The impact of the (now global) financial crisis on Mexico has been more than marginal. Not only have remittances fallen dramatically since April 2008, but the Peso fell to a record low against the US dollar in the last few days. It seems that both the Treasury Secretary and the Head of the Central Bank […]
An earlier post from this week's blog touched on the human rights debacle, known as the Tlatlelco Massacre, during the 1968 Mexico City Olympics. This week the BBC interviewed a British journalist, Robert Trevor, that was on the scene as the events unfolded, in what he calls “the most terrifying night of my life”. He […]
"No Queremos Olimpiadas, Queremos Revolucion!" claimed thousands of Mexican students in response to the repressive activities of a government that was about to host the 1968 Olympic Games in Mexico City. Many of those students would end up in prison or in the list of the more than 1,500 disappeared individuals during the "Dirty War" […]
After Monday's worst day of trading in eight years, Mexico's market rallied today (9/30) 933 points to 24888, or up nearly 4%, on fresh hopes of a restarted US government bailout to ease the strain in global credit markets. Owing to extreme uncertainty in the markets, watch for an overly optimistic or pessimistic market reaction […]
Today the U.S. House of Representatives rejected the proposed subprime bailout plan by 228 to 205 votes, sending global stock markets plunging. The Dow Jones Industrial Average experienced a loss of over 750 points, the largest single-day decline in the market's history (though not in percentage terms). Outside the US, global markets experienced similar declines. […]
According to the Governor of the Central Bank, Guillermo Ortiz, Mexico is relatively safe from the unfolding financial crisis in the United States. Mexican Secretary Agustin Carstens, in charge of the Department of the Treasury, agrees. Thus, these key actors suggest that the country will not be seriously affected; only exports, tourism, and remittances are […]
The violence in Mexico is becoming one of the highest rates worldwide, with more kidnappings this year than in Colombia or Iraq. Increasingly, the environment of violence is penetrating Mexican society. In part this process began with the arrival of President Felipe Calderon Hinojosa in 2006. In the Mexican system, the President has six […]
A series of explosions have killed at least eight people and injured close to a hundred during Independence Day Celebrations in Morelia, the capital city of the state of Michoacan. The General Attorney's Office has begun investigations of what is now the most serious attack against civilian population in decades.
Tomorrow is Mexico's Independence Day. The usual events will include the President's "Shout of Independence" on the 15th of September, and a military parade on the 16th in Mexico City's main plaza. Across the planet, Mexican Embassies and Consulates will organize a series of events featuring Mexican artists or artists making a reference to Mexico […]
It appears Mexicans have a propensity for sandwich making: just a few weeks ago, bakers in Mexico City created the largest sandwich in Latin America, weighing a staggering 600 kg (1,320 lbs) and reaching 44 meters long. This sandwich beat a similar sandwich made for last year's torta fair, that was one meter shorter. However, […]
Last week Mexico's finance minister, Augustin Carstens, estimated the damage of crime on the country's economy to be so bad that it reduces GDP growth by 1% annually. This high cost comes from lost investment in Mexico and businesses spending 10% more on average to provide for increased security.
As suggested by James Surowiecki in the Financial Page of the New Yorker (July 7, 2008): "When bad things happen, it's always nice to have a scapegoat". Since it is not possible to ask for the resignation of the economy or the media (at least not in democratic countries), Presidents and Prime Ministers have become […]
With the Mexican state failing to provide for the basic security of its citizens, violence is at an all-time high. Since the beginning of 2008, the BBC reports that more than 2,700 people have been killed in drug-related violence. The kidnapping rate in Mexico has now surpassed that of both Iraq and Colombia, with more […]
Today Mexico's Supreme court upheld an April 2008 Mexico City decision to decriminalize abortion, thus permitting women to have an abortion in Mexico City during the first twelve weeks of pregnancy without the penalty of jail time. The court ruling is highly controversial, and saw 8 justices in favor and 3 against. Until very recently, […]
The Mexican State has failed, again, in providing security for its citizens. The years of tranquility experienced during the economic recovery of the late 1990s, suggest that, indeed, better economic conditions, and not the government's anti-crime initiatives, reduced crime in the country. Now that economic conditions are not as promising, Mexican society is living in […]