Peso-Dollar rate allowed to float

JOHN J.

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The article in DR1 dated Oct. 7th , ?ALL DOLLAR TRANSACTIONS TO MARKET?, said that the peso-dollar rate will be allowed to float according to supply and damand. It further states that the government needs to buy dollars for its foreign service, military purchases, foreign debt and petroleum imports on the open market.

As of today October 8, 2003 has there been an immediate impact on the availability of dollars?

Obviously this will drive the exchange rate to an astronomical number.

Does anyone want to speculate as to what the exchange rate will be when the market reaches some kind of equilibrium?
 

Ken

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Jan 1, 2002
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The signs on the exchange banks on main street of Sosua are up about RD$1 since yesterday.
 

ricktoronto

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To What, Exactly?

Ken said:
The signs on the exchange banks on main street of Sosua are up about RD$1 since yesterday.

I'm down in Boca Chica Saturday morning for 8 nights - what the rate for US$ cash? 33 or so?
 

ERICKXSON

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I predict that the Dollar will Hit RD$50.00 before the end of the year get ready to bounce after Christmas since HELL WILL BRAKE LOOSE all over the Island and HIPPOLITO and his conglomarate of CHOPOS will be targetted (you fill in the blank)


<<<<<If you are travelling between March and May 2004 to the Dominican Republic DON'T DO IT! STAY HOME AND WAIT UNTIL AFTER May 2004 >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>


GET READY FOR THE SHOWDOWN THE DOMINICAN REPUBLIC AGAINST HIPPOLITO AND HIS CHOPOS THE BUBBLE IS ABOUT TO BURST AND HEADS ARE ABOUT TO ROLL OUT IN A MAJOR WAY
 

dale7

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Don't know about BC, Rick. But in San Jose was 34.30 today around noon. A few days ago was about 33RD. I know you are looking for specific answers that hopefully someone will fill you up on but rate has been rising slowly but steadily and I think will be around 35RD in BC on Saturday since usually a little lower in BC than other areas. Tell me how far I am when you are there Saturday:)
dale7(Howie)
 

mondongo

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Jan 1, 2002
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The DR$ was not "allowed" to float. The Central Bank had no choice (no money). A government can control the exchange rate in 2 ways: a) it can use foreign reserves to buy DR$, b) it can arm-twist and threaten businesses and the populace, which inevitably creates an economic metldown.

Mr Dumb-ass and his merry gaggle of retards have already exhuasted both options. So now brace yourselves...the fun is about to begin.

*****
*****
Upon further reflection, Hippo does have one last option before the real violence begins. He can sell whatever is left of DR's natural resources and public works projects to the IMF, Eximabnk, and the rest of the conspiratorial, extortionist, bottom-feeding evolutionary mutations.
 

Escott

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"He can sell whatever is left of DR's natural resources and public works projects to the IMF, Eximabnk, and the rest of the conspiratorial, extortionist, bottom-feeding evolutionary mutations"

hahaha, it is all the "Other guys fault". They conspired to have the Dominicans borrow and steal more money than they can ever pay back! LOL

If your statement wasn't so comical I would cry!
 
Apr 26, 2002
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You don't get it

Escott. The Dominican people are only responsible for the Hippo and his gang of crooks. Without the help of the IMF and other multilateral financial institutions, Hippo could only bankrupt the country today. With the credit extended by international banks essentially backed by the IMF, though, the government can steal money that will saddle generations with impoverishment and assure the unsustainability of a middle class for many years.

Using your logic, if you're a drug dealer and, after you bleed your client dry, you intentionally give the junky a terminal dose, then it's the junky's fault. Except that's not a perfect analogy because the terminal dose would actually be for the junky, his children and their children after you made them junkies too.

Mondongo is wrong about one thing, though. I wouldn't call the most successful thieves in Latin American history "retards".
 
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Escott

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Re: You don't get it

Porfio_Rubirosa said:
Escott. The Dominican people are only responsible for the Hippo and his gang of crooks. Without the help of the IMF and other multilateral financial institutions, Hippo could only bankrupt the country today. With the credit extended by international banks essentially backed by the IMF, though, the government can steal money that will saddle generations with impoverishment and assure the unsustainability of a middle class for many years.

