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Thread: Reuters: Remittances to Mexico Rose 25 Percent After Trump’s Election

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  1. #1
    Super Moderator Newmexican's Avatar
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    May 2005
    Heart of Dixie

    Reuters: Remittances to Mexico Rose 25 Percent After Trump’s Election

    Reuters: Remittances to Mexico Rose 25 Percent After Trump’s Election

    AP Photo/Ann Johansson

    4 Jan 2017

    Mexicans sent billions of dollars back to Mexico in November after President-elect Donald Trump’s election win.

    Immigrant workers and illegal aliens rushed to take money out of the American economy and send it to their home countries, Reuters reports:

    Mexicans abroad sent home nearly $2.4 billion in transfers in November, 24.7 percent higher than a year earlier, marking their fastest pace of expansion since March 2006, according to Mexican central bank data on Monday…

    Trump’s surprise Nov. 8 election triumph also sent the Mexican currency to record lows in a sell-off fueled by his threats to scrap a trade deal between Mexico and the United States, and to levy punitive tariffs on Mexican-made goods…

    Bank BBVA Bancomer has forecast that those Mexicans will have sent a record $27 billion in remittances into Mexico in 2016, an increase of more than $2 billion over 2015.

    Not only do Americans give Mexico millions in foreign aid each year, Mexicans take in some $20 billion to $25 billion annually in remittances, according to the World Bank, much of it from the U.S.

    In total, foreigners took $54.2 billion in remittances out of the U.S. economy in 2014, with Mexico and China receiving the greatest sums from their citizens abroad.

    American taxpayers are thus forced to pay for the welfare and schooling of millions of Mexican citizens and their children while enduring the costs of crime (gang activity, drug trafficking) and stagnant wages that unchecked immigration brings.

    “The $ 20 billion being sent to immigrants’ grandmothers in Chiapas is forever eliminated from the American economy— unavailable for investment in American companies, the purchase of American products, or hiring American workers. That’s a cost of immigration that Americans are never told about,” conservative author Ann Coulter wrote in the influential Adios America about remittances.

    “These billions of dollars being drained out of the U.S. economy every year would be bad enough if the money were coming exclusively from cheap-labor employers like Sheldon Adelson. But it’s worse than that,” Coulter continues. “It comes from American taxpayers. Not only do taxpayers have to support Americans who lose their jobs to low-wage immigrant laborers, taxpayers support the immigrants, too.”

    Seventy-five percent of immigrant families from Mexico are on government assistance… Seventy-three percent of legal Mexican immigrants send money back to their native land and 83 percent of illegal immigrants do,” she adds.

    Remittances also fuel international criminal enterprises, according to one watchdog.

    “Remittances can be used to launder proceeds from different types of criminal activities, including drug trafficking and human smuggling, through methods such as structuring,” a Government Accountability Office (GAO) report released February 2016 stated. The high reporting threshold of $3,000 lets individuals send broken-up payments without raising questions.

    Trump issued a memo in April 2016 telling Mexico he would tax remittances flowing out of the U.S. economy, or the Mexican government could issue a one-time payment of $5 billion to $10 billion for a U.S.-Mexico border wall.

    “Mexico has taken advantage of us in another way as well: gangs, drug traffickers, and cartels have freely exploited our open borders and committed vast numbers of crimes inside the United States,” he wrote. “The United States has borne the extraordinary daily cost of this criminal activity, including the cost of trials and incarcerations. Not to mention the even greater human cost.”

    “We have the moral high ground here and all the leverage,” Trump said.

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  2. #2
    Super Moderator GeorgiaPeach's Avatar
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    Aug 2006
    Look at all of the money, the billions of dollars, that should remain here in the United States. These billions should be wages paid to Americans, not illegal aliens from Mexico or anywhere else to be sent back to help their nations.

    The illegal foreigners want to send money to their families, their foreign governments and cities want to build schools, repair their roads and build up their infrastructure. What about us?
    Last edited by GeorgiaPeach; 01-04-2017 at 02:36 PM.
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    Matthew 19:26
    But Jesus beheld them, and said unto them, With men this is impossible; but with God all things are possible.

