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Thread: Detailed chronology of the Agentine financial crisis

  1. #1

    Default Detailed chronology of the Agentine financial crisis

    Executive summary:

    Argentina’s current crisis resulted from a confluence of events, some external to
    Argentina’s policy process, others directly related to its political and economic choices.
    Although it is not easy to discern at what specific point in time Argentina’s economic
    situation turned into a crisis, it is clear that by early 2001, political, economic and social
    events had taken a significant turn for the worse.
    The following is a summary of these
    events from before Argentina’s adoption of the currency board in 1991 to developments
    in early 2002. This report will be updated periodically.
    http://fpc.state.gov/documents/organization/8040.pdf
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  3. #2

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    I wonder what happened to trigger the Nov 30, 2001 run on banks? The chronology could stand to be filled in with some of these details (maybe a major newspaper or tv station ran a story about how bad the economy was?) Does anyone know? The two previous events listed are an election that happened in mid October, a month and a half earlier, and then there was a debt swap three weeks before the run.
    "Sorry, guys, the rebellion is off. We couldn't get a rebellion permit."
    "What is this, a home owner's association? Why the need to try and control other people's behavior?"



  4. #3

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    It is a pretty tough read to get through.

    One of the first things I was wondering about was when I hit something about growth. I wondered if it was growth or the appearance of growth from inflation.

    Then I'm suspecting all of the numbers of being doctored.

    Then I hit a spot where the said they devalued the dollar. I had high hopes for them at that point and then the whole thing seemed to crash around them.

    I think my mistake was when they said devalued I was thinking backwards. I was thinking that meant the price of commodities would fall.

    I saw the dollar regain some of its value here in the United States about a year and a half ago. We were at the edge right before that with lots of lay off and hours cut. Real quick all of the crashing and defaulting seemed to restore some of the value in the dollar. Commodity prices fell and it seemed it was once again profitable for employers to bring people back to work. The traffic picked up on the morning commute.

    Turns out when I got my hopes up for Argentina when I read "devalued" I think I had it backwards. I'll have to read it again but it sounds like the dollar inflated causing commodities prices to rise.

    That could have given an already struggling economy the coups de grace.


    It is a lot to take in all at once. Thanks for posting it Tod.
    Last edited by Carson; 02-03-2013 at 05:46 PM.

  5. #4

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    Quote Originally Posted by Tod View Post
    I wonder what happened to trigger the Nov 30, 2001 run on banks? The chronology could stand to be filled in with some of these details (maybe a major newspaper or tv station ran a story about how bad the economy was?) Does anyone know? The two previous events listed are an election that happened in mid October, a month and a half earlier, and then there was a debt swap three weeks before the run.
    I looked and think there may lot of important things missing in the time line. Then again maybe some is irrelevant to a train of thought in studying it.

    It might make a better working model for study if it was a word document or even html that could be manipulated easy.

    I'd like to weigh some points to make them stand out. Others maybe fade them for a time.

    Working on the point troubling you maybe a little more information like the possibilities you suggest. A different format could make it easy to do a search and if you found something relevant you could insert a reference or a link to the source.

    I'm still not up to a third try at getting through it. The second time I looked to close at it and got buried. One thing that did stand out was the unemployment rate high on 2001 December 13 of 18%. Sounds a lot more honest than the numbers we're being fed here.

    The locking down of people getting their money out of the banks sounds like the real tipping point for a lot of unrest.
    Last edited by Carson; 02-03-2013 at 07:42 PM.

  6. #5

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    They closed the banks, revalued the currency. Within three days you lost 1/2 your money. Curious is what was the runup to this point.
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