Inca Kola News, live from LatAm

Peru's Central Bank tonight cut a full 1% off its baseline lending rate, taking it from 6% to 5%. Here's a Bloomie report on the cut, but what it basically means is "we don't care about inflation but we're in the crapper on the growth front." But hey, I could have told 'em that. In fact, I have....since December.

It also means that Peruvians should go and buy themselves a few US dollars instead of holding Nuevos Soles, as the S/3.135 = U$1 won't last very long. See you 3.3, bitches! Here's a three month chart that tracks the major locally traded currencies against the US Dollar. Peru's Nuevo Sol (PEN) is the blue line and will soon be joining the Argentine Peso at the "down 5% vs greenback" level.

I have to say that I'm pleased about the contents of the following five day chart and really don't care if it's a coincidence or connected that the big traded volumes in Capella Resources (KPS.v) suddenly stopped as soon as this post appeared on IKN Monday morning (and followed by this post later).

That's a 22% drop since publication ($1.10 to $0.86) but more importantly the thieves in suits selling at these higher prices to their unsuspecting marks have been stopped from unloading for big profits as the volume has dried to a trickle. Meanwhile, not a word from the OSC, "the houses" or the Canadian financial dailies about this most obvious of criminal frauds. Until you guys up there do something meaningful your sordid markets will suffer from the reflected reputation of scum like KPS.v.