depending on what each reader has interpreted.

Director of the Esperanza Foundation, postgraduate professor at the UBA and Masters at private universities. Master in International Economic Policy, Doctor in Political Science, author of 6 books. @PabloTigani

Source: Ambito

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