Venezuelan Tyrant to Debase Currency Ahead of Make Believe Elections

a recent photo of Venzuelan tyrant Hugo Chavez

a recent photo of Venzuelan tyrant Hugo Chavez

The fat, foolish and dangerously ignorant dictator Hugo Chavez* has sent consumers in his Papaya Republic racing to the shops this weekend as the government has decided to “adjust” the local currency lower in a bid to kickstart economic growth.

From Reuters:

CARACAS, Jan 9 (Reuters) – Venezuelans rushed to the shops on Saturday, fearful of price rises after a currency devaluation that will let President Hugo Chavez boost government spending ahead of an election but feeds opposition charges of economic mismanagement.

In a bid to jump-start the recession-hit economy of South America’s top oil exporter, Chavez on Friday announced a dual system for the fixed rate bolivar.

It devalues the currency to 4.3 and 2.6 against the dollar, from a rate of 2.15 per dollar in place since 2005, giving the better rate for basic goods in an attempt to limit the impact of the measure on consumer prices.

The opposition seized on fears that prices for imported goods will double as shoppers formed lines of more than a hundred people outside some stores in the capital Caracas.

Ah so.  It appears that the signature Bernanke Boogie, which has already spread to Japan, will now be featured prominently by some of the most primitve Oil-ocracies in Latin America.  Which country will the Debasement Fairy be visiting next?

Why don’t we all blow up our currencies and go back to getting by on our ability to hunt mammoths and drag ovulating women into secluded fissures in the rocks?  Abolish central bankers and fiat currency, go back to farming and clubbing and spearing.  I feel like I would do pretty well in an economic sitch like that.

* I bet you loved my Chavez descriptors in my opening paragraph…one of the benefits of not being an actual journalist is that I get to call ’em like we all see ’em without being called into the editor’s office.

Source:

Devaluation Ups Stakes in Venezuela Election Year (Reuters)

What's been said:

Discussions found on the web
  1. kinemaster video editing smooth transitions commented on Sep 16

    … [Trackback]

    […] Find More on that Topic: thereformedbroker.com/2010/01/10/venezuelan-tyrant-to-debase-currency-ahead-of-make-believe-elections/ […]

  2. thenaturalpenguin commented on Sep 22

    … [Trackback]

    […] Read More on that Topic: thereformedbroker.com/2010/01/10/venezuelan-tyrant-to-debase-currency-ahead-of-make-believe-elections/ […]

  3. pinewswire commented on Sep 30

    … [Trackback]

    […] Read More on on that Topic: thereformedbroker.com/2010/01/10/venezuelan-tyrant-to-debase-currency-ahead-of-make-believe-elections/ […]

  4. blazing trader review commented on Oct 03

    … [Trackback]

    […] Find More to that Topic: thereformedbroker.com/2010/01/10/venezuelan-tyrant-to-debase-currency-ahead-of-make-believe-elections/ […]

  5. Exotic Pets for Sale commented on Oct 13

    … [Trackback]

    […] Find More on that Topic: thereformedbroker.com/2010/01/10/venezuelan-tyrant-to-debase-currency-ahead-of-make-believe-elections/ […]

  6. easyweb td online banking commented on Nov 06

    … [Trackback]

    […] Find More to that Topic: thereformedbroker.com/2010/01/10/venezuelan-tyrant-to-debase-currency-ahead-of-make-believe-elections/ […]

  7. รับทำเว็บไซต์ commented on Nov 30

    … [Trackback]

    […] Read More Info here on that Topic: thereformedbroker.com/2010/01/10/venezuelan-tyrant-to-debase-currency-ahead-of-make-believe-elections/ […]

  8. functional testing services commented on Dec 09

    … [Trackback]

    […] Information on that Topic: thereformedbroker.com/2010/01/10/venezuelan-tyrant-to-debase-currency-ahead-of-make-believe-elections/ […]

  9. Azure DevOps commented on Dec 18

    … [Trackback]

    […] Here you can find 49323 more Info on that Topic: thereformedbroker.com/2010/01/10/venezuelan-tyrant-to-debase-currency-ahead-of-make-believe-elections/ […]

  10. cbd for anxiety commented on Jan 02

    … [Trackback]

    […] Find More Info here to that Topic: thereformedbroker.com/2010/01/10/venezuelan-tyrant-to-debase-currency-ahead-of-make-believe-elections/ […]