Surprise, surprise! With the peso continuing to drop like a stone against the U.S. dollar, Argentina has appealed to the IMF for emergency credit. In requesting the bailout, President Macri cited the sudden emergence of global factors beyond his control for the current plight of the peso.
The Associated Press reported last week that the U.S. Equal Employment Opportunity Commission (EEOC) is suing the Albertsons grocery store chain in federal court over limits placed on employees as to when they may speak Spanish on the job.
Living beyond our means requires us to borrow money to cover the difference between our income and our spending. Many Canadians now understand the financial consequences of this practice and regret the choices they’ve made. Unfortunately, Prime Minister Trudeau is not one of them, as evidenced by his government’s budget deficits which are further eroding the financial wellbeing of Canadians.
Franklin Bynum was unchallenged and won the Democratic nomination to become a criminal court judge in Houston. Mr. Bynum is an avowed socialist and he’s not alone in that conservative state. At least 16 other socialists appeared on the ballot in primary races across Texas.
When I wrote about “crazy Bernie Sanders” in 2016, I wasn’t just engaging in literary hyperbole. The Vermont Senator is basically an unreconstructed leftist with a disturbing affinity for crackpot ideas and totalitarian regimes.
This week David Stockman joined the Tom Woods Show to cut through the fake news about the US economy.
The recent collapse of the Argentine Peso and other emerging currencies is more than a warning sign.
Japan is now on its way to leaving the 2 per cent inflation standard, having been the last to join (in 2013). Accordingly, the Bank of Japan has scrubbed from its latest policy statement (end-April) all promise that the target will be met by any given time-line.
When studying the history of the Civil War, there are two things that become increasingly apparent about Abraham Lincoln. The first is that he is an incredibly enigmatic figure. His views are ambiguous, often by design as he navigated a political environment that had been torn apart and reassembled with a fragile new party, in which Lincoln had been launched from obscurity into a position of leadership. His speeches were constructed carefully to try to find balance between the polar extremes that were only allied over weak agreements, such as opposition to territorial slavery.
Argentina suffered yet another so-called “currency crisis” last week. On Thursday and Friday the Argentine peso (ARS) depreciated 9% against the U.S. dollar (USD), falling from roughly 20.50 ARS per USD to 22.25 per USD. To stem the slide of the peso, Argentina’s central bank increased its target interest rate (the 7-day repo reference rate) from 30.5% to 40% over the course of two consecutive days. This came on the heels of a rate boost of 3-percentage points the previous week during which the bank also sold $5 billion in reserves.
