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Topic :
TORTILLA ESPAÑOLA
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13/09/2026 » 19:05 (by cronywell) |
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Topic :
COLIFLOR APANADA AL HORNO
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13/09/2026 » 16:32 (by cronywell) |
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| 29/08/2026 » 11:04 (by cronywell) |
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| 17/08/2026 » 19:36 (by cronywell) |
The Treasury tendered assets for US$5.573 billion and achieved a rollover of 103% in a mixed market
- 12/09/2026 » 11:44 by cronywell
ECONOMÍA Y MERCADOS · 11 DE SEPTIEMBRE DE 2026
El Gobierno adjudicó 8,41 billones de pesos en la primera licitación de septiembre, renovó los vencimientos del día y extendió parte de la deuda hacia 2027, mientras el riesgo país se mantiene estable por debajo de los 500 puntos.
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11 de septiembre |
5 min de lectura |
Rollover: 103,46% |
El Tesoro argentino cerró este viernes la primera licitación de deuda de septiembre con un resultado que el mercado financiero interpretó como una señal de fortaleza relativa, en medio de una jornada de mercados internacionales mixtos y un riesgo país que se mantiene estable, por debajo de los 500 puntos básicos.
Según informó la Secretaría de Finanzas, el organismo que conduce la política de deuda del Ministerio de Economía recibió ofertas por 14,17 billones de pesos y adjudicó 8,41 billones, el equivalente a unos 5.573 millones de dólares al tipo de cambio de referencia del Banco Central. Frente a vencimientos por aproximadamente 8,1 billones de pesos, la operación implicó un rollover -renovación de deuda- del 103,46%, lo que significa que el Gobierno no solo cubrió los compromisos que caían ese día, sino que sumó financiamiento adicional.
La licitación recibió 5.010 ofertas y combinó instrumentos a tasa fija, títulos ajustados por inflación, bonos atados a tasas mayoristas y, como principal novedad, cuatro instrumentos dólar linked por un total de 665 millones de dólares nominales, pensados para inversores que buscan cobertura cambiaria de cara a un 2027 electoral que el propio mercado empieza a mirar con atención.
El grueso de la colocación se concentró en la reapertura de la LECAP S13N6, con vencimiento el 13 de noviembre de 2026, que adjudicó 4,07 billones de pesos a una tasa interna de retorno efectiva anual (TIREA) del 27,88%. También se colocaron 688.925 millones de pesos de la letra ajustada por CER X29E7, con vencimiento en enero de 2027, a un rendimiento de corte del 5,50% anual sobre la inflación.
En los instrumentos atados a la tasa TAMAR, el Tesoro adjudicó 1,39 billones de pesos del TMF27 (febrero de 2027, TIREA 30,55%) y 1,28 billones del TML27 (julio de 2027, TIREA 31,66%). Del total adjudicado, 7,43 billones de pesos correspondieron a instrumentos en moneda local y 982.108 millones a títulos vinculados al dólar oficial.
Entre los instrumentos dólar linked se destacaron los 314 millones de dólares colocados en el D30O6, con vencimiento el 30 de octubre y una TIREA del 8,78%; los 63 millones de dólares de una nueva letra a fin de noviembre, con TIREA del 7,42%; los 154 millones del D31M7, con vencimiento en marzo de 2027 y TIREA de 7,58%; y los 134 millones del bono TZV27, con vencimiento en junio de 2027 y TIREA de 5,24%.
Desde la sociedad de bolsa Puente destacaron que la estrategia del equipo económico apuntó a capitalizar la elevada demanda para colocar la mayor cantidad posible de instrumentos dólar linked sin convalidar un premio excesivo sobre las tasas del mercado secundario, en varios casos incluso por debajo de ellas. Esa lectura coincide con la de otros bancos y agentes de bolsa, que ven en la fuerte demanda por cobertura cambiaria una señal de cautela de los inversores institucionales, más que una alarma sobre la solvencia del Tesoro.