Using your logic, if you're a drug dealer and, after you bleed your client dry, you intentionally give the junky a terminal dose, then it's the junky's fault. Except that's not a perfect analogy because the terminal dose would actually be for the junky, his children and their children after you made them junkies too.

Mondongo is wrong about one thing, though. I wouldn't call the most successful thieves in Latin American history "retards".
Oh comon, the DR went looking for the help. I honestly think that the IMF is going to get snookered by these "Dominican" crooks.

The analogy is way off base. The drug dealer is Hippo and company. He took the money and is taking more money. The People permit this shit. STUPID people!
 

Formosano2000

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Re: To What, Exactly?

ricktoronto said:
I'm down in Boca Chica Saturday morning for 8 nights - what the rate for US$ cash? 33 or so?

At 10am, Nacional was buying US$ at RD$35.20 and not selling.

Banco BHD is buying at RD$35.

Things are only going to get more interesting. Won't surprise me if other international lenders follow IMF's foot step and withhold further loans.
 
Apr 26, 2002
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Yea, Escott, so what's your point? That Hippo is both a user and a dealer. That's not unusual.

The fact is that without the backing of the IMF, Hippo would never have been extended credit - meaning that he could only steal today's money and not tomorrow's money. Being broke is much better than being in debt.

In other words, without the conspiratorial cooperation of the IMF, the stupid Dominican people could only have gone broke. Instead, they are indebted to the wealthy countries indefinitely.

You also ignore the hypocracy of it all. Hippo barely pretends to be legitimate anymore. Nobody ever expected him to be anyway. The IMF on the other hand pretends to be helping the developing world while actually being a tool of exploitation that administers poverty and ensures its perpetuation essentially forever. This is NOT laisse faire!!!
 
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Escott

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Porfio_Rubirosa said:
Yea, Escott, so what's your point? That Hippo is both a user and a dealer. That's not unusual.

The fact is that without the backing of the IMF, Hippo would never have been extended credit - meaning that he could only steal today's money and not tomorrow's money. Being broke is much better than being in debt.

In other words, without the conspiratorial cooperation of the IMF, the stupid Dominican people could only have gone broke. Instead, they are indebted to the wealthy countries indefinitely.

You also ignore the hypocracy of it all. Hippo barely pretends to be legitimate anymore. Nobody ever expected him to be anyway. The IMF on the other hand pretends to be helping the developing world while actually being a tool of exploitation that administers poverty and ensures its perpetuation essentially forever. This is NOT laisse faire!!!
Wow first of all you sound like a lost sheep in the forest with the big bad wolf pawing at you and cant figure out why.

The DR did NOT need the IMF to float the Soveign Bonds. The DR would be in utter choas now if wasn't for the float by the IMF. They cannot meet their Bond interest payments. The Central Bank CANNOT return the capitol that they owe to the people that exchanged their BAD Baninter CD's for new Central Bank Cd's. This will probably be exchanged into long term debt whether they like it or not.

What the hell do you think will happen if the DR cannot buy refined pertroleum products to keep the country going because they have no dollars? Let me give you a hint. All or most of the economy will cease to exist, there will be riots and looting until international troops are called in by the UN as an emergency stopgap measure. Then comes the foreign aid probably led by the US because you are part of the same hemisphere. Did I mention "NO MO SOVEREIGNTY"?

You are dreaming a big dream if you think this is the fault of the IMF or anyone other than DOMINICANS.

Stop trying to put the blame on NON Dominicans, the IMF, the Otherguy and take responsibility for the ills of your country and the needyness the Dominican people. It has all started from the INSIDE not the outside just in the same way you or others of your ilk blame prostitution on sex tourism when DOMINICANS are the main fuel for that vehicle also.

Must be another reason why so large a percentage of the population is enslaved in prostitution compared to anywhere else in the world. You would never know it from what I read many Dominicans write right here.

So many Dominicans always need the "OTHER GUY" crutch to make yourselves feel better while not even making an attempt to change. You can never be wrong nor have anything to fix if you are never responsible, right?

The DR just floated a big loan from Mexico for Oil. What happens when that is not paid back? My guess is that a plot to overthrow that government south of us is a reality and the DR is harboring this to get either money after the overthrow or a sweetheart deal on Oil. This government is borrowing money every day from every source available. Look at the new Boats to patrol the shores to prevent Dominicans from leaving? More loans. More and more and more and more and more.... All having Nada to do with the IMF.

