• Think your mortgage repayments are tough? Argentina raises interest rates to 60%
    20 replies, posted
https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12116786
Just a quick rough calculation a 150K home would be 6 fucking grand a month for 30 years at 60%. Just over 600 for 4.5%. Fucking insane.
It's not a very fun situation I can tell you that much.
Cheers mate, thought you all loved it for a second there
Argentina's Central Bank on Thursday increased its benchmark interest rate to 60 per cent — the world's highest — in an effort to halt a sharp slide in the value of the peso, which plunged to a record low. That is a moronic thing to do.
Some references if my memory is right. 2002 - 1:1 2015 - 1:14 First half of 2018 - 1:20 3 days ago - 1:28 2 days ago - 1:30 Yesterday - 1:34 Today - 1:41 Most of the price tags in the stores never keeps the same number for one single day. It is beyond ridiculous.
Why on earth would raising interest rates stop the currencies value from dropping? Of course its going to have the exact opposite effect, the entire point of the interest rates on loans is to ensure the loan won't be losing money vs inflation. (and earn some cash obv) So by raising it to that much, you are effectively sending the message that you expect the value of the currency to drop massively, of course people are gonna panic.
Wow, what a dick
I rarely give out negative ratings, but you're an arsehole for saying that. If you were trying to be funny, it failed miserably.
Of course i was joking. Your perception failed miserably lmao.
Hilarious
When an event is raw and you make a stupid joke that isn't even funny, telling the person suffering in question, you're in extremely poor taste at that point. Close friends can often make silly jokes towards each other, but even then, they'd not do it when it's so raw and they'd hopefully at least have some wit, unlike yourself.
No I think your perception failed miserably if everyone just thinks you're an asshole.
Idk i just found that statement way too obvious, but i guess i can see your point, my bad.
I think the point is, who cares if it's obvious, it's their situation that they're commenting on
Isn't it used to decrease borrowing and thus stop money being made that way (due to how banks and finance work). As a result, people also spend less and thus make money more valuable since there's effectively less of it in the system.
Pretty much, money has a time-value and this increases the time value, which makes it more expensive. Of course, this isn't really a great thing to have to do either since it's pretty drastic. It's going to be harder for people to buy things, and harder for businesses to grow. But they are in extreme circumstances too since the inflation rate seems to be 30%.
Eh, I exhaled tbh.
No it didn't fail, it was funny, bit of a cunt for doing it, but still funny.
Well, I guess humour is subjective. Give me "I help blind kids, and I mean blind as a verb" as opposed to this shite, but each to their own.
Whenever a country starts suffering economic problems I picture Homer Simpson sitting at his terminal pressing unknown buttons and continuously making the situation worse
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