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[URL]http://www.businessweek.com/articles/2014-06-16/argentina-is-rebuffed-by-u-dot-s-dot-supreme-court-dot-now-what?campaign_id=yhoo[/URL]
[URL]http://www.businessweek.com/articles/2014-06-05/for-argentina-debt-disaster-looks-avoidable[/URL]
[URL]http://www.businessweek.com/articles/2014-04-21/argentina-asks-supreme-court-to-protect-it-from-vulture-hedge-fund[/URL]
[URL]http://www.businessweek.com/articles/2014-02-07/argentina-repeat-economic-offender[/URL]
Tres3.
Headlines regarding Christina's speech on 6/16 are not pretty.
It was reported in this morning's Miami Herald that Cristina said Argentina would no pay the hold out bonds. Entire story on below link:
[URL]http://www.miamiherald.com/2014/06/17/4183130/argentina-wont-submit-to-extortion.html[/URL]
Tres3.
Draw your on conclusions.
[URL]http://finance.yahoo.com/news/argentina-defiant-against-supreme-court-001435348.html[/URL]
Tres3.
Argentina can afford to pay but it does not want to. It would cut into the governments corruption schemes and kick backs. They would have to stop paying the poor to have more babies! Argentina is just following the road to ruin taking lessons from Chavez, and look what he did in Venezuela. While inflation here is not yet as bad as in Venezuela it looks as if they are trying hard to catch up!
Below are two good links to the Argentina problem.
[URL]http://finance.yahoo.com/news/argentinas-debt-fight-why-matters-070145478.html[/URL]
[URL]http://www.miamiherald.com/2014/06/22/4191756/argentinas-big-loss-at-the-supreme.html[/URL]
Tres3.
[QUOTE=Gandolf50;440015]Argentina can afford to pay but it does not want to. It would cut into the governments corruption schemes and kick backs. They would have to stop paying the poor to have more babies! Argentina is just following the road to ruin taking lessons from Chavez, and look what he did in Venezuela. While inflation here is not yet as bad as in Venezuela it looks as if they are trying hard to catch up![/QUOTE]Hehehe. I call them "kirchner's kidz" LOL.
As bad as they are, the worst of her children aren't teenagers, but are actually the middle aged ne'er-do-wells. Everybody else works hard so that they don't have to. Then when you and I are hard at work, that's when they are fast asleep with the rest of the rats just waiting, with nothing to do, until we get home. That way they have plenty of energy in the tank to hang out on street corners all night long, just lurking, and waiting until I step out of my apartment so, just like a god damned insect, they can jump onto their little hind legs, buzz around my face, and give me grief for making the mistake of enjoying the evening.
Its not as if there aren't plenty of jobs available as street sweepers. God knows that this town literally cannot use enough of those guys. They bust their ass all day, and I have nothing but the highest admiration for them. But no, as far as kirchner's kidz go everybody else works hard so that they don't have to.
Latest news today. Argentine wants a suspension of the order that they have to pay NML before paying other bond holders by June 30, so they can try and work around the perceived effect of the outstanding bonds (not the NML. Vulture money).
Lawyer for NML rejected the request in letter to the judge saying you cannot trust Argentina and they are looking for a way around the issue. He also points out that they had plenty of time to negotiate (over 2 years) and did nothing. Now the Argies want help from NML so they can try to avoid the outstanding debt to other bondholders! NML's attitude is basically, we do not care about your other bills. Pay us now.
I do not think Judge Griesa will lift the order to seize any money Argentina sends to others without paying NML because the plantiff objects and there is still a distrust of Argentinas true intentions.
The euphoria from change in attitude by Christina has a good chance of evaporating.
I believe NML is correct in their position. The letter to the judge is here: [URL]http://www.infobae.com/2014/06/24/1575578-holdouts-piden-al-juez-griesa-la-vigencia-la-sentencia-pero-abren-margen-negociacion[/URL].
Should be interesting.
Form your own conclusions about what Argentina will do, and the effect it will have on the Peso.
[URL]http://finance.yahoo.com/news/argentina-request-delay-1-65b-184549370.html[/URL]
Tres3.
