The Mayor was gazing at exchange rates this morning in the WSJ. It's shocking what has occurred in Brazil and Argentina over the past 12 months. The poor worker has taken it in the shorts. The Argentine peso has lost 55% of its value relative to the dollar. The Brazilian relais has lost 49.9% of its value; and the Colombian peso, 40%. Now the Venezuelan fuerte lost only.2%, but that covers up all the other economic problems there.
Canada lost 20% of its dollar value; Uruguay, 24%; Chile, 15%; Mexico,16.3%; Peru, 13%. And the bright star-Ecuador= 0%-it's tied to the US dollar. Bravo Ecuador.
Perhaps things will change. Change is the name of the Latin American game(see Cuba/USA relations). The Euro lost just 11.3%, and the filthy rouble just 16.8% of its value, despite all Mr. Putin's foreign affairs gaffs. We won't even discuss Kazakhstan at 87.5% loss.
America seems to be leading the world back to economic growth. Great. But let's not forget that the UK and Switzerland have to clean up their systems to make the global economy work better. And don't forget Africa-Subsaharan-it doesn't even rate coverage.
Have a nice day.
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