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La estrategia se enfocó en aprovechar la elevada demanda para adjudicar la mayor cantidad posible en instrumentos dólar linked sin dar un premio excesivo. — Lectura de mercado atribuida a la sociedad de bolsa Puente |
El resultado se conoció en una rueda en la que el dólar mayorista y minorista se mantuvieron relativamente calmos: el dólar en el Banco Nación cerró la jornada en 1.530 pesos para la venta, mientras el Banco Central sumó compras de reservas por unos 5 millones de dólares. El riesgo país, el índice que elabora JP Morgan para medir el sobrecosto que paga la deuda argentina frente a la de Estados Unidos, venía de recortar 22 unidades en la semana previa hasta ubicarse en torno a los 490 puntos básicos, lejos de los máximos de años anteriores y en línea con la tendencia de baja que muestra desde comienzos de 2026.
En paralelo, el humor de los mercados globales fue dispar: una suba del precio del petróleo presionó a Wall Street, con caídas generalizadas en la mayoría de los sectores salvo las acciones energéticas, que treparon impulsadas por el mismo factor. Puertas adentro, la Bolsa porteña había mostrado una semana favorable, con el índice S&P Merval acumulando una suba de 2,3% hasta los 3.049.121 puntos, según el informe financiero semanal de Banco Provincia.
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Indicador |
Resultado |
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Ofertas recibidas |
$14,17 billones (5.010 propuestas) |
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Monto adjudicado |
$8,41 billones (≈ US$5.573 millones) |
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Vencimientos del día |
≈ $8,1 billones |
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Rollover |
103,46% |
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Instrumento más colocado |
LECAP S13N6 (13/11/2026) — $4,07 billones, TIREA 27,88% |
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Dólar linked colocado |
US$665 millones nominales en 4 instrumentos |
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Dólar Banco Nación (cierre) |
$1.530 para la venta |
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Riesgo país (JP Morgan) |
≈ 490 puntos básicos, -22 unidades en la semana |
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S&P Merval (semana) |
+2,3% hasta 3.049.121 puntos |
Más allá del resultado puntual, los analistas coinciden en que la licitación confirma una estrategia de fondo: extender los plazos de la deuda en pesos hacia 2027 y ofrecer instrumentos de cobertura cambiaria en un contexto donde el propio mercado empieza a descontar mayor volatilidad de cara al año electoral. Ese horizonte también explica por qué varias empresas privadas decidieron adelantar sus propias emisiones de deuda, aprovechando una ventana de liquidez y tasas relativamente bajas antes de que se acerque el proceso eleccionario.
Para el Gobierno, sostener rollovers superiores al 100% sin convalidar tasas de corte muy por encima del mercado secundario es, por ahora, la principal métrica de éxito de su estrategia financiera: implica que no necesita emitir pesos adicionales para cubrir sus vencimientos, lo que a su vez limita una de las principales fuentes de presión inflacionaria y cambiaria. La próxima licitación del Tesoro será, como cada mes, el nuevo termómetro de si esa estrategia sigue funcionando.
• Argentina.gob.ar — Resultado de la licitación del 11/09/2026 (Secretaría de Finanzas)
• El Cronista — “El Tesoro consiguió $8,4 billones en la licitación”
• Bloomberg Línea — “Gobierno argentino renovó más del 100% de los vencimientos de deuda”
• Eduardo German — “El Tesoro adjudicó $8,41 billones y renovó el 103,46%”
• Banco Provincia — Informe financiero semanal, 7 de septiembre de 2026
Can we travel back in time?
- by
cronywell
SCIENTIFIC DISSEMINATION · PHYSICS AND COSMOLOGY
Can we travel back in time?
What relativity, wormholes, and quantum physics really say about crossing time
🕒 Estimated reading time: 11-12 minutes · ✍️ Writing for popular science
📅 Updated: September 2026
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🧭 In summary Traveling into the future is already a measured and proven reality: it is enough to move very fast or get close to an intense gravitational field. Traveling into the past, on the other hand, is still mathematically possible in some solutions of general relativity, but it comes up against physical, energetic and logical barriers that no experiment has managed to overcome. This report follows both paths with the most recent evidence. |
From H. G. Wells to Back to the Future, the idea of getting on a machine and scrolling through the calendar has fascinated entire generations. But far from being just a narrative device, time travel has been, for more than a century, an object of serious study within theoretical physics. The question that is the title of this article does not admit a simple yes or no: the answer depends on which direction of time one wants to travel, forward or backward, and what nature is willing to admit.
