financial Vampires: 19 families have dollars The Bank of Mexico (Banco de Mexico) sold daily $ 100 million from next Monday to promote "orderly conditions" of foreign exchange and strengthen the peso, which has depreciated 50 percent, said Thursday the institution and the Secretary of Treasury.
"Since March 9, 2009 will start a daily sale of 100 million dollars through an auction mechanism," said a statement from the Foreign Exchange Committee and Finance BdeM to detail that this is a search " promote orderly conditions in the foreign exchange market. "
Did I read right? "To save weight?
What is the sale of currency or dollars? Or does it mean when they speak financial reserves? Why reserves are in dollars, not pesos?
Some people think that those dollars are then stored and may be used for public spending. It is a misconception, because they serve precisely to give value to money supply, ie, what we have in our pocket every day, weight. If there is no such support, the weight does not exist, its value would be negligible. So every time you give a drop to the reserves, worth less.
Speculators are those who bet the loss of weight value for the dollars to buy out every day the Bank of Mexico for sale, under the pretext of maintain the stability of the Mexican currency. The dollar reserve is the guarantee of the value of the peso. Insiders say that the blows against the weight come from China. Betting on the falling value-rich-quick.
The Bank of Mexico has an obligation to give the names of the purchase - dollars that threaten to deplete reserves and cause a major economic catastrophe in Mexico that would pay us, the vast majority of Mexicans, just over 105 million .
Consulting my dictionary of economics for ignorant, it is difficult to reach the following conclusions:
* A small group is benefited from the speculation began
* losses in international reserves
bronco in our Mexico, only a small group of 19 Mexican millionaire families benefited from the measures taken by the Calderon government to "curb crisis ", was already known inevitable if the tax authorities had set themselves to deny the impact expected.
Reports from the Bank of Mexico, the total amount of six auctions of dollars to banks and exchange houses, to curb the depreciation of the peso, in February, reached a record 835 billion million. But even so, was prevented on Monday March 2, the Mexican currency was sold in windows in almost 16 pesos and can reach 17.
authorities naively wonder who benefited from the purchase of billions of dollars. I know I'm going to say, the 19 families who own the money in Mexico.
The Faculty of Economics, UNAM, in its report this month estimated that between September last year, when the crisis escalated American, January 2009 and fled to Mexico more than 22 billion 89 million pesos , cash, financial instruments and investment of speculative capital.
in the cabinet of President Calderon, nobody knows how to stop the devaluation, or stop the capital flight that is aggravated every day. Implemented wholesaling U.S. currency as a panacea to stop the devaluation, but only managed to postpone it and affected, in large part to the treasury.
With the argument that it intended to regulate the liquidity of the foreign exchange market, only between 23 and 27 February, the Bank of Mexico auctioned $ 620 million, without accomplishing its mission and now no one accepts to know where you got that money.
The unit headed by Guillermo Ortiz, said the Tuesday that, although international reserves still account for twice the cash circulating, which still represents a guarantee for investors so far this year dropped five thousand 380 million dollars. Economists
UNAM, warned the Calderon administration to curb the need, urgently, auctions of greenbacks because failure to do so, only millionaires will empower more, main profiteers and speculators, and further impoverish especially those dispossessed.
Of the thousand 853 million dollars were auctioned last month, anyone know where you were accepted and the Government of the Republic refuses to broadcast the names of institutions or individuals to whom he gave that amount. No doubt most of the American currency was purchased by the 19 millionaire families and sent to a tax haven like the Cayman Islands.
Presenting the report of Finance, on Monday, Massmacher warned that the imminent decline in tax revenues, it is possible to use the surplus oil to meet all government commitments, but also provides a Pemex no extraordinary collection this year.
When the oil boom occurred between 2001 and 2007, several analysts recommended the Fox administration to save the millions of dollars into the country from the sale of oil, but Vicente Fox went to the frivolities of current expenditure and the voracity of their relatives, friends and colleagues.
Now that the people needs of millions of dollars to the Calderon government's use in public works, nobody knows where they were all oil surplus, estimated exceeded 800 billion dollars or what will happen if the peso continues to depreciate.
The only tangible, at this moment is the high rate of unemployment, rising poverty and hunger, and rising bad loans. The crisis is already affecting the nation, although the president speaks of a country well shielded.
List of Mexico's richest families and the economic power they possess.
1. Carlos Slim and his family with only 33 percent of the shares of America Movil (Telcel), 43 percent of the shares of Telmex, 77 percent of Grupo Carso, Inbus 71 percent, 14 percent of Ideal and 50 percent of U.S. Com. And other businesses such as Sanborn's, Sears.
2. Larrea businessman and his family with 47 percent of the shares of Grupo Mexico.
3. Servitje families, Mata, Jorba and Sendra with 78 percent of Grupo Bimbo.
4. Garza families Laguera, Calderón Ayala, Bailleres Gonzalez Garza, Suberville Michel, David Michel Richard Michel and only 37 percent of FEMSA.
5. Ricardo Salinas Pliego and family, 75 percent of Electra, 52 percent of TVAZTECA and 68 percent of Iusacell;
6. The family Laguna Martín Bringas 57 percent of Soriana and its cousins \u200b\u200bMartín Soberón than 29 percent of the shareholding of the same company.
7. Alberto Bailleres 35 percent of Penoles, 72 percent of El Palacio de Hierro, 68 percent Grupo Nacional Provincial and 72 percent of Profuturo.
8. Roberto González Barrera owns just 19 percent of the shares of Banorte and 52 percent of Grupo Maseca;
9. Families Arizpe, Fernández Barragán and 87 percent of Arca.
10. The richest woman in Mexico: Maria Asuncion Aramburuzabala owns only three percent of Televisa and ten percent of the company founded by his grandfather, Grupo Modelo.
11. Emilio Azcarraga Jean and his family owns only 15 percent of Televisa.
12. Families Garza Sada, Calderón Ayala, Garza Sepulveda Paez Garza and 45 percent of Alfa Group.
13. The Gonzalez family from 68 percent of Comercial Mexicana.
14. Robinson Bours family (including Eduardo Bours, the current governor of Sonora) owns 83 percent of Bachoco.
15. Del Valle's family Mexichem.
16. Humberto Garza Gonzalez owns 65 percent of FAMSA.
17. The Grossman 59 percent of Continental Group (the owner of the Coca-Cola in the Laguna Region).
18. Losada family 65 percent of Gigante.
19. Zambrano family, owners of CEMEX.
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