Paypal Users In Argentina Can No Longer Make Domestic Transactions

another random user writes with this excerpt from the BBC: "The online payment service said that from 9 October: 'Argentina resident Paypal-users may only send and receive international payments.' Last year the Argentine government announced restrictions on the purchase of U.S. dollars. It has led to an increase in currency sales on the black market — but Paypal's exchange rates are better. Locals were setting up two accounts under different email addresses and transferring money between the two, exchanging local currency pesos for dollars in the process."

Comments

Re:Never works, does it

[bmo]

Furthermore

http://en.wikipedia.org/wiki/Office_of_Price_Administration

President Franklin D. Roosevelt revived the Advisory Commission to World War I Council on National Defense on May 29, 1940, to include Price Stabilization and Consumer Protection Divisions. Both divisions merged to become the Office of Price Administration and Civilian Supply (OPACS) within the Office for Emergency Management by Executive Order 8734, April 11, 1941. Civil supply functions were transferred to the Office of Production Management.

It became an independent agency under the Emergency Price Control Act, January 30, 1942. The OPA had the power to place ceilings on all prices except agricultural commodities, and to ration scarce supplies of other items, including tires, automobiles, shoes, nylon, sugar, gasoline, fuel oil, coffee, meats and processed foods. At the peak, almost 90% of retail food prices were frozen. It could also authorize subsidies for production of some of those commodities.

Facts are inconvenient for some.

--
BMO

Re:A word to the wise

[pla]

realize politics isn't a fucking sporting event between two teams

Except, it kinda does work that way.

Most people just have the teams wrong - Not red vs blue, not plebes vs silver-spoons, but rather "all of us" vs "anyone who runs for public office".

Oddly, despite having the bigger team, we usually lose.

Re:A word to the wise

[Xest]

I don't even recall any of the bankers themselves losing their jobs really. It was all the support staff that suffered like IT, admin, and customer facing branch staff. In this respect, and as the investment banks and customer facing banks are often different sub-companies, I'm not even sure people from investment arms of banks really paid a price at all for the most part.

Also, a year later, they were all getting hefty bonuses again to boot.

Re:Government fighting the market

[Overzeetop]

You do know that inflation is set by the CPI, which is (wait for it) a basket of commodity prices. The basket contents change periodically, but are relatively stable. If inflation were going up 11-15% per year, I would have seen my real purchasing power go down by half in the past 6 years, and yet it hasn't been anywhere close to that. Most of the stuff I buy is probably averaging 20% higher than it was 5-6 years ago which is (surprise!) about 3.5%. If you just look at gold and gasoline, you're going to get a mighty skewed picture of what "inflation" is.

Now, if you want to talk about the purchasing power of the dollar against some foreign currencies - sure, the dollar has lost ground. I remember a dollar north of 200yen (in the 80s) and at parity with the British pound. Then again, looking over the mid term, the Euro was introduced at $1.25, fairly quickly dropped, then gained ground in the 2000s, peaking during the US financial crisis and when the congress was staring at default, and has settled back to $1.30.

(BTW - I have an old friend who does work on the CPI and PPI, and I can tell you without a doubt that there is no collusion or conspiracy going on. You're welcome to argue what "inflation" means, but I promise they are not cooking the books)