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Tuesday, February 5, 2013

Argentina enacts price controls

Is Directive 10-289 next?

by Clifford F. Thies

It is like watching a car wreck in slow motion. Argentina sinking into the abyss. Now, price controls. The Peronista Cristina Fernandez blaming - who is it now? - the IMF.

The proximate cause of the price controls is said to be the misleading unofficial statistics showing inflation running at 30 percent, when the government's statistics show inflation is only running at 10 percent. So, to prove the unofficial statistics wrong, the government now makes it illegal to increase prices more than 20 percent. So, what isn't happening is now against the law.

As for the food riots of December, that didn't happen either. Just the act of vandals, instigated by trade unionists seeking higher wages because of the exaggerated rate of inflation, and suppressed by mobilizing the military and the police.

Photo credit - brazilianbubble.com

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