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Argentine nervous savers withdrew 522 million dollars in the last week

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Author Topic: Argentine nervous savers withdrew 522 million dollars in the last week  (Read 762 times)
Psalm 51:17
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« on: June 25, 2012, 11:38:52 am »

Yes, these end times prophecies are supposed to come to pass, but at the same time, it seems like this is exactly what the Illuminati wants to do - strike fear in everyone.(although yes, it wouldn't be a bad idea to prepare for the inevitable, but not go this far where you let fear play on you)

Luk 21:25  And there shall be signs in the sun, and in the moon, and in the stars; and upon the earth distress of nations, with perplexity; the sea and the waves roaring;
Luk 21:26  Men's hearts failing them for fear, and for looking after those things which are coming on the earth: for the powers of heaven shall be shaken.


6/24/12

http://en.mercopress.com/2012/06/24/argentine-nervous-savers-withdrew-522-million-dollars-in-the-last-week
The outflow of foreign-currency deposits from Argentina's banking system showed no sign of slowing last week, as nervous savers withdrew 522 million dollars from bank accounts.

Foreign-currency deposits fell to 10.52 billion on June 15, the central bank said in a report Friday. Those deposits are overwhelmingly US dollars, which Argentines view as a safe haven amid times of economic uncertainty.
 
The loss of dollar deposits still isn't a serious threat to banks, as they represent less than 10% of their total deposit base.
 
However, the dwindling stock of dollar deposits likely will make export financing more expensive. The outflows also have dented the central bank's international reserves.
 
As of June 15, more than 5.5 billion in foreign-currency deposits had left the banking system since President Cristina Fernandez imposed exchange controls on Oct. 31, 2011, to limit capital flight that was draining reserves.
 
Severe restrictions on dollar purchases by businesses and individuals scared Argentines who remember the forced conversion of their dollar savings into pesos during a deep economic crisis in 2002.

Argentines still view the dollar as a store of wealth and a transaction medium because of their country's long history of high inflation and runaway government spending that frequently ended in currency devaluations.
 
The dollar continues to be legal tender in Argentina and is used overwhelmingly in most real-estate transactions. Nearly all used-home sales in major cities are paid for in dollars.
 
The deposit outflows are also a sign that savers expect annual inflation that has been running at about 25% for several years to eventually force the government to weaken the peso at a faster rate than it has been willing to do until now.
 
The peso weakened to close at ARS4.5110 to the dollar on the regulated MAE foreign-exchange wholesale market Friday, bringing its year-to-date loss to 8.9%. But when adjusted for inflation, the peso has actually gained ground versus the greenback.
 
Peso-denominated deposits were little changed at ARS489.2 billion (108.4 billion dollars) on June 15, the central bank said.
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Kilika
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« Reply #1 on: June 25, 2012, 01:27:29 pm »

Quote
Yes, these end times prophecies are supposed to come to pass, but at the same time, it seems like this is exactly what the Illuminati wants to do - strike fear in everyone.(although yes, it wouldn't be a bad idea to prepare for the inevitable, but not go this far where you let fear play on you)

One way to describe the end times is that the world society starts to unravel, man panics, and in steps somebody to solve all their problems, so they think.

I say, "starts to unravel", because I don't see any total collapse, that would give the unbelieving nothing to slave for in the world, no "American dream" to pursue, so I see the system itself getting real shaky, in part artificially so, in order to herd the sheep in a certain direction in the beast system of the world.

Men spiritually hide because of fear, but we know that, "there is no fear in love...because fear hath torment".
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tennis shoe
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« Reply #2 on: June 25, 2012, 02:01:06 pm »

Argentina has quite a history of economic crisis; almost like that country was a test-bed for economic experimentation. The IMF/World Bank involvement offered no permanent solutions. No surprise there.
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