Failure to control emissions, new hero bills and a sewer that ruined $ 250 million

In Argentina with unstoppable inflation, a problem generated by the infrastructure under the control of the heavy plumbing trade can cause a drama in the economic management of a government that has decided issue money like never before.

In the last months of the second half of last year, during a dramatic weekend, one of the bathrooms on the ground floor of the Casa de Moneda (CM), the state agency responsible for the production of money, suddenly flooded. Although recently renovated, after an unknown incontinence the rupture occurred, imperceptible to the naked eye, but harmful if you check the hidden paths through which the rainwater pipes pass.

The liquid leaked under the floor, falling steadily and without brakes into one of the basements of the building. The dripping flooded the most precious thing found in that underground environment. One of the “treasures” of the always enigmatic entity that makes money. In that vault he waited before being ready for a production that had been urgently requested by the Central Bank (BCRA), voracious to fill the street with banknotes.

The wastewater has ruined 250,000 ready-to-use banknotes, also heat-sealed. Sources familiar with this plot claim that this money was all paper money of the highest denomination. One thousand pesos. “Hornero”, as they are known in the internal jargon of the CM.

They had to be thrown out. A poorly organized bathroom, with a budget of two thousand dollars per square meter for its renovation, damaged most of the boxes whose contents were equivalent to 250 million pesos. Wet. The The Central Bank, chaired by Miguel Pesce, complained before the CM for delay in the delivery of a material that had to be redone. The CM is autonomous and the proceeds are financed by the BCRA. The wet money was not paid again between these two organizations. CM had to take over the remanufacturing of the wet “Hornero” with its own budget.

The episode was described Clarione from sources who know the secret plot of everything that happens in the CM. Both in the central and historic building, at the Retiro, and in the “new” location, called “Don Torcuato”, perhaps to avoid identifying it for what it is: the graphic layout states that in the private sphere, before Beloved Boudou bought illegally as a minister of economy, he was Ciccone Calcografico. The current owner of the Mint is Rodolfo Gabrielli, former governor of Mendoza, former minister.

Since taking over his position, silver production has never stopped. In Argentina, money is printed twenty-four hours a day, seven a week., three hundred and sixty-five days a year. CM machines are shaking. They were not made to never, ever, ever stop.

Perhaps for this reason new technology would have been acquired, worth several tens of millions of euros, which would presumably serve to improve the preparation of banknotes, which not only will not stop, but will increase despite the government wanting to lower the issue. If prices continue to rise, and the highest value banknotes continue to be the one thousand, “Hornero”, there will be no machinery capable of satisfying the voracious market. Or to the state, when in the middle of the year it has to pay the bonuses of its employees.

The toilet that produced the singular plumbing disaster that struck the economic administration was the women’s toilet. Low level. Seat of the pension. It was new. Or so it seemed. The purchase that is claimed within the organization was made to acquire new machinery has to do with a new plan that will modify the money in Argentina.

According to media reports by one of the CM’s most influential managers, Human Resources, Exequiel Villagra, the government is ready to replace the current “banknote family” for a new one, without “animals” on their foreheads and their backs. “The heroes are back”the leaders of the CM enthusiastically tell.

Regarding the possible presence of paper money of a higher denomination than the current one, a few thousand pesos after increasing inflation, the answer given was “The Casa Rosada decides it.” Or “the central bank”. In addition to this new panorama which, if confirmed, will be a real novelty, perhaps not as effective for the macro and micro economy, unexpected inconveniences which made Villagra’s veiled announcement perhaps a wrong scoop. The plates to print money that you bought and that worked even without stopping, never, never, need an element that after Russia’s war against Ukraine is scarce all over the planet. is nickel.

Once the battle of the Russians against the Ukrainians began, nickel rose to levels unknown in recent history. Like other metals used by industries and produced largely by Russia, as well as aluminum and palladium. The problem is global and serious. The London Metal Exchange has stopped the price of nickel, which is used to make money, but also in car or battery factories. It was after a 250 percent price jump in two days.

Villagra spoke on a sensitive issue, the new money that would start circulating on the streets, during a visit he made to his province, Chubut.

“No animal bills will be issued, the heroes are back. Our women are back. The next banknotes will have exceptional Argentine women and exceptional Argentine men, of whom we have many, “began manager Villagra, and continued:”We are thinking that in September or October a new banknote family will come out with what I expect ”.

When the reporters insisted before Villagra whether bills of more than one thousand denominations will be manufactured with the return of the heroes, “Hornero”, the official explained that this “depends on the Central Bank, it is the one that tells us, it is a decision of the President, and the Vice President of the Nationwho will tell us what the numbering, the amount, the value (of the new banknotes) will be “.

Villagra made these statements in front of the audiovisual media, with him in front of the camera talking about these details. Villagra confirmed the purchase and installation of the new machinery to make banknotes with “proceres”, an idea that the Casa Rosada had also announced in the middle of last year but which in the end did not happen. The multimillion dollar cost of newly purchased printing presses may be an inescapable reason for the government to bring enlightened money to the streets, as has always been the case in national history, with the country’s heroes. Now the women would join. Which ones are unknown.

Villagra also confirmed that during the pandemic, times of confinement in which the Mint did not stop functioning, Argentina was forced to hire two mints from abroad to increase unstoppable production. Even that import, paradoxically paid for in dollars, continues. Foreign-made pesos paper money was produced by the Brazilian mint and in Belgium, although the shares came to the country from Spain.

The government has not made a formal announcement regarding the new bills.

But Villagra affirmed this with emphasis and joy. What the Mint manager did not mention is the problem that is generating at the moment the lack of nickel needed to design the new plates that should be designed to print “the return of the heroes”.

The shortage reached such a point that the Mint stopped minting, in a contradiction in terms, coins.

Five and ten pesos.

There is no nickel or dollars to pay for that import.

Although the issue requires the full-time work of employees of the Mint, of the headquarters and of the former Ciccone, it is precisely in this last graphic factory that production has stopped, albeit slightly. It happens that a large part of the employees of that site want to be framed from the trade union point of view. Some of them belong to the graphics union, with salaries double those of their colleagues who are members of state unions, such as ATE and UPCN. This has generated protests which, at least for a few hours, have interrupted the dislocated printing of bills of exchange that are used to buy less and less.

At the Casa de Moneda, many of its employees are also fighting to be able to join a guild that the authorities oppose. and the Association of Economy and Finance Personnel (APEH), also the most representative in the CM.

The key organ of management economy K, burns. With internal problems. And with conspicuous complaints and purchases:It was necessary to spend 800 thousand pesos on Easter eggs, how did it happen not this year? Why was the office that controls virtual wallets by order of the BCRA built in the CM? Why was the roof of that building not completed?

Yesterday Deputy Cristina Kirchner alluded to the book “Diary of a season on the fifth floor”by the sociologist Juan Carlos Torre, who details the years of the Alfonsine economy.

In another book, that of the economic historian Neill Ferguson, entitled “The Triumph of Money”, a milestone of the CM in that period of hyperinflation is remembered.

That was when Argentina ran out of money. “The Mint had no more paper to print and the printers also went on strike. It happened on April 28, 1989.

Leave a Reply

Your email address will not be published.