This is too much! It’s funny.
Chile finance minister would support central bank intervention on peso
DAVOS, Switzerland (Reuters) – Chile’s government would support any intervention by the country’s independent central bank to weaken the strong peso, Finance Minister Felipe Larrain said on Saturday.
“The central bank may decide to intervene but it is their own decision …if they do, we would certainly support them,” Larrain told Reuters in a television interview at the World Economic Forum in Davos.
“We’re trying to prevent further appreciation,” he said.
The peso, which has been boosted by Chile’s robust economic growth and healthy prices for top export copper, ranked among the strongest foreign currency performers against the U.S. dollar among 152 currencies tracked by Reuters in 2012.
Last month, central bank president Rodrigo Vergara reiterated that intervening in the local peso currency market was a tool at the bank’s disposal, but that if it hadn’t intervened so far it was because it hadn’t been deemed necessary.
The central bank deployed a dollar-purchasing program in 2011 to curb peso strength after it appreciated to its highest level in more than 2-1/2 years at 465.50 per dollar.
Larrain said it was hard to counter the weight of U.S. quantitative easing: “Against this massive QE, we have a few tools but not many.”
Well, not just the US, but, just about every other nation under the sun. Are savings accounts a thing of the past?
well great…..yea…..woopie
….I’m getting sick :)
I think all countries should just agree to devalue their currency by 90% and just go from there….. it’ll save some trees.
LOL…yeah
I’m waiting to see what Egypt does with their new planes…..
Reblogged this on Climate Ponderings and commented:
“We’re trying to prevent further appreciation,” —– Isn’t the idea to make your money worth something?
Not today!!! The world leaders think its a great thing to have worthless money!!!
Processed cheeseseses -sounds stone cold idiotic, to me..
LETS HELP: Give me your Pesos and I’ll give you some paper – There …devalued!
Exactly. Maybe Ireland can send them the IOUs for their Pesos that the ECB rejected as payment. That should devalue their Peso.
We print dollars because they buy and they buy because we print dollars. It’s a vicious cycle I tell you.
Yes, it is. It’s an insidious way to destroy wealth.
If you are ever in San Fransisco and are caught short, please don’t use your money for this as their government mandated low flow toilets would not cope.
Just making sure you know this before the fact.
LOL, pretty soon we’ll be seeing those signs in our bathrooms only it will say don’t use U.S. Dollars.
When it’s run by Brown
Flush it down
Oops ‘San Francisco’. I should add that another hazard is your low flow toilet might explode.
LOL, yeh, those watermelons come up with the damnedest ideas. They’re FOS.
My switch to Gold and Silver ETF’s will happen in two weeks.
Latest news:
Fed studies scenarios of raising interest rates
28.01.13 :
here:
http://www.zerohedge.com/contributed/2013-01-26/fed-defer
thing is THEY CAN’T – it will SINK THE SHIP because the US would have to default (or the Fed would have to finance everything leading to Hyperinflation)
BUT if ZIRP is carried on and inflation is no longer possible to hide the Fed will ALSO have to finance everything. (as noone else would buy US debt)
So the USD will go to hell ANYWAY.
(Remember: correlation of Gold with M2 is 0.96 !)
(“Under my presidency the price of Gold will necessarily skyrocket”)
The Fed is more and more caught between a rock and a hard place. There’s no way out.
Sigh, I know, they went down this path to nowhere and thousands of people screamed don’t. When it hits the fan, these people need rounded up and prosecuted. There is time, in that everyone else seems determined to follow suit, so it doesn’t happen as quick.
Dunno how much time is left. Russell2000 and S&P500 already absurdly high (higher than pre BFC).
Duck and cover over the summer!
Absolutely! I’m already taking cover! I’ll be moved into my house by March. I think I’ll plant a big garden and build a porch with a rocking chair on it and watch it crash.
I hate to say it but it might be what’s needed to wake people up and end the economic insanity that pervades our country.
Careful, Dirk, the problem is this. The markets are so skewed that you could be right but still lose out on the politics. The keyword is ‘eventually’, which might be tomorrow or be sometime next century.
Fundamentals are fundamentals, but timing is another thing entirely. In chemistry we talk about thermodynamic vs kinetic control. We’re in the latter at the moment.
If suppression is happening as per the presupposition of the article then the Fed and co can keep kicking their cans down the road a whole lot longer than the market may think. The eurozone situation is the worked proof of this. Can kicking is amazingly successful, which just shows we’re all stupid, since we humans just keep on being fooled by it.
Same goes for the sharemarket, which the Fed wants to rise. Animal spirits and all that.
Blame my computer. It was he who devised the timing. Stay out of stocks til OCT he says.
Virtual money anyone.
LOL, no, virtual money for everyone!
Vitually no money for anyone?
Yes, virtual money for everyone and no money for virtually anyone. :D
Virtually everyone with no money.
Virtually all statements are correct!
I had some good chili on rice once.
Are you the one stinking up San Fransisco sewers? ;-)
Be sure to flush multiple times to keep the sewers flowing. Liberals always seem to get us bitten by the law of unintended consequences.
Jim
at least 3 – do not forget the low flow toilets the greens love.