Financial Harakiri, by Joel Bowman and Bill Bonnor

Joel Bowman and Bill Bonnor take on the world’s idiots and their idiocies. Unfortunately they can’t address them all, but they do a pretty good of shredding the ones they confront. From Bowman and Bonnor at

Plus money caves, egg donors, peak humanity, mass suicide and assorted other bunk and baloney…

Bill Bonner, reckoning today from Buenos Aires, Argentina…

Our first stop in Buenos Aires was a “cave.” We needed the local money.

You can change your money in a bank and get 190 pesos per dollar.  Or, you go into a shop that pretends to be a real estate agent…or an electronics store…and you get 372 pesos per dollar

You go up to the shop. The door is locked. You ring the buzzer…and the door opens. A handsome young man, tattooed and swarthy, sits behind a glass divider.  You tell him how much money you want to change. He quotes a rate. You accept.  And then, come the piles of cash.

The largest note he has is a 1,000 peso bill. So, if you are changing 500 US dollars, you end up with 186 pieces of paper. The whole transaction is so fast and easy, you have a hard time keeping up with the math. But you are soon walking out of the shop with your pockets stuffed with cash, trying to look inconspicuous.  

Meanwhile, we turn back to the news…

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