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  3. #3
    Super Moderator Newmexican's Avatar
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    Heart of Dixie
    Mexican Immigrants Frantically Send Money Back Across The Border Before Trump Builds Wall

    5:46 PM 01/02/20175

    Mexicans in the U.S. sent $2.4 billion to Mexico in November, when Donald Trump won the presidential election, marking the biggest increase of remittances in a decade, Reuters reported Monday.

    Remittances to Mexico in November 2016 increased 24 percent from the same month last year, the fastest rate of increase since March 2006, according to data from Mexico’s Central Bank. The number of individual transfers also increased by 8.8 percent, from 77 million between January and November in 2015 to 83 million transfers in the same period in 2016.

    The Mexican economy increasingly relies on money sent by immigrants living and working in the U.S., so much so that remittances bring more money into Mexico than crude oil exports.
    Trump floated a tax on remittances, or block them entirely, to fund construction of a wall on America’s southern border. To tax remittances, the U.S. would have to be prepared to impound international wire transfers, a move that Mexican officials have declared a violation of rights.

    “The remittances are the property of the people that make them, and they have every right to be able to carry out international transfers,” Agustín Carstens, governor of the Central Bank, said in April. “So it would be a serious violation of the property rights of our fellow citizens abroad, and this measure would be completely unjust.”

    Carstens will not be in a position to fight a block on remittances, as he will be stepping aside as head of the Central Bank in July.

    Mexico is prepared to use all possible legal means to lobby U.S. Congress in order to prevent a block on migrants sending money out of the U.S. “They wouldn’t be retaliatory measures, they would be legal responses,” Humberto Roque Villanueva, the deputy interior minister for migration, said of the effort in an interview with Reuters in November. “We’ll be ready for all the craziness.”

    One reason for the increase in remittances is the weak value of the peso, which dropped 10 percent immediately after Trump’s election. As the peso declines compared to the dollar, it takes more dollars to buy the same amount of Mexican currency.

    Most of them are guilty of tax evasion.

    Mexico gives More reason to deny birthright citizenship to it's citizens that they expect to be afforded the same courtesies as diplomats.... Under the jurisdiction of Mexico.

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  4. #4
    Senior Member Judy's Avatar
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    Aug 2005
    It's totally disgusting what these "immigrants" have done to our country, economy and citizens. No illegal alien should be allowed to send our money out of the country, whether it's wages they earned illegally or drug money they collected illegally.
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    A Nation Without Borders Is Not A Nation - Ronald Reagan
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  5. #5
    Administrator Jean's Avatar
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    How Trump is already disrupting Mexican lives

    January 5, 2017

    I t is difficult to find a Mexican without any relatives who emigrated to the US. Donald Trump’s surprise election victory had an immediate effect on this community as remittances soared by 25% in November.

    “Trump’s election has been, by far, the most decisive factor in this increase,” Carlos Serrano Herrera, chief economist in Mexico of BBVA, a Spanish banking group, told The World Weekly. Research by BBVA forecasts a jump in remittances by more than $2 billion from 2015 to 2016 with transfers expected to keep growing in the following months.

    Remittances represent Mexico’s largest source of foreign income, having overtaken oil revenues in 2015. Mr. Trump’s threat to block them unless the Mexican government agrees to fund the construction of a border wall cannot therefore be taken lightly.

    Other hostile pledges, including the deportation of several million illegal immigrants, also have Mexicans on standby. “People are scared because they do not know how many things are going to change,” Nancy Von Tiscareño, from Mexico City, told The World Weekly.

    In a country with a minimum daily wage of about $4, many Mexicans are not ready to give up on the American dream and have decided to expedite plans to cross the border before Mr. Trump can stop them. “We estimate the flux of emigration will be larger” during the months before Mr. Trump’s inauguration, said Juan José Li Ng, another BBVA economist.

    Even before his inauguration, the president-elect appears to be affecting Mexico’s economy. This week his proposal to reform corporate tax policy played an important role in Ford’s decision to scrap plans for a new plant in Mexico taking 700 new jobs to Michigan instead, according to CEO Mark Fields.

    “No other country stands as much to lose as Mexico if the incoming American chief executive fulfils his promises,” Jorge G. Castañeda, a former foreign minister, wrote in the Washington Post. Ms. Von Ticareño agreed: “We are screwed”.
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