I don't ignore anything. I just point out life as I see it. I think that Hippo will be re-elected one way or the other. How would that be for ignoring reality?

Are you getting my point yet or do you still feel all your woes are the caused by the IMF?

A lot of this is fact and a lot of this is conjuncture on my part. You can't argue with the facts although you will probably have at my conjuncture but only time will tell on some things and you may never find out about the others.
 
Apr 26, 2002
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Escott said:
you or others of your ilk blame prostitution on sex tourism when DOMINICANS are the main fuel for that vehicle also.

Please provide the quote or link where I said anything about prostitution whatsoever. I'm waiting .... And what is my "ilk" anyway? I did NOT say that the pueblo Dominicano were blameless. In fact, I believe I used the word "stupid". Are you so insecure about your position that you need to mischaracterize me.

Your "ilk" (whatever that means) doesn't recognize that "it takes two to merengue." Your "ilk" also doesn't recognize that, by propping up corrupt governments in Latin America and forcing economic policies on them that ensure the non-development of a middle class, the wealthy nations actually hurt themselves by killing the growth of potential trade partners.

Your "ilk" also believes that free markets are some kind of religion. Well, the IMF has nothing to do with free markets. By promoting the IMF, you promote irrational interference in free market economies.

Nobody would have bought the sovereign bonds if history didn't tell them that the IMF would come in and pay for them.

As for the oil, apply liberal political and economic thought to that one. Left without IMF interference, a Dominican government as irresponsible as the current one would not last. The oil crisis would lead to change - perhaps needed revolutionary change.

But more importantly, the Dominican people will not change as long as irresponsible behavior does not have a prompt and direct effect on them. The IMF, thus, distorts the natural change that would otherwise have to occur.

You see, comparative morality is only part of the picture.
 

Escott

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Porfio_Rubirosa said:
Please provide the quote or link where I said anything about prostitution whatsoever. I'm waiting .... And what is my "ilk" anyway? I did NOT say that the pueblo Dominicano were blameless. In fact, I believe I used the word "stupid". Are you so insecure about your position that you need to mischaracterize me.
I said that it was posted by either you or people just like you who blame everything on others from outside of the Country. I pretty much spelled that out but I can cut and paste if you want me to. Still believe it true.
Porfio_Rubirosa said:
Your "ilk" (whatever that means) doesn't recognize that "it takes two to merengue." Your "ilk" also doesn't recognize that, by propping up corrupt governments in Latin America and forcing economic policies on them that ensure the non-development of a middle class, the wealthy nations actually hurt themselves by killing the growth of potential trade partners.
Ilk means you and people that feel the way you do. Takes two to merangue? What can that possibly mean? My ilk doesn't concern themselves with propping up of corrupt governemtns in Latin America. My only consideration south of Florida is the Dominican Republic. Everything else is just something I happen to notice by reading news but certainly not a concern. I hardly have time to wipe my ass let alone take the world as my responsibility.
Porfio_Rubirosa said:
Your "ilk" also believes that free markets are some kind of religion. Well, the IMF has nothing to do with free markets. By promoting the IMF, you promote irrational interference in free market economies.
Seems like you figured out "ILK".:) I don't promote the IMF. I think that the citizens of the DR should never have let it go to the point of being desparate. I have neither good nor bad to say about the IMF and don't even think that they are a part or should be a part of the discussion. They are definately the "Course of Last Resort" by anyones standards. You just blame things on them instead of putting the blame where it belongs and that is squarely in the hands of the Dominicans and Citizens that live in the Dominican Republic.


Porfio_Rubirosa said:
Nobody would have bought the sovereign bonds if history didn't tell them that the IMF would come in and pay for them. /QUOTE]

Oh really? You think that these people will come out of this whole? I would be willing to wager that they will NOT and wished that they never ever got involved in bonds of the Republica Dominicana. I bet even the IMF will feel the same way when it is all said and done.

