Archived material Access restricted Article
Rantburg

Today's Front Page   View All of Sat 02/05/2011 View Fri 02/04/2011 View Thu 02/03/2011 View Wed 02/02/2011 View Tue 02/01/2011 View Mon 01/31/2011 View Sun 01/30/2011
1
2011-02-05 Economy
Mexican Government successfully sheds the US Dollar from its economy
Archived material is restricted to Rantburg regulars and members. If you need access email fred.pruitt=at=gmail.com with your nick to be added to the members list. There is no charge to join Rantburg as a member.
Posted by Uncle Phester 2011-02-05 09:05|| || Front Page|| [11135 views ]  Top

#1 This is interesting from several viewpoints. First of all, can Mexicans in the US wire transfer pesos to Mexico, as such? That is, convert them in the US first?

Second, Mexico's demographic have fallen to the sustainable plateau, so within the next decade, their unemployment rate should drop and wages should go up.
Posted by  Anonymoose 2011-02-05 10:32||   2011-02-05 10:32|| Front Page Top

#2 Yeah, good luck with that. They just made the black market even more attractive.
Posted by DarthVader 2011-02-05 10:53||   2011-02-05 10:53|| Front Page Top

#3 First of all, can Mexicans in the US wire transfer pesos to Mexico, as such? That is, convert them in the US first?

They could but it might be complicated at times. The other options are to take the wired money in pesos at the receiving point or as Darth said, exchange them on a black market either in the US or in Mexico.
Posted by Pappy 2011-02-05 12:07||   2011-02-05 12:07|| Front Page Top

#4 There's also a pattern of the out going El Presidente devaluing the peso to cover the spending of the previous 6 years to give the incoming pol the start of the next cycle of monetary 'expansion'. If you don't want to start a rush on the peso as the current term is expiring, you put in currency controls.
Posted by Procopius2k 2011-02-05 12:24||   2011-02-05 12:24|| Front Page Top

#5 My SWAG says this is more about bankers and other connected players being able to feed of the currency conversion rates and whatever fees and service charges they tack on.
Posted by SteveS 2011-02-05 13:40||   2011-02-05 13:40|| Front Page Top

#6 Mexican Stores throughout Texas take pesos for purchases.
Posted by Blackbeard Ulavise5743 2011-02-05 14:50||   2011-02-05 14:50|| Front Page Top

#7 many readers are probably asking if the banks no longer exchange money or business are no longer allowed to accept US Dollars then what is a person who has US dollars suppose to do. Suppose they all stay the hell out of Mexico.
Posted by Anguper Hupomosing9418 2011-02-05 17:03||   2011-02-05 17:03|| Front Page Top

#8 Should I care? Do Americans go to Mexican border towns to shop anymore? Last time I was in San Diego I wanted to go to TJ about as much as I wanted to go into a dark alley during a gang fight.
Posted by Martini 2011-02-05 17:18||   2011-02-05 17:18|| Front Page Top

#9  My SWAG says this is more about bankers and other connected players being able to feed of the currency conversion rates and whatever fees and service charges they tack on.

That's the way they do it in Venezuela; the connected have different conversion rates than the little people.
Posted by Thing From Snowy Mountain 2011-02-05 17:21||   2011-02-05 17:21|| Front Page Top

#10 Martini - I've lived on the SD/Tijuana border all my life. I think the "let's drive to TJ to shop" days are long over. I haven't been in Mexico in 10+ yrs
Posted by Frank G 2011-02-05 17:34||   2011-02-05 17:34|| Front Page Top

#11 Yep.
Posted by Martini 2011-02-05 17:42||   2011-02-05 17:42|| Front Page Top

#12 the connected have different conversion rates than the little people. If you don't know who the 'connected' are, you aren't connected.
Posted by Anguper Hupomosing9418 2011-02-05 18:55||   2011-02-05 18:55|| Front Page Top

#13 What a great way to make Jamaica and the rest of the Caribbean more attractive to American tourists - screw with the currency conversions. I am sure all of the resorts in Cancun are just thrilled with this.
Posted by Shieldwolf 2011-02-05 21:30||   2011-02-05 21:30|| Front Page Top

00:01 RandomJD
23:26 Thing From Snowy Mountain
23:13 JosephMendiola
22:49 JosephMendiola
22:30 JosephMendiola
21:57 Fire and Ice
21:30 Shieldwolf
21:04 trailing wife
20:55 JohnQC
20:52 tu3031
20:47 USN,Ret
20:46 swksvolFF
20:13 Uncle Phester
20:04 Joger Oppressor of the Lichtensteiners9577
20:01 Water Modem
19:55 Glenmore
19:50 tipper
19:14 Zhang Fei
19:12 Skidmark
19:01 GolfBravoUSMC
18:58 Anguper Hupomosing9418
18:55 Anguper Hupomosing9418
18:54 Procopius2k
17:59 Steve White









Paypal:
Google
Search WWW Search rantburg.com