Here is my take on the holdouts.
This past week Argentina starts a publicity tour lining up support from other countries who do not support the vulture holdouts. They start talking about the world court, Hague and other venues to dispute the NY judge's order.
Argentina says they sent $1 billion to NY Bank to pay the amount due to 2005/10 bondholders who got a forced haircut (not voluntary) and claims that they pay their bills. They also say once the money is in the NY bank, Argentina has fulfilled their commitment to pay and any embargo by the Judge would be against the bondholders. Argentina washes their hands of any further process and denies the equal treatment rule is violated because they paid on the due date. Of course, the money has not actually been transferred to NY as of today.
If the judge takes the money to pay the plantiff then Argentina will start paying from BsAs on the next go round to the 93% who agreed to the haircut.
Then the plantiff will have to look for assets held by Argentina to get the rest of their funds. Argentina hopes that the countries holding their assets will have political judges who refuse to allow seizure of these assets. These countries want to protect their own asses when they restructure any bonds. Plantiff will look to the deals Argentina made with the Paris Club, YPF as assets and try to recover from them.
A dangerous game but I cannot see Argentina abiding by rules as set forth by a judge! Argentina will lock themselves out of NY financials (they handle all of these bond payments around the globe) and hope all future dealings are handled by Shanghai!
Blue dollar creeps back up this week, we'll see this afternoon what happens.
This just in, NY Judge tells Mellon bank to return the money to Argentina! It was 500 million not 1 billion.
[QUOTE=Thomaso276;440150]This just in, NY Judge tells Mellon bank to return the money to Argentina! It was 500 million not 1 billion.[/QUOTE]She lies about everything else, so why wouldn't they exaggerate a "little" on how much they are paying?
[URL]http://www.usatoday.com/story/money/markets/2014/06/28/argentinas-debt-fight-what-it-is-why-it-matters/11620283/[/URL]
While the masses continue to scavenge the street for scraps, and the middle class worry about their mortgages, the rich and powerful play their corrupted games. What's a few tens of million dollars fluttering away by the wayside, in the end, they will always get their share of the spoils.
The Buenos Aires Herald has been covering the bond dispute and fluctuations in the "blue" rate for dollars in seemingly hour by hour detail.
The site is [URL]http://www.buenosairesherald.com/[/URL] Today I noticed an interesting article on the history of the debt accumulation in the
paper at [URL]http://www.buenosairesherald.com/article/163263/debt-which-debt[/URL] Not sure who the commentator (Tereschuk) is. He appears
to be pro Argentine, and possibly pro Argentine government.
[QUOTE=RevBS;440165][URL]http://www.usatoday.com/story/money/markets/2014/06/28/argentinas-debt-fight-what-it-is-why-it-matters/11620283/[/URL]
While the masses continue to scavenge the street for scraps, and the middle class worry about their mortgages, the rich and powerful play their corrupted games. What's a few tens of million dollars fluttering away by the wayside, in the end, they will always get their share of the spoils.[/QUOTE]How does a foreigner who is poor and weak vs. Someone who is rich and powerful travel to Thailand and Palawan?
Tres3.
[QUOTE=Tres3;440175]How does a foreigner who is poor and weak vs. Someone who is rich and powerful travel to Thailand and Palawan
Tres3.[/QUOTE]How much I spent in a week in Palawan, and my monthly living expenses in Bangkok, you would laugh & shake your head! Although I don't deny myself of anything that I want, it's just my wants are simple and non threatening to my social security payments. My flights from Manila to Puerto Princessa, round-trip for 2 people, $50. Of course, it's an air promotion on Air Asia. Next stop, a week in Kyoto in late September, don't laugh, please! I don't know why, but hotels are incredibly affordable the last week in September. Must be the off season which is the way to travel to avoid the crowds. Even then, I do have to dip under the mattress for that trip, but not too much.
Anyway, it has nothing to do with the Argentine government and the hedge funds who are suing them for non-payment. Who is the bigger crook in all this? I am sure the hedge funds understood Argentina? Hope you get the message.
