Venezuela devalues currency...for the most part.

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locklimitdown's picture
locklimitdown
Status: Bronze Member (Offline)
Joined: Mar 15 2008
Posts: 46
Venezuela devalues currency...for the most part.

Team Competitive devaluation scores another touchdown

Notice all goods need not apply

Talk about giving the black market a shot in the arm!

Many Venezuelans wishing they had owned gold

 

Chavez says military will monitor Venezuelan prices

http://www.cnn.com/2010/WORLD/americas/01/10/venezuela.chavez.devaluation/index.html

pinecarr's picture
pinecarr
Status: Diamond Member (Offline)
Joined: Apr 13 2008
Posts: 2246
Re: Venezuela devalues currency...for the most part.

Lock-Limit-Down, great post!  I just commented on rickets' thread "New Financial Risk", which was the first I'd seen of the Venezuelan currency devaluation.  Then I saw that you'd caught and posted on it as well here!  I think your thread may have gotten buried by more recent comments on others' threads, because this is definitely interesting (and discomfiting) stuff.

I think your right about them wishing they'd owned gold as well.

docmims's picture
docmims
Status: Platinum Member (Offline)
Joined: Jun 17 2009
Posts: 644
Re: Venezuela devalues currency...for the most part.

When the dollar devalues 50 percent does that mean the Venezualan currency devalues 75 percent?  Chavez better start shipping us some more oil!Undecided

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