Every time soon-to-be President Donald Trump tweets about Mexico, the peso goes nuts in international currency markets. Mexican currency traders are not too happy about this uncontrollable ghost in the machine. So they’ve come up with a way to get rid of it and there’s nothing Trump could do to stop it.
It goes like this: Instead of spending its precious reserves to defend the peso, Mexico should just buy Twitter Inc. — at a cost of about $12 billion — and immediately shut it down. The notion made the rounds this week after the central bank revealed it had already blown through $2 billion of reserves in a largely futile effort to shield the peso from a steady stream of anti-Mexico Tweets from Donald Trump.
The piece goes on to caveat that nobody thinks this will actually happen. But it’s more plausible than you think.
Twitter is struggling, with Jack Dorsey forced to lay off about 4,000 staff and slash expenses after wildly awful deals with the NFL, and potential suitors falling through. It’s become a haven for every vile group on the planet from neo-Nazis to ISIS, and Russian troll networks control huge swaths of bot accounts (many of which follow Trump).
Shutting it down would be a gift to the world in many people’s eyes.
For Mexican currency traders, paying $12 billion to rid themselves of Trump’s megaphone of stupid would make them national heroes.
I know it’s wishful thinking, but I hope they do it. Viva the free market!