To understand this, it is necessary to abandon the idea of time as a river that flows equally for everyone. Albert Einstein demonstrated, first with special relativity (1905) and then with general relativity (1915), that time is one more dimension, intertwined with space in a single fabric called space-time. And that fabric can be stretched, curved and, according to some mathematical solutions, even knotted in on itself.
If the goal is to get ahead in time, the scientific answer is blunt: yes, it is possible, and it has already happened. The phenomenon is called time dilation and has two variants that relativity predicts with mathematical precision.
Special relativity states that time passes slower for a moving object than for an observer at rest. The effect is minuscule at everyday speeds, but it becomes measurable in orbit. Astronauts on the International Space Station (ISS), traveling at about 28,000 km/h, age a fraction of a second slower than those who remain on Earth.
🛰️ Cosmonaut Gennady Padalka, with more than 878 days accumulated in space, is today the person who has "travelled" the most into the future due to this effect: a fraction of a second ahead of the rest of humanity.
👬 The case of twins Scott and Mark Kelly — one of whom spent 340 consecutive days on the ISS — allowed NASA to directly compare the biological and temporal effects of long-duration spaceflight.
General relativity adds a second ingredient: clocks located in a stronger gravitational field—near a massive planet or black hole—move more slowly than those farther away. That's why GPS satellites must correct their atomic clocks several times a day: without that adjustment, the positioning system would accumulate errors of several kilometers in a matter of hours.
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⚫ Date clave An object orbiting very close to a supermassive black hole, at the edge of its event horizon, could experience only a few years while the rest of the universe would elapse centuries or millennia. It is, in essence, the mechanism used by the movie Interstellar for its iconic giant tidal planet. |
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🖼️ Artist's concept of a spinning black hole, according to general relativity Credit: Event Horizon Telescope (EHT) Collaboration — public domain/scientific use |
The real challenge—and the one that fuels all science fiction—is the backward journey. Here, physics doesn't say "no" outright, but neither does it offer a practicable "yes." Einstein's equations admit, in theory, exotic solutions known as closed time curves (CTCs): trajectories in space-time that, always moving into the local future, end up returning to their own starting point.
The best-known proposal is the Einstein-Rosen bridges, described mathematically in 1935 and renamed wormholes. In 1988, physicists Kip Thorne and Michael Morris refined the model and showed that if one of these tunnels could be kept open and traversed, and if its two ends were also moving relative to each other at different speeds or gravities, the mathematical result would be a real time machine.
The problem is not geometric, but physical: keeping a wormhole open would require exotic matter, a form of energy with negative density that has never been observed in useful quantities. As astrophysicist Eric Davis explained, although these tunnels could connect different moments in time, turning them into a functional travel machine would require a technological and energetic effort that today is far ahead of any human capacity. Kip Thorne himself has pointed out that the laws of physics will probably end up prohibiting a human being from physically crossing one of these structures.
At the beginning of 2025, a team from Conicet and the National University of La Plata (Argentina) published a theoretical model – in the journal The European Physical Journal C – that proposes a way to distinguish a rotating wormhole from a common black hole, based on the electromagnetic pattern it would generate. It would be the first method capable of providing indirect observational evidence on whether these objects really exist in the universe, although for the moment it remains a hypothesis pending data from telescopes.
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🖼️ Conceptual illustration of a walkable wormhole, according to the Morris–Thorne model Credit: public domain / informative representation |
In 1994, the Mexican physicist Miguel Alcubierre proposed another solution to Einstein's equations: a ship could, in theory, move faster than light without violating relativity if, instead of accelerating itself, it contracts the space in front of it and expands it behind, wrapped in a bubble of curvature. Alcubierre himself and other physicists have pointed out that this type of configuration, combined with certain geometries, could also give rise to closed time curves, that is, they would open an indirect door to the past.
The obstacle, again, is energetic: Alcubierre's metric requires the same exotic matter of negative energy as wormholes, in quantities that in the original calculations were equivalent to the mass-energy of an entire planet. Subsequent studies, such as those of the physicist Harold White, have explored geometric variations that would drastically reduce this requirement, although they remain, for now, mathematical exercises without experimental verification.
Even if the technology to open a closed time curve existed one day, a deeper problem would remain: causality. The most cited example is the grandfather paradox, formulated by the French writer René Barjavel in 1943: if someone travels to the past and prevents the meeting of his own grandparents, how could he be born to undertake that journey?