By the way, I am running a summer camp for people who want to know how to live modestly but lacking nothing, personal or material. Not claiming to be a guru or in a state of nirvana, anything of that sort. And no guarantee of success for every candidate. But for your 1st step, stop buying lottery tickets back in California, okay? Winning will bring profound changes in your life, mostly, of the self destructive kind.
[QUOTE=RevBS;440176] But for your 1st step, stop buying lottery tickets back in California, okay? Winning will bring profound changes in your life, mostly, of the self destructive kind.[/QUOTE]FYI I do not live in California, and never in my life have I bought a lottery ticket from any jurisdiction.
However, I also believe in the rule of law, and Argentina has a history of being a scofflaw at both the government and personal level. If the government of Argentina thought that a USA Federal Judge, who is appointed for life in an attempt to avoid politics, would not enforce the pari passu clause of the bond indenture, the government is living in a dream world, and got what they deserved. Unfortunately, many persons are going to suffer who had no say in the government's decision. Throughout recorded history, regardless of the form of government, there have been haves and have nots. This will never change, so get used to it.
Tres3.
There certainly are some humorless folks on AP these days. I'm beginning to think some of these "mongers" never get laid.
Actually the Reverend told me he spent about $10,000 US on nothing but whoares and tequila in the Philipeenies.
[QUOTE=Doggboy;440186]There certainly are some humorless folks on AP these days. I'm beginning to think some of these "mongers" never get laid.
Actually the Reverend told me he spent about $10,000 US on nothing but whoares and tequila in the Philipeenies.[/QUOTE]You know I can't get it up anymore! But I'm always fearful I might be incline to do a Howard Marshall / Anna Nicole Smith type of scenario once the brain cells start mutating.
[URL]http://www.bangkokpost.com/business/news/417839/wealth-gap-keeps-li-awake[/URL]
Some observations from one of the richest man in the world, Li Ka Shing on government, education, widening wealth gap. He remarks: "What is most unsettling for me is that TRUST, the bedrock of an enlightened society is crumbling before our eyes. ".
I talk about INTEGRITY once before. Integrity is Trust. I could be wrong, but I think they are synonymous within a value system.
The below link was on Bloomberg this morning.
[URL]http://www.bloomberg.com/news/2014-06-29/argentina-at-brink-of-default-as-539-million-payment-due.html?cmpid=yhoo[/URL]
Tres3.
The below link gives the latest development in the Argentine debt saga. All I will say is that I would not risk pissing off a Federal Judge, especially after the Supreme Court has ruled on the issue.
[URL]http://finance.yahoo.com/news/bny-mellon-u-judge-argentinas-225431358.html[/URL]
Tres3.
The juiciest steak in all of Argentina is not to be found in its parillas, but its POLITICS. hehe lol
Looks like Argentina could default and their currency could tank as early as Aug 1. Any thoughts on this.
The Argentine government must be living in a dream world.
[URL]http://finance.yahoo.com/news/argentina-gets-set-debt-talks-calling-u-judge-155719969--sector.html[/URL]
Tres3.
[QUOTE=Tres3;440295]The Argentine government must be living in a dream world.
Tres3.[/QUOTE]LMAO! You are JUST figuring that out? This is Cristina's wonderful world of deceit and fantasy we are enjoying here!
[QUOTE=RevBS;440176]How much I spent in a week in Palawan, and my monthly living expenses in Bangkok, you would laugh & shake your head! Although I don't deny myself of anything that I want, it's just my wants are simple and non threatening to my social security payments. My flights from Manila to Puerto Princessa, round-trip for 2 people, $50. Of course, it's an air promotion on Air Asia. Next stop, a week in Kyoto in late September, don't laugh, please! I don't know why, but hotels are incredibly affordable the last week in September. Must be the off season which is the way to travel to avoid the crowds. Even then, I do have to dip under the mattress for that trip, but not too much.
Anyway, it has nothing to do with the Argentine government and the hedge funds who are suing them for non-payment. Who is the bigger crook in all this? I am sure the hedge funds understood Argentina? Hope you get the message.
