Latin America

Argentina Applies Law That Jails Hoarders as Bread Price Surges

'Interior Commerce Secretary Guillermo Moreno announced the measure in the official gazette today. The 1974 law allows authorities to freeze prices and obliges companies to maintain supply. Those in breach are subject to fines and imprisonment. 'If the law on supply is applied, the one who should go to jail is Moreno himself,' former Economy Minister Martin Lousteau said in an interview with Radio Mitre today. 'He’s to blame for the lack of wheat in Argentina.' Argentine wheat production has decreased since 2006, when President Cristina Fernandez de Kirchner’s predecessor and late husband Nestor Kirchner set export quotas." Continue reading →

Continue ReadingArgentina Applies Law That Jails Hoarders as Bread Price Surges

Venezuela inflation soars to record monthly high 6.1%; 35% annualized

"Last month's consumer price rises, up from 4.3 percent in April, took Venezuela's annualized inflation rate to a startling 35.2 percent, the highest in the Americas. A lack of hard currency has left businesses struggling to import key consumer products. Long queues at shops, and even scuffles, have become common as Venezuelans face shortages of basic goods from toilet paper to wheat flour. A devaluation of the bolivar currency in February, and heavy government spending throughout 2012 when Chavez won re-election, have exacerbated price pressures in Venezuela, which has for decades suffered high inflation." Continue reading →

Continue ReadingVenezuela inflation soars to record monthly high 6.1%; 35% annualized

Nicaragua, Venezuela willing to take in Edward Snowden

"The quest by NSA leaker Edward Snowden for a safe haven has taken a turn toward Latin America, with offers for asylum coming from the leftist presidents of Nicaragua and Venezuela. But there were no immediate signs that efforts were under way to bring him to either nation after Nicolas Maduro of Venezuela and Daniel Ortega of Nicaragua made their offers during separate speeches in their home countries Friday. The offers came one day after leftist South American leaders gathered to denounce the rerouting of Bolivian President Evo Morales’ plane over Europe amid reports that the fugitive American was aboard." Continue reading →

Continue ReadingNicaragua, Venezuela willing to take in Edward Snowden

Bolivia’s President Evo Morales threatens to close U.S. embassy

"Bolivia’s president threatened to close the US embassy as leftist Latin American leaders joined him in blasting Europe and the United States after his plane was rerouted amid suspicions US fugitive Edward Snowden was aboard. President Evo Morales, who has suggested the United States pressured European nations to deny him their airspace, warned he would 'study, if necessary, closing the US embassy in Bolivia.' 'We don’t need a US embassy in Bolivia,' he said. 'My hand would not shake to close the US embassy. We have dignity, sovereignty. Without the United States, we are better politically, democratically.'" Continue reading →

Continue ReadingBolivia’s President Evo Morales threatens to close U.S. embassy

The War on Asparagus

"American asparagus farms were worth just over $233 million in 1999. A decade later, those farms (or, those which still existed, as the farm sizes fell by two-thirds over that same decade) were worth just under $90 million. The drop off is stark, but it’s not because of a lack of demand from American consumers. In the 1990s, the United States started paying Peruvian farmers to grow asparagus, hoping they’d forgo growing coca (the plant used to make cocaine) and instead grow the totally legal vegetable. In 2004, the New York Times estimated that the cost of this program ran the United States around $60 million per year. The effect: a lot of cheaper-than-typical asparagus." Continue reading →

Continue ReadingThe War on Asparagus

Diversion of Bolivian president’s plane enrages Latin American leaders

"Latin American leaders slammed European governments on Wednesday for diverting Bolivian President Evo Morales’ plane on rumors it was carrying a wanted former U.S. spy agency contractor, and announced an emergency summit in a new diplomatic twist to the Edward Snowden saga. Heads of state in the 12-nation South American bloc Unasur denounced the 'unfriendly and unjustifiable acts.' 'Latin America demands an explanation,' tweeted Ecuadorean leader Rafael Correa. 'If what happened to Evo does not merit a Unasur summit, I don’t know what does.' The Bolivian government said it had filed a formal complaint with the United Nations." Continue reading →

Continue ReadingDiversion of Bolivian president’s plane enrages Latin American leaders

Attractively Priced Real Estate, Courtesy of Pablo Escobar

"Colombia's economy has prospered: GDP growth has been strong; the average Colombian's income has doubled in less than a decade; and BusinessWeek even called Colombia 'the most extreme emerging market on Earth' in 2007. And the residential neighborhoods are keeping pace, too – they're dotted with cafés and restaurants that would rival those in European cities. As should be clear by now, there's a stark contrast between the perception of Colombia and its reality. While the country isn't perfect and drugs are still a problem, they are only a fraction of the problem they were 20 years ago. Though few are talking about it, Colombia is up and coming." Continue reading →

Continue ReadingAttractively Priced Real Estate, Courtesy of Pablo Escobar

Chile is on the Cusp

"Chile isn't just a safe place to park some savings (e.g., with Chilean real estate), it's also a country with lots of economic opportunity – where entrepreneurs and investors have the potential to make fortunes. More services are becoming readily available, and jobs are plentiful. Professionals from all sorts of fields (engineering, geology, medicine, etc.) have been arriving from 'first world' nations, and the country is beginning to have a much greater international feel than ever before. This will most likely pave the way for another, larger wave of newcomers that wouldn't have been willing to make the move previously." Continue reading →

Continue ReadingChile is on the Cusp

The Revolution of Brazil – An Interview

"This picture was taken in Brasilia, the capital of Brazil during last week’s protests. The protests took place in front of the National Congress building where there is a small lake, the ministry buildings can be seen at the back. At some point protesters tried to invade the building across the lake and were repelled by the police with tear gas and batons. They are known to have been using rubber bullets as well. Later in the evening the protesters broke through and ended up on top of the building. It was a huge symbol to Brazil when they broke through. A few of them were quoted as saying something in the lines of 'we are taking our home back'." Continue reading →

Continue ReadingThe Revolution of Brazil – An Interview

Brazilian leader asks for referendum after worst unrest in 20 years

"The move, widely supported by the public, came after three weeks of protests over corruption and public spending which marred the Confederations Cup, a dress rehearsal for next year’s football World Cup, which will also be held in Brazil. On Tuesday night truck drivers blocked roads in at least 10 states to press for the elimination of tolls and fuel subsidies. Leftist leader Rousseff last week proposed a national pact with state governors to boost public services and guarantee a balanced budget. A Datafolha poll showed that 68 percent of Brazilians back Rousseff’s proposals." Continue reading →

Continue ReadingBrazilian leader asks for referendum after worst unrest in 20 years