http://www.zerohedge.com/news/2013-0...ts-currency-32
And so it begins....
Venezuela devalues currency around 40% overnight
http://www.zerohedge.com/news/2013-0...ts-currency-32
And so it begins....
"Let it not be said that we did nothing." - Ron Paul
"Always give your best, never get discouraged, never be petty; always remember, others may hate you, but those who hate you don't win unless you hate them, and then you destroy yourself. " - Nixon
Why most RPF members are against the US involvement with Israel explained by Mini-Me:
http://www.ronpaulforums.com/showthread.php?t=218093
No anti-semitism, just logic.
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Wow.
"Integrity means having to say things that people don't want to hear & especially to say things that the regime doesn't want to hear.” -Ron Paul
“To avoid criticism say nothing, do nothing, be nothing.” ― Aristotle
“The mind, once stretched by a new idea, never returns to its original dimensions.”― Ralph Waldo Emerson
This is the strange part.
What? How do you devalue the currency but keep some products at the old rate? Can anyone explain that?Venezuela devalued its currency for the fifth time in nine years as ailing President Hugo Chavez seeks to narrow a widening fiscal gap and reduce a shortage of dollars in the economy.
The government will weaken the exchange rate by 32 percent to 6.3 bolivars per dollar, Finance Minister Jorge Giordani told reporters today in Caracas. The government will keep the currency at 4.3 per dollar for some products, he said.
"Let it not be said that we did nothing." - Ron Paul
"Always give your best, never get discouraged, never be petty; always remember, others may hate you, but those who hate you don't win unless you hate them, and then you destroy yourself. " - Nixon
Why most RPF members are against the US involvement with Israel explained by Mini-Me:
http://www.ronpaulforums.com/showthread.php?t=218093
No anti-semitism, just logic.
Visiting the Outer Banks of NC?
Outer Banks Fishing Boat Rentals
export v import? Enemies v friends?
No idea.
"Integrity means having to say things that people don't want to hear & especially to say things that the regime doesn't want to hear.” -Ron Paul
“To avoid criticism say nothing, do nothing, be nothing.” ― Aristotle
“The mind, once stretched by a new idea, never returns to its original dimensions.”― Ralph Waldo Emerson
Want to see how devaluing currency correlates to a rising stock market index? Check out the 1 month chart of their (already insane looking) stock market. In the last 3 days leading up to this official devaluation their stock market has risen about 15%.
http://www.bloomberg.com/quote/IBVC:IND/chart
"Let it not be said that we did nothing." - Ron Paul
"Always give your best, never get discouraged, never be petty; always remember, others may hate you, but those who hate you don't win unless you hate them, and then you destroy yourself. " - Nixon
Why most RPF members are against the US involvement with Israel explained by Mini-Me:
http://www.ronpaulforums.com/showthread.php?t=218093
No anti-semitism, just logic.
Visiting the Outer Banks of NC?
Outer Banks Fishing Boat Rentals
Not suprising . Anything there is devalued a helluva alot more than 40 % to me.
I still want to know how they devalue a currency but keep an old exchange rate for certain products. Zippy? Id love to see more info on how that works.
"Let it not be said that we did nothing." - Ron Paul
"Always give your best, never get discouraged, never be petty; always remember, others may hate you, but those who hate you don't win unless you hate them, and then you destroy yourself. " - Nixon
Why most RPF members are against the US involvement with Israel explained by Mini-Me:
http://www.ronpaulforums.com/showthread.php?t=218093
No anti-semitism, just logic.
Visiting the Outer Banks of NC?
Outer Banks Fishing Boat Rentals
It's funny when the government controls the economy to solve problems, then there are more problems created because of that, thus the government controls the economy more.
Would have to be some sort of price supports or price fixing. Trying to keep essencials like food more affordable. But that will add to their budget deficit they are trying to reduce. Venezuela's economy is highly distorted by the government already. Chavez has been using oil revenues to create his socialist state and to buy votes but he is seriously messing things up for them. If a future government decides they can't afford all the things Chavez has been spending on there will be massive social shocks in the country.Originally Posted by devil21
Freedom is a state of mind. Nobody can take that from you unless you let them.
We're on Lap 3 for the race to the bottom?
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