informationliberation
The news you're not supposed to know...




Austrian Economics: Understand Economics, Understand the World
The Century of the Self: The Untold History of Controlling the Masses Through the Manipulation of Unconscious Desires
The Disappearing Male: From Virility to Sterility

The Obama Deception: The Mask Comes Off
Operation Gladio: The Hidden History of U.S. Sponsored False Flag Terrorism in EuropeThe New American Century: The Untold History of The Project for the New American Century
(more)
Article posted Apr 17 2013, 9:18 AM Category: Economy Source: Bloomberg Print

Bitcoin Dreams Endure to Savers Crushed by CPI

By Camila Russo

Banned from buying dollars and confronted by the fastest inflation in the Western Hemisphere, some Argentine savers are seeking refuge in bitcoin as a store of value even after the virtual currency's collapse.

TradeHill Inc., the San Francisco-based bitcoin exchange, plans to open its first Latin American office in Argentina after demand surged the most in the region, founder Jered Kenna said in an interview on April 12. Rodolfo Andragnes, an agent for bitcoin buyers and sellers who organizes bi-monthly meetings for enthusiasts in Buenos Aires, says while local trading of the unregulated currency still equals less than 0.1 percent of the almost $1 billion of the nation’s foreign-exchange transactions on a weekly basis, it has more than doubled since February.

Argentines are trying to preserve their savings in everything from bitcoins to cars to skirt President Cristina Fernandez de Kirchner’s restrictions on buying dollars, with the peso forecast to weaken the most of any currency in the world this year and local-currency bonds suffering the worst returns in Latin America. While the price of bitcoins plunged to $79 from a high of $234 in the past week and caused Mt. Gox exchange to halt trading on April 11, the sixfold increase this year is enticing Argentines whose savings have been decimated by inflation rising at 25 percent annually.

Currency Controls

“Some Argentines are willing to take very risky investments and bet on this thing which feels almost like a Ponzi scheme because they feel their options locally are even more dangerous,” Claudio Loser, a former director at the International Monetary Fund, who now heads the Centennial Group Latin America research company, said in a telephone interview from Washington. “They don’t see an easier way to save money.”

Full Article »





Latest Economy
- Liberals Sign Petition to Impose 10% "Male Privilege Tax"
- Jim Grant On Gold's Liquidation Sale: A "Vexing But Wonderful Opportunity"
- Currencies Depend on Faith, Gold Doesn't
- How Socialism Destroyed Puerto Rico, and How Capitalism Can Save It
- Peter Schiff On The Real Reason Greece Folded... And What They'd Do If They Were Actually Smart
- Peter Schiff: The Chickens are Coming Home to Roost
- What In The World Just Happened To The New York Stock Exchange?
- Video: Americans Choose Free Hershey Bar Over Silver Bar Worth $150









No Comments Posted Add Comment


Add Comment
Name
Comment

* No HTML


Verification *
Please Enter the Verification Code Seen Below
 


PLEASE NOTE
Please see our About Page, our Disclaimer, and our Comments Policy.


FAIR USE NOTICE
This site contains copyrighted material the use of which in some cases has not been specifically authorized by the copyright owner. Such material is made available for the purposes of news reporting, education, research, comment, and criticism, which constitutes a 'fair use' of such copyrighted material in accordance with Title 17 U.S.C. Section 107. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner. It is our policy to respond to notices of alleged infringement that comply with the DMCA and other applicable intellectual property laws. It is our policy to remove material from public view that we believe in good faith to be copyrighted material that has been illegally copied and distributed by any of our members or users.

About Us - Disclaimer - Privacy Policy



Advanced Search
Username:

Password:

Remember Me
Forgot Password?
Register

Florida Man Ordered by City to Keep BBQ Smell From Leaving His Property - 07/25After 11-MONTH Investigation, La. Cops Working With DEA Bust Teens For A Few Grams Of Marijuana, MDMA - 07/27Police Shut Down Benefit Concert Because of Hologram of 'Unacceptable Role Model' - 07/27Cop Caught on Private Dashcam Threatening to "Blow a Hole" in Driver's "F**king Head" During Stop - 07/27Obama Frees 46 People While Three-Quarters of all Prisoners are Locked Up for Victimless Crimes - 07/27DEA's Confidential Informant Program Basically Being Run With No Oversight Whatsoever - 07/27Smoking Gun: MPAA Emails Reveal Plan To Run Anti-Google Smear Campaign Via Today Show And WSJ - 07/27Obama Pledges to Use Last 18 Months in Office Pushing Gun Control - 07/27

Man Follows Speeding Cop, Finds Out He Was Speeding To Buy PeanutsMission Creeps: Homeland Security Agents Confiscate Women's Panties For 'Copyright Infringement'Cop Shoots Couple's Dog, Threatens Jail For Trying To Save Dog's LifeSWAT Team Shoots Teen Girl & Her Dog During Pot Raid On Wrong HomeDurham, NC Cop Testifies Faking 911 Calls To Enter Homes Is "Official Policy"Indiana Sheriff Says US A "War Zone" To Justify New MRAP Military VehicleTampa Cops Surveil Pot Dealer, Catch Him Selling Pot, Raid His Home & Kill Him"You Just Shot An Unarmed Man!": Witness Says Police Shot His Friend With His Hands Up
(more)

 
Top