Tuesday, January 26, 2010
It is Good to be a "Friend of the Power"
The drama in Argentina is unfolding. The Presidenta Cristina (pic with his husband) decided to spend the country's foreign reserves but the Central Bank's Martin Redrado did not co-operate. The rebel was sacked but the next day reinstated by a judge. Cristina sent the police to stop Redrado from entering his office. Redrado said he intends to publish a list of "Friends of the Power" (alias friends of Cristina) who were allowed to buy cheap dollars after Argentina's recent currency regulations.
Big mistake. Now Cristina is asking to jail Redrado because the Central Bank is supposed to be in control of foreign exchange transactions, and Redrado is (?) its President. Someone should remind Redrado that in Argentina it is better to be "A Friend of the Power" than its enemy.