The recent chronicle of an announced devaluation. The role of exchange administration or the so -called stocks.
Many years later, in front of the shooting squad, the colonel devaluing Buendía had to remember that remote afternoon of April 14, 2025 in which his father led him to read The recent chronicle of an announced devaluation that in a passage he maintained: “In the Argentine case there is no uncertainty or doubts: in April 2025 there will be a devaluation of the weight. It can even be established that the magnitude of the increase in the exchange rate will be in round numbers between 10 and 20 percent” (https://www.ambito.com/opinions/dolar-no-es-inrtidappire-la-devaluacion-avanza-n6127237).
He caught his attention that there were no calculations that sustained such a reckless assertion, although he then reasoned that mathematics is usually used in economics outside its scope of validity, forgetting the policy, the importance of power relations and public demands of transnational organisms to submissive, denationalizing and foreign officials. Moments later, recalled an old newspaper article of March 2, 2002 whose title was “The Plan to Foreign the Argentine Government” in which it was stated: “It is not a joke. That is the proposal of occupation of Argentina that has just launched into the arena in international financial circles, the economist Rudiger Dornbusch, who proposes to intervene the Argentine government with a team of foreigners who would assume the management of critical areas such as the control of public spending, the issuance of pesos and the tax administration […] Argentina must resign the sovereignty of its monetary, fiscal and regulatory administration for a certain period, say five years. ”
It seemed unlikely, although he later linked him to the fact that, just over two decades later, representatives of foreign interests, of great banks in particular, were already in office. Said out loud: “The Argentine government with officials linked to foreign banks in the sensitive areas of the economy is being foreignized and a president who seemed to aspire to Argentina becoming the fifteenth first American state at a time when Trump rehearses a ‘hemisphere’ or ‘American “of the West to recover lost ground.”
Exchange Administration or CEPO
With the unstoppable anxiety of wanting to understand what was happening and foresee the future, he found a newspaper in which it could be read: “As experienced in the final stage of both the convertibility model and the Macri government, the exchange administration or the so -called ‘CEPO’ is, before an instrument of economic policy, the manifestation of the relationship of the Argentine economic structure with other more productive economies. The exchange administration or ‘CEO’ is a consequence of the logical limit of the Argentine economic structure in general and of the particular model in particular. It can be administered, attempting or overcoming, but it is based on this relationship that exists regardless of the economic policies that are deployed ”(https://www.ambito.com/opinions/las-contradictions-del-model silence.
He continued reading a little more. However, before reaching the final line, he had already understood that, if the productive profile was not modified, the insertion in the world economy and the distribution of income for a more just, he could never get out of that situation and the inhabitants of that nation, which was not Macondo, would continue to be a condemned lineage, always and forever, one hundred years of devaluation.
* Economist UBA-UNV.
Source: Ambito
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