Ha, Dow down 344points, NASDAQ crushed, Colombia you are next !!!!!!!!

david barkley says on Sep 4, 2008, 15:29:

It was a nice two year run, but the bubble boom is over for Colombia.

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Simon says on Sep 4, 2008, 15:38:

David Barkley.....?

"DON'T FOK WITH COLOMBIA!!"-----Simon

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SUERTE GRINGO says on Sep 4, 2008, 15:45:

I''ve spoken to many Colombians here in Medellin who are very happy with the falling peso because they will soon be recieving more pesos from family members living and working abroad who send money back home to help support many family members stuck back in Colombia.

This is good news for everyone including Colombians more pesos means more food on the table.

“If you're gonna eat your crackers in bed, you're gonna have to sleep with crumbs."

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BillBigD says on Sep 4, 2008, 16:39:

I agree Suerte Gringo with your thoughts on the falling peso

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gringoloid (Trustee board) says on Sep 4, 2008, 16:46:

wait until the jobs report comes out tomorrow morning..........and we'll see how many colombians are actually working to be able to send pesos back home........i understand this report will contain some really bad news.

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SUERTE GRINGO says on Sep 4, 2008, 17:33:

Latin America Currencies: Colombian Peso Weakens for Eighth Day

By Andrea Jaramillo

(Bloomberg) -- Colombia's peso slid for an eighth day, its longest losing streak since March 2006, as a decline in oil slowed dollar inflows.

The peso weakened 1.4 percent to 2,006 per dollar at 4:25 p.m. in New York, from 1,978.25 yesterday, according to the Colombian foreign-exchange electronic transactions system, known as SET-FX. It earlier touched 2,006.75, its lowest since January.

``Colombia is moving in accordance to external markets,'' said Eduardo Reyes, chief economist at Tradition brokerage's unit in Colombia. ``Amid the heightened risk aversion, local investors are dropping peso bonds and buying dollars,''

Crude oil for October delivery fell as low as $107.22 a barrel today on the New York Mercantile Exchange, from 109.71 yesterday and from a record $147.27 on July 11. Oil is Colombia's biggest export.

The peso has plunged 12.4 percent since July 15, when the dollar began rising against the euro from an all-time low. The greenback advanced today against most major currencies.

The yield on the nation's benchmark 11 percent bonds due in July 2020 closed little changed at 11.5 percent. The bonds' price fell 0.002 centavo to 96.783 centavos per peso, according to Colombia's stock exchange. It earlier dropped to 95.835, its lowest since Aug. 26.

Peru's sol closed little changed, rising 0.03 percent to 2.9645 per dollar, from 2.9655 yesterday.

Peru's central bank intervened in the currency market for the first time since July, selling $70 million in a bid to ease the sol's slide. The currency has dropped 5.6 percent in the past month.

Inflation Concerns

``The central bank knows that the sol isn't responding to speculative factors so it will likely continue to intervene although not aggressively,'' said Gonzalo Navarro, head currency trader at Banco Santander Central Hispano SA's unit in Lima. ``The central bank's main worry is inflation and the weaker sol can translate into inflation pressures.''

The yield on the nation's 8.6 percent sol-denominated bond due in August 2017 was little changed at 8 percent, according to Citigroup Inc.'s unit in Lima.

Argentina will buy back as much as 200 million pesos ($66 million) worth of local bonds tomorrow, the Economy Ministry said in a statement. The buyback is a part of a plan the government announced last month after bonds plunged on concern tax revenue growth is slowing and inflation is accelerating.

Chilean Rates

The government said yesterday it would repay its $6.7 billion of defaulted debt with the Paris Club, an informal association of creditors that works to bail out troubled sovereign debtors. President Cristina Fernandez de Kirchner said she signed a decree allowing Argentina to draw on the central bank's $47.1 billion in international reserves to pay the debt.

The yield on Argentina's inflation-linked peso bonds due in February 2033 rose 7 basis points to 9.91 percent, according to Citigroup Inc.'s unit in Argentina. The peso advanced 0.03 percent to 3.0370 per dollar, from 3.0380 yesterday.

In Chile, the peso gained 0.2 percent to 515.26 per dollar, from 516.44 yesterday. The yield for a basket of five-year peso bonds in inflation-linked currency units, called unidades de fomento, fell 8 basis points to 2.97 percent, according to Bloomberg composite prices.

Banco Central de Chile will raise its overnight lending rate a half-percentage point to 8.25 percent tomorrow, according to 15 of 19 economists surveyed by Bloomberg News. The other four analysts forecast an increase to 8 percent.

Venezuela's bolivar gained 1.2 percent to 4 per dollar in the black market from 4.05 yesterday, traders said. The government pegs the currency at an official exchange rate of 2.15 per dollar under restrictions imposed in 2003. Venezuelans turn to the parallel market when they can't get government approval to buy dollars at the official rate.

“If you're gonna eat your crackers in bed, you're gonna have to sleep with crumbs."

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spy1983 says on Sep 4, 2008, 17:46:

Where are all the peso cheerleaders..?Pantdave and Roci if I recall.. While China may hold steady Colombia is getting ready for the big one Martha..So is the US:

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gringoloid (Trustee board) says on Sep 4, 2008, 17:58:

spy83............the big peso cheerleader raay is actually gone from the site now...........i've been sent this picture of raay behind the wheel of this vehicle feverishly delivering bananas to the docks in cartagena in an effort to save the colombian economy..........

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quantum says on Sep 4, 2008, 20:01:

Looks like legitimate currency to me......Raaay might end up having the last word after all.

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rocinante says on Sep 4, 2008, 22:37:

Me a peso cheerleader? Surely you jest. Just because I think IBM or the Col peso or Drug stocks are going to do well doesn't make me a cheerleader. I get paid in USD. I just never want to see the peso fall because of negativity within Colombia - like war, FARC attacks, earthquakes, bad economic numbers, Credit rating downgrades, political unrest... you get the picture.

Recent Peso activity has given me a healthy raise. I still think the peso is worth 1500 to the USD and have stated my reasons in numerous posts, so during these periods of 1500 I'll take it!

"World economic indicators point to a democrat winning 2008. It will surely be Obama. Not that the US president actually runs the US." Feb 5, 2008

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rocinante says on Sep 4, 2008, 22:41:

Raaay cheered the peso because it helped his business. Simon cheered the peso because, well no one knows why, he lives in the US and doesn't send money to Col so what does he care?

Speaking of sending money to Col, Suerte Gringo I know a lot of people here. I have yet to meet anyone who receives money from abroad. I think that percentage is miniscule.

"World economic indicators point to a democrat winning 2008. It will surely be Obama. Not that the US president actually runs the US." Feb 5, 2008

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Buongone says on Sep 5, 2008, 01:32:

I Love it. Keep Climbing Baby !! Come On !! Sugar.

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BillBigD says on Sep 5, 2008, 04:07:

The 4 Colombians that I know that live in States all send money home. I do realize that isn't many to judge.

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esanch36 says on Sep 5, 2008, 06:05:

alot of retired colombian recieved money from the US from there childern or sibilings

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