By the way, I am running a summer camp for people who want to know how to live modestly but lacking nothing, personal or material. Not claiming to be a guru or in a state of nirvana, anything of that sort. And no guarantee of success for every candidate. But for your 1st step, stop buying lottery tickets back in California, okay? Winning will bring profound changes in your life, mostly, of the self destructive kind.[/QUOTE]On my $1200 SS disability. It looks like I couldn't live ANYWHERE halfway decent. Keep sticking food in my face I guess, whatever is cheap. . and NEVER getting laid.
[QUOTE=Carroll6;440307]On my $1200 SS disability. It looks like I couldn't live ANYWHERE halfway decent. Keep sticking food in my face I guess, whatever is cheap. . and NEVER getting laid.[/QUOTE]If you are open minded and can enjoy Thai food & culture, healthy, and have a good personality, I encourage you to take the plunge. Amazing Thailand is truly amazing. All the american essentials are available here in Bangkok. But 1200 dollars means you can't go hog crazy. Sex goes for around 1000 baht and up. If you are Caucasian, you will be upgraded in status by 2-3 notches immediately until proven otherwise. Recent cases of Western homeless panhandlers in Pattaya is eroding the mystique.
[QUOTE=Carroll6;440307]On my $1200 SS disability. It looks like I couldn't live ANYWHERE halfway decent. Keep sticking food in my face I guess, whatever is cheap. . and NEVER getting laid.[/QUOTE]I second the Rev's advise about Thailand. If you are on a limited budget you could do a lot worse than considering Thailand. Many expats here in your situation. Cheap, decent housing, cheap and good street food, very little crime and a BBBJ / CIM for as little as $22 US. $37 US to get laid. If you are living in the US a move to SE Asia means leaving your "comfort zone" but tons of people do it. Its really not that hard.
There is affordable housing in Bangkok, as well as in Chiang Mai, where I am moving soon. Here's an example of a studio in Chiang Mai for $170 US a month at the current exchange rate:
[URL]http://bangkok.craigslist.co.th/apa/4553552998.html[/URL]
It has always pained me to see men live out their remaining years in one form of misery or another when it doesn't have to be.
One more example and the last of my Chiang Mai examples. You get the idea. This one for $114 US a month.
[URL]http://www.buyinchiangmai.com/ppe-310.html[/URL]
[QUOTE=Doggboy;440314]I second the Rev's advise about Thailand. If you are on a limited budget you could do a lot worse than considering Thailand. Many expats here in your situation. Cheap, decent housing, cheap and good street food, very little crime and a BBBJ / CIM for as little as $22 US. $37 US to get laid. If you are living in the US a move to SE Asia means leaving your "comfort zone" but tons of people do it. Its really not that hard.
There is affordable housing in Bangkok, as well as in Chiang Mai, where I am moving soon. Here's an example of a studio in Chiang Mai for $170 US a month at the current exchange rate:
[URL]http://bangkok.craigslist.co.th/apa/4553552998.html[/URL]
It has always pained me to see men live out their remaining years in one form of misery or another when it doesn't have to be.[/QUOTE]
[URL]http://www.bangkokpost.com/most-recent/414198/american-arrested-over-girlfriend-death[/URL]
We need more upright & sane Americans in Thailand. Living in Pattaya, that tells a great deal about a person, I believe.
Last the last month I observed the new presence the Industrial & Commercial Bank of China in town and exclaimed at the wonder of all the new Chinese businesses. I wondered out loud if it might be a harbinger of what was to come based on my experience in Los Angeles.
I read a couple of articles this week that helped me further connect the dots on why you might look favorably on Bueno Aires now.
[URL]http://www.zerohedge.com/news/2014-07-10/did-china-just-crush-us-housing-market[/URL]
Perhaps the Chinese are laundering money in Buenos Aires also through the ICBC. It is probably a less desirable place than Los Angeles because of rule of law issues.
Then there was Byron Wien's annual "Smartest Man In Europe" essay where "the smartest man" states he is "bullish on Argentina. ".
