Latin America

Cuba’s Past Could Be Your Future

"If the reader lives in a country where laws are being written to limit his ability to expatriate a portion of his wealth, or, worse, to repatriate it if it has already been internationalised, he would do well to examine which of his freedoms will be the next to be lost. There is little discussion at present over whether it may soon be necessary in some counties that are part of what was once called the 'free' world, to apply for an exit visa in order to travel outside that country.Yet, historically, declining countries commonly impose such restrictions to assure that their citizens do not seek greener pastures." Continue reading →

Continue ReadingCuba’s Past Could Be Your Future

Argentina: BMWs Gaining Bitcoin-Like Appeal as Inflation Hedge

"Car sales in Argentina increased by the most in almost two years last month as a ban on buying dollars made Argentines turn to vehicles to protect savings against the fastest inflation in the Western Hemisphere after Venezuela. Luxury models are becoming more attractive because they are imported at the official dollar rate, said Gonzalo Dalmasso, vehicle industry analyst at Buenos Aires research company Abeceb.com. Argentines with savings in dollars are able to purchase cars at half the cost by trading in the unofficial currency market." Continue reading →

Continue ReadingArgentina: BMWs Gaining Bitcoin-Like Appeal as Inflation Hedge

Venezuela running out of toilet paper

"Venezuela’s socialist government is scrambling to find new sources for toilet paper as consumer supplies run out nationwide. Shortages of key supplies like milk, sugar, coffee, butter and cooking oil have grown much worse in just the last month, amid a decade-long trend of rising inflation and increasing consumer prices. Venezuelan Minister of Commerce Alejandro Fleming told state-run AVN News that the government would respond by 'saturating the market' with 50 million rolls of imported toilet paper, in hopes of calming the populace. However, CNN noted that he also said Venezuelans go through about 150 million rolls of toilet paper every month." Continue reading →

Continue ReadingVenezuela running out of toilet paper

Argentina’s Deadbeat Special: Buy a 4% Bond or Go to Jail

"President Cristina Fernandez de Kirchner wants tax evaders hiding about $160 billion in dollars to help finance Argentina’s oil-producing ambitions. Her offer: Buy a 4 percent bond or face the prospect of jail time. The tax authority announced the plan May 7, highlighting its information-sharing agreements with 40 nations and warning Argentines who don’t use the three-month amnesty window that they risk fines or arrest. Evaders have two options for their cash and the only one paying interest will be a dollar bond due in 2016 to finance YPF SA (YPF), the state oil company." Continue reading →

Continue ReadingArgentina’s Deadbeat Special: Buy a 4% Bond or Go to Jail

Open a Business in Chile in One Day, Over the Internet, for Free

"Can you really form a business in Chile in just one day, over the internet, and for free? About three months ago, Chile’s pro-business government decided that they just weren’t doing enough for local and foreign entrepreneurs (the Chilean government already has several grants and programs available for new businesses) so they got together and voted to change the way the incorporation process works in the country, making it much, much easier to start a business in Chile than in just about any other country in the world. See more details here. Remember what happened to Hong Kong and Singapore when they made similar changes to their governments?" Continue reading →

Continue ReadingOpen a Business in Chile in One Day, Over the Internet, for Free

Argentina: Dollar price at 10.45 Pesos over two times the ‘official’ price

"The blue dollar jumped past the key psychological barrier of 10 Pesos on Tuesday in thin t rade, reflecting persistent demand for greenbacks amid tough currency controls. Meanwhile, the official rate remained unchanged at exchange offices in Buenos Aires at Pesos 5.16 (buying price) and Pesos 5.22 (selling price), with the gap between the two markets over 100%. In a context of high inflation, negative interest rates or other options to defend the value of the Argentine currency, Argentines are increasingly taking refuge in the US dollar. To this must be added an overall feeling of distrust and uncertainty which can have a greater impact that what stats can present." Continue reading →

Continue ReadingArgentina: Dollar price at 10.45 Pesos over two times the ‘official’ price

Argentina offers tax amnesty to head off devaluation

"Argentina's latest effort to tease out billions of U.S. dollars said to be held by citizens through sweeping tax breaks and interest earnings received lukewarm response, though this may change. Argentine citizens are said to be holding the greenback in illegal stashes as a hedge against the Argentine peso's unstable performance, a runaway inflation and general distrust of the government's fiscal and monetary policies. Official estimates say at least $160 billion is held in cash at home and abroad by Argentines who have yet to declare their holdings." Continue reading →

Continue ReadingArgentina offers tax amnesty to head off devaluation

Lead bullets for artists in Buenos Aires

"Since January this year, the building has been militarized by the city government, with numerous metropolitan police officers and unidentified security personnel circulating its facilities and with all the activities suspended. This is how those in charge of 'culture' in the city of Buenos Aires chose to solve a long-standing conflict. At night on Wednesday, an operation by the Metropolitan Police seriously escalated the level of violence of the conflict trying to evict forcefully the protesters who were carrying out a cultural camp at the square adjacent to the complex, causing at least three gunshot wounds." Continue reading →

Continue ReadingLead bullets for artists in Buenos Aires

Shocking video: Rio police heli opens fire in slum during drug baron car chase

"A shocking video of Rio de Janeiro police in a helicopter firing on a moving car in a populous slum has sparked a probe. Footage emerged of the high-octane chase a year after it happened, raising concerns over the excessive use of police force." Continue reading →

Continue ReadingShocking video: Rio police heli opens fire in slum during drug baron car chase

In Argentina, More Official Lying About Basic Economic Facts

"How much inflation is there? Who can buy dollars legally? Who really runs the economy? Last Friday these questions tripped up Angel Toninelli, one of the directors general of the Administración Federal de Ingresos Públicos, the national tax agency. Toninelli admitted that he did not really understand the inner workings of the approval process for obtaining foreign currency to travel abroad. 'It is a formula that changes periodically,' he said in answer to a question. 'It contains ingredients that come from the central bank, the A.F.I.P., and others that come from God,” he explained, adding, 'It isn’t the Coca-Cola formula, but it’s very similar.'" Continue reading →

Continue ReadingIn Argentina, More Official Lying About Basic Economic Facts