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Gringal

Dec 10, 2009, 8:37 AM

Post #51 of 70 (4290 views)

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Re: [Vince3n] Deported

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The way I heard the story of the peso devaluation, people were putting dollars into Mexican peso accounts and getting huge returns. When the peso was devalued, the returns and most of the investments vanished. I also heard that the moral of the story was to play it safe and not put all your retirement money into peso accounts.

I'm sure someone will correct me if that's wrong. An acquaintance of mine did make that mistake and is still weeping about it, all these years later. He also invested in rare coins and derivatives......so no surprise. He missed out on buying coastal property of dubious ownership or ejido land. lol.


Reefhound


Dec 10, 2009, 9:54 AM

Post #52 of 70 (4272 views)

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Re: [Gringal] Deported

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Just google for "1994 peso devaluation". Basically what happened is the peso declined in value relative to the dollar from 3.5:1 to 7:1 in a week when a new president relaxed monetary controls that had been artificially maintaining it at the lower rate. While many experts feel it was handled wrong, most feel it was a necessary move in order to attract foreign investment and participate in a world economy. This is what happens when you try to artificially circumvent free market forces then can no longer maintain it. Just as wage and price freezes are almost always followed by runaway inflation, trying to artificially fix the value of currency leads to sudden devaluation.


richmx2


Dec 10, 2009, 10:28 AM

Post #53 of 70 (4256 views)

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Re: [Manuel Dexterity] Deported

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Something is missing from the original story. Since August of 2006, illegal residence in Mexico has been a fineable offence (up to 500 salarios minimo) and jailing is very rare. When I hear about gringos being deported, there is usually a lot more than just "Oh, I was just doing some guy a favor". Like being rude to the investigators, pissing off the entire neighborhood, or forgetting to mention the baby selling business they were conducting on the side.

I-ve yet to meet the person who was deported from Mexico to the United States for no reason. The other direction... ??? Don-t get me started on the mentally challenged native Californian who was "deported" and left wandering the streets of Tijuana for weeks until Mexican authorities were able to find him.


http://mexfiles.net
http://editorialmazatlan.com


arbon

Dec 10, 2009, 10:48 AM

Post #54 of 70 (4250 views)

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Re: [Reefhound] Deported

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You will get a better undertanding if you Google,........"1994 peso devaluation chase manhattan"

(The memo was on Canadian tv news once, and then pulled, before I had a chance to copy to VHS)
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arbon

Dec 10, 2009, 10:58 AM

Post #55 of 70 (4246 views)

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Re: [Reefhound] Deported

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"Good point. If you are deported or expelled you just have to arrange for someone to handle things on your behalf."

You make it sound as if it is as easy as getting your self into the situation in the first place.


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Reefhound


Dec 10, 2009, 11:20 AM

Post #56 of 70 (4236 views)

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Re: [arbon] Deported

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Who said anything about it being easy? It's just a fact of life. If you're ordered to be deported, you get no time out to handle your personal business, dispose of your stuff, and sell your house. It's no different when you are sentenced to jail either.


mazbook1


Dec 10, 2009, 5:13 PM

Post #57 of 70 (4165 views)

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Re: [Reefhound] Deported

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Here is a little more accurate version of the 1994 devaluation than what Reefhound gave:


The Salinas administration had secretly sold bonds, denominated in dollars, with a value of more than double the foreign reserves of the country. Salinas, in the briefing books for the incoming Zedillo administration had "neglected" to expose this practice. Although the new president, himself an economist, scrambled mightily to try to save the peso, nothing could be done. The peso was finally "floated" the night of December 21, 1994.*



*footnote, page 420, Grabman, Richard. Gods, Gachupines and Gringos: A People's History of Mexico. Mazatlán: Editorial Mazatlán, 2009


(This post was edited by mazbook1 on Dec 10, 2009, 5:14 PM)


Manuel Dexterity

Dec 10, 2009, 5:24 PM

Post #58 of 70 (4160 views)

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Re: [mazbook1] Deported

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I'd really like to see where Grabman, the ex-avocado exporter cum historian came up with the "secret" part.


mazbook1


Dec 10, 2009, 5:40 PM

Post #59 of 70 (4158 views)

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Re: [Manuel Dexterity] Deported

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FYI, That footnote was extensively researched on the Internet and written by Grabman's editor. Since the book was written for non-academic readers, no attributions were used or footnoted in the final edited copy.