Porfio_Rubirosa said:
As for the oil, apply liberal political and economic thought to that one. Left without IMF interference, a Dominican government as irresponsible as the current one would not last. The oil crisis would lead to change - perhaps needed revolutionary change.
Ah, so you are promoting Chaos and insurrection as the answer rather than peaceful change before hand or as you go? WOW is all I can say.
Porfio_Rubirosa [/i][B]But more importantly said:
You see, comparative morality is only part of the picture.
I am not nearly cerebral enough to even begin to understand if there is a point being made here. I remember a conversation I was in regarding graft, payoffs, bribes etc and one Dominican and of course one Arab was telling me that this was a good way to do business and just because it is not the"accepted" way in the states doesn't make it wrong. I believe it was "Onions and Carrots" who said that. Seems to be the believe of many which I didn't know at the time. YOU people have to stop accepting this behaviour as NORMAL because it is NOT. Some lessons are learned the hard way but I predict that life in the DR is going to change and YOU wont like it but it won't be because of outside forces but strictly from the inside of the DR by Dominicans.

Scott
 

Tony C

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Porfi,

The DR is like that young student with a first Credit Card that screws up his credit rating and them blames the Credit Card Company for charging such High intrests rates.
Yes it is hard to function in todays society with out a credit card but it can be done
Yes the Credit Card Companies charge High Interests rates to people with bad credit.
But Who's fault is it?

The RESPONSIBLE person wil say it was the Kid's(DR) fault. The DOMINICAN will blame the Credidt Card company(IMF) for making it easy to get the card then trapping him with High Intrests.

The DR could have turned back any offers from the IMF or World Bank but they didn't. They could have tightened the belt and cut spending drastically but they didn't. They Didn't see UN troops massing offshore with the ultimatum of "Sign the deal or else!"
You are beginning to sound like the person from the Barrios who is "Outraged" at the mere mention that you might have to pay for your electricity.
 

gerd

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Jan 10, 2002
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Tony C,
I think your mistaken if you see the DR as one organisation.

There's the biggest part of the population who has their belt already tight, so thight you almost can't breath. Those people know nothing about IMF, World Bank or interest rates. The language they understand is "Yo tengo los granos y Milagros la semilla..." (Hippo) and switch on to the next novela.

And there's a bunch of Hippo supporters who are making themselves incredible rich as long as they have the chance.

It's more like a student who has a credit card, and his girlfirend takes it to get whatever she can...and leaves you with the debt on day.

I feel sorry for the next president, who will be left with empty hands and will have to calm the people, which again has no ideas about how and why things are the way they will be then.
 

XanaduRanch

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ERICKXSON said:
I predict that the Dollar will Hit RD$50.00 before the end of the year
I said 40 to the dollar in a thread a while back just as the peso started to implode, and thought that was exaggerating. Now it looks conservative.
 

Tony C

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gerd said:
Tony C,
I think your mistaken if you see the DR as one organisation.

There's the biggest part of the population who has their belt already tight, so thight you almost can't breath. Those people know nothing about IMF, World Bank or interest rates. The language they understand is "Yo tengo los granos y Milagros la semilla..." (Hippo) and switch on to the next novela..
.

Gerd,

Sorry but you are all wrong. Hippo was elected by the Dominican people. It is their fault and nobody elses.
How has there been belt-tighting? The Gov keeps on taking loans and spending. The Gov keeps on hiring people.
Has Hippo laid of the thousands of workers that line their pockets from Botellas? Has the Gov cut back on anything except when they actually run out of money?
The economy has caused the Dominican people to tighten their belts but not because of Goverment cutbacks. They have had to tighten their belts because they elected those crooks.
If they know nothing about the IMF, World bank or interests rates it is their own fault. It is in the Press everyday down there. Ignorance is no excuse.

Originally posted by gerd It's more like a student who has a credit card, and his girlfirend takes it to get whatever she can...and leaves you with the debt on day.[/B]

Maybe so, but it was the Kid's(Dominican people) fault for letting the girlfriend(Hippo) use the credit card(Loans).

WILL ONE DOMINICAN PLEASE TAKE SOME F*CKING RESPONSIBILITY!!!!!!!!!!!!!!!!!!!!!!!!!!!
 

XanaduRanch

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Sep 15, 2002
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I am NO friend of the IMF BUT

Porfio_Rubirosa said:
The Dominican people are only responsible for the Hippo and his gang of crooks. Without the help of the IMF and other multilateral financial institutions, Hippo could only bankrupt the country today. With the credit extended by international banks essentially backed by the IMF, though, the government can steal money that will saddle generations with impoverishment and assure the unsustainability of a middle class for many years.
Porfio! I agree with you most of the time, but that's a seriously huge load of monkey dung you threw out there.

