Chavez [didn't] devaluate the currency, [he] really [overvalued] it !!

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Tycer's picture
Tycer
Status: Platinum Member (Offline)
Joined: Apr 26 2009
Posts: 617
Chavez [didn't] devaluate the currency, [he] really [overvalued] it !!

This was posted by Robinson in the DD 1/13/10

I find it very interesting.

Hi

I live in venezuela, i was following the chrismartenson web page from 2 year ago, and see the CC like 2 times.

Let me explain the real and fact situation in venezuela, remember dont trust the main media.

In Venezuela the government (Chavez) have a limitation for any one to obtain dollars, the government sell the dollar to 2.15  BS = 1 US$ to company importers with a lot of paper bureaucracy, any company also can obtain dollars in the black market 5.9 BS = 1 US$.

But every company sell the mercandise to US$ of black market, regardless of whether they have received government dollars to 2.15 or if purchased on the black market to 5.9.

The Government understood this and make the following change, official dollar 4,3 Bs = 1 US$, and the government also will sell dollars in the black market when needed to lower the price of this dollar upto 5.1 US$.

This results in that before the importer sold their imported goods, with a black dollar from 5.9 and now will sell their merchandise with a black dollar of 5.1 Bs

The fact is not a devaluation is an overvaluation. You can follow the black dollar price on the next page dolarpermuta.com.

pinecarr's picture
pinecarr
Status: Diamond Member (Offline)
Joined: Apr 13 2008
Posts: 2259
Re: Chavez [didn't] devaluate the currency, [he] really ...

Good idea moving this to a more visible place, Tycer.  I saw it in the DD too, and thought it was an important contribution.  It was a good idea to move it up into its own thread so others will get a chance to see it! 

docmims's picture
docmims
Status: Platinum Member (Offline)
Joined: Jun 17 2009
Posts: 644
Re: Chavez [didn't] devaluate the currency, [he] really ...

I figured Hugo would be walking the streets of Haiti shaking hands,  pulling folks from the rubble, and filling up tanks of the poor with free gas.  Guess I'll just be dissapointed.  Maybe their mother country France will come to save them.  Perhaps that bastion of tolerance Australia or maybe even the Chinese?

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