By Nick Rokke, analyst, The Palm Beach Daily
Nick: Hi, T. Can you tell us about this hidden currency crisis?
Teeka: Sure. Emerging market currencies are getting hammered right now.
Most people have probably heard a little something about what’s going on in Venezuela. The inflation rate there is nearing 1,000,000%. Stores are empty, and people are starving. Millions of Venezuelans are fleeing their country to survive.
But that’s not the only currency crisis going on.
The Argentine peso has lost 51% of its value so far this year. And the currency continues to fall.
Argentina is relying on a $50 billion bailout loan from the International Monetary Fund. Why anyone would give Argentina money is beyond me. The country has gone bankrupt seven times in the past 200 years… But that’s something for another day.