"As for the rest of the world, I am pretty bored. I think Indonesia is basically a commodities rather than industrial market and if commodities do well, so will the country's equities, but I can't predict commodity prices. In Latin America I am bullish on Argentina; Brazil will recover, but it is too early to invest now. ".
[URL]http://blackstone.com/news-views/market-commentary/blog-detail/byron[/URL]'s-market-commentary /2014/07/02/ the-smartest-man-in-europe-sees-a-new-industrial-revolution.
Unfortunately "the smartest man" does not explain why.
So for those of you who are selling Argentina these days it might be instructive to look who buying what you are selling. Buyers and sellers afterall make the market.
For me, I bought a full position in IDCBY two weeks ago. One of my wirehouse brokers had a buy recommendation on it.
[QUOTE=BigBossMan;440439]Last the last month I observed the new presence the Industrial & Commercial Bank of China in town and exclaimed at the wonder of all the new Chinese businesses. I wondered out loud if it might be a harbinger of what was to come based on my experience in Los Angeles.[/QUOTE]Please expound, very interesting.
[QUOTE=RevBS;440441]Please expound, very interesting.[/QUOTE]Unfortunately it was about all I have on this subject. Nothing to expound on. Chinese money is very influential in LA County's economy. I was trying to understand why I was seeing a Chinese bank and all the new Chinese businesses in Buenos Aires.
I thought I read that Putin was there yesterday trying to buy oil. Why does Russia need oil?
Is Argentina pivoting away from the West?
[QUOTE=BigBossMan;440448]
Is Argentina pivoting away from the West?[/QUOTE]What are you smoking Bigbossman?
Argentina never was in the west!
How many other countries had a war against GB since 45?
[QUOTE=Stranger;440449]What are you smoking Bigbossman?
Argentina never was in the west!
How many other countries had a war against GB since 45?[/QUOTE]Medical marijuana by prescription for my neck pain.
Politically, Argentina does what is good for the political class and ultra rich. WWII neutral to make money from both sides until the very end. Al Qaeda did their banking in Argentina and ciudad del este. The ridiculous banking system was allowed to exist to further money laundering by wealthy argentines when tended to frequently do things in negro with their personal funds.
[URL]http://online.wsj.com/articles/chinese-banks-halt-experimental-yuan-remittance-program-1405345453[/URL]
China's major banks have halted an experimental program, sanctioned by the country's central bank, that helped citizens transfer large sums overseas despite government capital controls, according to people with knowledge of the matter.
The halt, which the people said was likely to be temporary, comes after the program was criticized by China's powerful state television broadcaster, underscoring the political sensitivity of the issue of wealthy Chinese moving money abroad. Experts said the criticism could set back China's efforts to ease its grip on the country's financial system.
Big commercial banks including Bank of China Ltd. 601988. SH +0. 39% , Industrial & Commercial Bank of China Ltd. 601398. SH +0. 29% and China Citic Bank Corp. 601998. SH +1. 41% have halted the program, which allowed Chinese to remit their yuan across borders, the people said. The halt came after the People's Bank of China, the central bank, started to look into allegations that Bank of China had used the program to help clients launder money, they said.
6 or 7 years ago, I had a Chinese friend who spoke perfect english. He was buying mountains, barren land without water and mountians for the glaziers. I asked him why? He said today our money is undervalued and any hard asset that may have value in 20 years is better than cash.
[QUOTE=MiamiBob;440471]6 or 7 years ago, I had a Chinese friend who spoke perfect english. He was buying mountains, barren land without water and mountians for the glaziers. I asked him why? He said today our money is undervalued and any hard asset that may have value in 20 years is better than cash.[/QUOTE]I don't know but it happened in Los Angeles and from what Rev BS posted in World Economics in Sydney and New York. My LA girlfriend is Chinese and all she thinks about is Real Estate. With the opening of the ICBC bank in Buenos Aires, it appears as if Chinese have established some infrastructure to move money into the country.
Or are they waiting for the collapse which seems to be the prevailing view on the Board to make their move?
Draw your own conclusions from the below link.
[URL]http://finance.yahoo.com/news/china-announces-heavy-investments-argentina-071608537.html[/URL]
Tres3.