We have casinos in my city in the U.S. Every month there's another story about someone suing the casinos because the casino's open and let them in to fritter away all their money. Why didn't the casino stop me before I went bankrupt! They demand to know with as serious a face as their lawyer can get them to muster before the judge. Fat people are suing McDonald's. It's not my fault that I can't stop buying their french fries or stop my arm and hand from continually stuffing them into my mouth until I way 500 pounds. No! It's McDonald's fault for tempting me! Somebody stop me before I drive-through again!" they whine.

Please. Let's get serious here. No-body, no-one, no-thing, no-bank, no-IMF, no-devil, no-God, no-nobody put a gun to that idiots head and said "Steal all you can! Buy Jeepetas and Rolex's! Or I will kill you!". The raping of the Dominican people by El Buro is the fault of El Buro, not the availability of credit.

This kind of attitude only enables ladrones like this to screw you over and over and over again. Because you just can't quite ever blame the person who's actining irresponsibly. Do you realize that? Why are you enabling him?

What genetic defect keeps His Baldness from just saying "No!"? And what other gene deficiency makes otherwise intelligent people who are mad about it look for someone else to blame?

Tom (aka XR)
 
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Apr 26, 2002
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Escott said:
I said that it was posted by either you or people just like you who blame everything on others from outside of the Country. I pretty much spelled that out but I can cut and paste if you want me to. Still believe it true.Scott

Scott,

The logic in the above sentence is atrocious. How would you like it if I said: "You or people just like you believe that the earth is flat. No, I don't feel like finding anything you ever wrote to support that, but I stand by it."

As for my other friends, let me try to make myself clear. I fully agree that this country, like most other Latin American countries, lacks a sense of personal responsibility - for country, family and personal issues. I suspect that only the "ilk" to which Scott refers could say differently.

But do you really believe that there is something biologically different about us? Is there something in the water (other than giardia)? If not, then surely we will improve, right? If I touch a hot iron 100 times, eventually I'll learn not to do it anymore, right?

You guys write volumes on how irresponsible Dominicans are. Big deal! Everyone knows it already. Do you understand why ? from a historical perspective ? it is that way? Do you think that, historically, hard work and upstanding behavior got anybody on this island anything? Got any ideas on how to fix it? Better yet, got any ideas on how to move us forward a few feet?

Ah, but you say you do have an idea on how to fix it, right? Dominicans need to take personal responsibility. Gosh, golly gee whiz if they would only do that everything would be okay. That?s not exactly fabulously insightful.

You ignore the "chicken and egg" problem. To advance socially, we need a responsible government that will provide for education and economic stability. And to get responsible government, we need to advance socially, or we will continue to act in a purely corrupt and clientist manner in choosing (or acquiescing to) our governments.

The problem is that the IMF and its "ilk" is that they act to prop up governments that would otherwise steal so much and act so irresponsibly that they couldn?t possibly get reelected under a democratic system. Hippo and crew are using IMF money to buy votes.

Ah, but you say then it?s the Dominicans? faults for accepting the $500 pesos for their votes. My friends, might I suggest that if your kids were hungry and you didn?t have dos cheles to buy booze you might accept the $500 pesos. After all, you?d need it to buy food and, of course, a bipe of Carta Blanca (not necessarily in that order).

Another point you miss is about the fungibility of money. If the Hippo were limited to tax money and domestic loans, he would still have to buy oil to avoid riots and revolutions. So he would have no choice but to limit the government payroll and would have less money to use to buy reelection (and of course to abscond with). With this lesser economic power, his only hope of reelection would be to advance the greater good of the country or to use political acumen (a la Balaguer).

But because Hippo got all of this foreign money that would have never come in were it not for the ?wink and nod? understanding that the IMF would at the right time force the government to pay its international bank debts (by socking it to the middle class), and then got additional IMF money to boot, he can further expand the government payroll and otherwise buy votes ? assuring the repetition of the same old corrupt system. And the IMF will keep on doing this for years.

In this way, the IMF interferes in the natural selection of governments in countries where the people are uneducated and ignorant. The IMF inhibits natural social progress.

Gentleman, it is at this point a truism that nobody can cite an example of any country in Latin America where IMF involvement has led to economic or political growth.:lick: :lick: :lick:
 
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