🔁 Novikov's principle of self-consistency: proposes that the universe only allows trips to the past that are logically consistent; any attempt to alter history would end, by the laws of physics themselves, generating the same result that has already occurred.
🌐 Interpretation of branching universes: suggests that a trip to the past does not modify "your" timeline, but creates a different parallel reality, thus avoiding logical contradiction.
🛡️ Chronological protection conjecture: the most cited position among physicists, proposed by Stephen Hawking in 1992.
Hawking argued that even if general relativity mathematically allows closed time curves, some additional physical mechanism—probably tied to quantum effects, such as vacuum polarization—would prevent them from forming on a macroscopic scale, thus preventing travel into the past and its paradoxes. His way of summarizing it became famous: he joked about the existence of a kind of "chronological protection agency" that keeps the universe safe from historians. As informal evidence in favor of his own conjecture, he pointed out that humanity has never been "overrun by hordes of tourists from the future."
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🔬 And what does quantum physics say? Researchers from universities such as the Complutense University of Madrid and the CSIC have proposed and executed simulations of closed time curves in quantum and classical systems controlled in the laboratory. These experiments do not allow real-time travel, but they do allow us to study in miniature how information and causality would behave if these curves existed, providing indirect clues about the validity of Hawking's conjecture. |
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Mechanism |
Theoretical basis |
Current status |
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Temporal dilation (velocity) |
Special Relativity (1905) |
Tested and measured on the ISS and in particle accelerators |
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Temporal dilation (gravity) |
General Relativity (1915) |
Checked; corrects GPS system clocks daily |
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Walkable wormhole |
Einstein-Rosen bridge / Morris-Thorne model |
Mathematically valid; requires exotic matter never observed |
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Bending motor (Alcubierre) |
Solution of the Alcubierre metric (1994) |
Theoretical; it requires negative energy in quantities that are unattainable today |
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Closed time curves |
Exotic Solutions of Einstein's Field Equations |
Possibly blocked by Hawking's chronological protection conjecture |
The honest and up-to-date answer is twofold. Into the future, yes: physics allows it, predicts it with accuracy and has already been verified in astronauts, satellites and experiments with high-precision atomic clocks. Into the past, the door remains ajar only on paper: equations do not prohibit it absolutely, but each proposed path – wormholes, warp engines, closed time curves – runs into the same wall, the need for exotic matter or energy that no one has ever detected, and with the suspicion, increasingly consolidated among theoretical physicists, that the universe itself has mechanisms to prevent paradoxes before they even form.
While science continues to polish these models—with new tools such as next-generation telescopes and quantum laboratory simulations—the truth is that we already live, in a literal sense, surrounded by time travelers: every GPS satellite and every astronaut who returns to Earth brings with it, on its internal clock, a few seconds stolen from the future.
No experiment has ever detected a closed time curve or matter with enough negative energy to sustain it; for now it is a purely mathematical and theoretical field.
Yes, in the strict sense of time dilation: they return to Earth a fraction of a second younger than they would have been if they had stayed on the ground, an effect measured with atomic clocks.
It is a hypothetical type of matter with negative energy density, needed in wormhole and warp motor models to keep space-time stable. It has not been observed in nature in appreciable quantities.
The majority position remains aligned with Hawking's chronological protection conjecture: even if general relativity does not mathematically prohibit it, some additional physical principle—probably quantum—would prevent these structures from forming in practice.
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🔗 Infobae — What are wormholes and why are they linked to time travel?
🔗 National Geographic — What is a wormhole
🔗 La República — South American Theoretical Model for Detecting Wormholes (Conicet / UNLP)
🔗 Wikipedia (EN) — Chronology protection conjecture (Stephen Hawking, 1992)
🔗 Physical Review D — Hawking, S. W., "Chronology protection conjecture" (1992)
🔗 Sky at Night Magazine — How Time Dilation Affects ISS Astronauts
🔗 PMC/NCBI — NASA Twins Study: Effects of Long-Duration Spaceflight
🔗 Hibridosyelectricos.com — Advances and challenges of the Alcubierre curvature motor
🔗 Meer — The Grandfather Paradox, Origin and Physical Explanation
A popular science article for information purposes. The theories described—wormholes, curvature motors, and closed time curves—correspond to mathematical models valid within general relativity, but none have been experimentally verified as of the date of this publication.