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> There’s a long tradition here of purchasing U.S. dollars as a hedge. There's a 200 usd quota per month shared between products, services and currency exchang
by kobalsky 5y ago
> There’s a long tradition here of purchasing U.S. dollars as a hedge.
There's a 200 usd quota per month shared between products, services and currency exchange. If you buy something that exceeds your monthly quota it means that your quota for the next months will be affected.
It's a system designed so that no one who can save money can buy dollars. When poor people started selling their quotas the practice got quickly stopped with taxes that got its price above illegaly traded dollars.
So basically if you need to buy dollars here you are a criminal.
- xtracto 5y agoThis is crazy, no wonder a lot of people in there are turning to cryptocurrencies, particularly stablecoins.
- deleted 5y ago[deleted]
- mgh2 5y ago"Criminal" is strong word here, there is no "rule of law" in Argentina, it is not one of the country's values. Crime is the norm, not the exception, starting with the government and trickling down to the people. It is the wrong culture: "If higher ups cheat to get ahead and get away with it, why shouldn't I?". Result: scaled up crime - corruption, tax evasion, robbing, slacking, etc.
- piva00 5y agoThe same in Brazil, mi hermano... It's incredible how similar Latin American corruption is across countries, I feel that every time I met another Latin American here in Europe/Sweden there's this instantaneous bond on how fucked up our governments (and everyday corruption) are. I decided to leave and believe it's been the best thing I've ever done for my life, I miss the people I love but I don't miss life back there.
- iqanq 5y ago>It's incredible how similar Latin American corruption is across countries, I feel that every time I met another Latin American here in Europe/Sweden there's this instantaneous bond on how fucked up our governments (and everyday corruption) are. Catholic vs. protestant culture.
- mgh2 5y agoExactly: https://trendguardian.medium.com/in-data-we-trust-2978dacc8c22 https://trendguardian.medium.com/in-data-we-trust-2978dacc8c... “Culture is religion externalized.” - Douglas Phillips
- brnt 5y agoThe main thing to understand about protestant culture is that it can afford a beter PR machine. Think 1984 vs Brave New World.
- cpursley 5y agoYep, same reasons Orthodox Christian countries are way behind. It's an uncomfortable topic, but Protestant dominant cultures are generally more equitable and less corrupt.
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- f00zz 5y agoWhen I was in Argentina a few years ago there were money changers peddling dollars on every corner in downtown Buenos Aires, at a time this was illegal (Cristina was president).
- maxilevi 5y agoFunnily enough they are called "arbolitos" (small trees). Because they are stationary and have green leaves (dollars)
- technofiend 5y agoI can still hear them chanting "Cambio, cambio, cambio" and it's been a few years. ATMs give hardly anything and charge a large fee per transaction as well, so it's no surprise people go to arbolitos.
- bradstewart 5y agoYou'd also get a better exchange rate from the arbolitos vs the ATMs. If I remember correctly, it was referred to as the "black rate". If you paid a vendor in USD directly, you got the "blue rate". Both of which were much better rates than the ATM.
- maxilevi 5y agoIn reality most people don't use "arbolitos" because their rate has a big spread. Instead people who need to exchange regularly go to "cuevas" (caves) which are just hidden and illegal currency exchanges that have much more volume.
- technofiend 5y agoOh, really? TIL. I will have to ask about next time I'm there! Thank you.
- deleted 5y ago[deleted]
- noduerme 5y agoAh but I heard if you worked for the government during Cristina's presidency when the official price of pesos was artificially kept low, you could get paid 20% of your salary in USD at the government rate!