Argentine Secretary of Domestic Trade poses a challenge
Portada en Ingles
Secretary of Domestic Trade, Guillermo Moreno, spoke before Congress in his role as economist. He talked about past inflation and current low inflation rates - he believes Argentine Statistics and Census Institute is scientifically flawless. Blessed are those who believe and never go to the supermarket.
He assured costs must be controlled by the state, and that his office carries out one of government's most important tasks. "If we control costs, we can determine companies' profits and decide if there is excessive profitability".
He confessed his concern about the need to "lower the interest rate". This was a message to banks, who are rising it, presumably out of voracity, as if inflation and distrust were not part of the picture. Will he start calling bankers to fix rates? His goal is that companies finance themselves in Argentina at the same cost as that offered abroad. He seems not to know that companies don't get any credits, neither at home nor abroad. Not many questions were asked. He was left speaking alone, as if he was right.
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