(This post was edited by mazbook1 on Dec 10, 2009, 5:42 PM)


Manuel Dexterity

Dec 10, 2009, 5:52 PM

Post #60 of 70 (4150 views)

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Re: [mazbook1] Deported

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I thought you are his editor?


mazbook1


Dec 10, 2009, 6:07 PM

Post #61 of 70 (4146 views)

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Re: [Manuel Dexterity] Deported

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ˇTiene razón! and his publisher too! But this post had nothing to do with either me or my publishing company, it was just in answer to a rather rude, uncalled for response from you. Have you even READ the book? Maybe you should read some of the independent reviews before you denigrate someone unecessarily.


Manuel Dexterity

Dec 10, 2009, 6:26 PM

Post #62 of 70 (4135 views)

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Re: [mazbook1] Deported

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I know the writer well from the Thorn Tree. Had a hard time believing anything he wrote.

I'd still love to hear how he/you came up with this secret bond issue.


(This post was edited by Manuel Dexterity on Dec 10, 2009, 6:27 PM)


Reefhound


Dec 10, 2009, 7:29 PM

Post #63 of 70 (4115 views)

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Re: [mazbook1] Deported

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While people were vaguely guessing about some monetary event in the 80's, I provided the search terms to more information. I wasn't trying to get into the conspiracy theories or political finger pointing or to give a primer on it, but just a basic idea and pointer on more info. Politics is always subject to interpretation and you could find any number of interpretations on a past event like this.


Marlene


Dec 10, 2009, 9:23 PM

Post #64 of 70 (4085 views)

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Re: [Manuel Dexterity] Deported

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I understand that I'm not the only one uncomfortable with the ongoing personal attacks on two forum members, attacks which seem to be a result of doings that take place on another forum. Can we leave the bad feelings at the door?

P.S. I've read the book. It's awesome.


(This post was edited by Marlene on Dec 10, 2009, 9:27 PM)


arbon

Dec 11, 2009, 6:34 AM

Post #65 of 70 (4041 views)

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Re: [Marlene] Deported

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Marlene, on Mexconnect we have always been expected to provide the source of our infomation, other wise it is just stated as opinion.

There is a request on this thread for a link to "The Salinas administration had secretly sold bonds"
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richmx2


Dec 11, 2009, 7:14 AM

Post #66 of 70 (4035 views)

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Re: [Manuel Dexterity] Deported

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Ah, now I remember who this "Manuel Dexterity" is -- one of those people I learned to ignore years ago. Like most people who've done a lot of consulting/contract work, I've been involved with my share of stinkers along the way. As far as I know, my work for ENRON had nothing to do with that company's failure any more than my work for the avocado company did. The only connection between working for an avocado exporter that went spectacularly belly up has to do with writing Mexican history was that company's failure was one reason I returned to the U.S. for a time to recoup my finances ... and created an opportunity to finish the manuscript.

On the question of the "secrecy" involving the peso's over-valuation, Dr. Zedillo -- being an economist as well as a politician -- would have reason to claim he was not informed, but every source I can find -- including those biased against Zedillo and/or the PRI -- confirms that this was, indeed, the case. The non-partisan 2007 biography of Zedillo published by the Cento de Estudios Internationales de Barcelona 2007 (part of a series on Latin American leaders) is as good a starting place as any for a discussion on this...

... which might be interesting in another forum, and not in a thread supposedly about deportation.


http://mexfiles.net
http://editorialmazatlan.com


SanFranDan

Dec 11, 2009, 7:22 AM

Post #67 of 70 (4029 views)

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Re: [richmx2] Deported

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what happened to my thread?




richmx2


Dec 11, 2009, 7:26 AM

Post #68 of 70 (4024 views)

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Re: [SanFranDan] Deported

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I wondered the same thing, Dan... and -- in a long-winded way -- hoped we can get back to it, rather than talking about me.


http://mexfiles.net
http://editorialmazatlan.com


Gringal

Dec 11, 2009, 7:33 AM

Post #69 of 70 (4018 views)

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Re: [richmx2] Deported

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Could we return to the original thread, which was much more interesting that the leftover Thorne Tree conflicts?
That is, unless it's more fun to read curmudgeons engage in a pizzing contest out here in thin air.


Rolly


Dec 11, 2009, 7:36 AM

Post #70 of 70 (4016 views)

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Time to move on

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This thread has turned into a long mishmash of subjects and personal attacks, so it's time to move on.

Rolly Pirate


(This post was edited by Rolly on Dec 11, 2009, 7:37 AM)
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