Calderón: On the quiet, a talented dudeAfter using U$6.4Bn in international currency reserves to prop up the Mexican Peso today (and a total of U$12Bn over the week), Incakola can reveal that President Felipe Calderón will appear in a 10 minute TV address to the Nation tonight. And as a further revelation, IKN has gotten its grubby little hands on the tapescript of the speech Calderón uses to explain this drastic financial move to his electorate.
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"My fellow citizens. Today I, along with the directors of the Central Bank, decided to screw up the future for your children...NOOOO!!! I DIDN'T SAY THAT!! CUT! Start again...."
"My fellow citizens. Today the gringos up North begged us to sell our hard-earned reserves in order to save their fractured economic model ...DAMN!!! CAN'T SAY THAT!! Trying again...."
"My fellow citizens. Because we have been stupid enough to rely on the USA as destination for 85% of our exports....OHHHHHHHHH NOOOOOOOO......AGAIN.... AGAIN......"
"My fellow citizens. Today the Central Bank intervened in the foreign exchange markets and sold U$6.4Bn in international reserves in a very short space of time. I'm not going to explain why because economics and finance are very difficult subjects, and as most of you are peasants you wouldn't understand anyway. All you need to do is believe me when I, your elected President, say, "It's for the best". ¡Que Viva Mexico!
Ok, cut...I think we can go with that.....what?....this isn't a recording...................?"
Ok, cut...I think we can go with that.....what?....this isn't a recording...................?"
Mexican Peso to US Dollar forex, five day chart