BATTLE OF THE BULGE: PART 212

Dear Sirs,

Kristalina Giorgieva, head of the IMF, considered Argentina’s monthly rate of inflation last month, seven percent, to be “devastating!” That’s an annual rate of increase of 100 percent. You ain’t seen ‘nutting yet’, dear lady. Wait until the new rates start hitting the social underbelly, during the remainder of the year. And further adjustments by Super Minister of Economy, Sergio Massa, just back from seeing you. Oh, dear. Uncle Albert seems pleased with his performance during his 1,000 days of pusillanimous presidency, but admits that harnessing inflation is not easy. Perhaps it isn’t meant to be easy. Perhaps it’s a covert tax on the poor, who don’t realise it. Clever! All the rest is ‘magic realism,’ in the best Latin American tradition.

David Parsons, via email