Saturday, May 4, 2013

The Greatest Wealth Transfer in History

Last night, six of us went out to dinner at one of the nicest restaurants in Salta. We ordered two bottles of good Laborum cabernet sauvignon. We had beefsteaks, dessert and coffee. The bill came to 1,058 Argentine pesos (about $200).
Was that a lot... or a little?
It depends. If you traded your money at the official rate, the meal would have been priced at around $200. Very reasonable.
But if you had traded your money at the rate quoted yesterday on the black market, the dinner would have been even more reasonable – barely more than $100.
This morning, the cab ride from the airport into Buenos Aires cost 50 pesos. At the official rate, that's about $9. At the "blue" – or free-market – rate, the ride cost only $5.
The alert shopper can save a lot of money. The dull one gets ripped off.

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