September 18, 2012

WHAT AN ECONOMIC MELTDOWN LOOKS LIKE: In Argentina, PayPal Users Can No Longer Make Domestic Transactions. “Last year the Argentine government announced restrictions on the purchase of U.S. dollars. It has led to an increase in currency sales on the black market — but Paypal’s exchange rates are better. Locals were setting up two accounts under different email addresses and transferring money between the two, exchanging local currency pesos for dollars in the process.” Currency controls are pretty much always stupid, but government caught in the web of their own stupidity can’t seem to resist them.