Venezuela Meltdown

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Rob Lister
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Venezuela Meltdown

Postby Rob Lister » Mon Dec 05, 2016 1:55 pm

Venezuela to issue larger bill as currency continues to melt

BOGOTA, Colombia (AP) -- Venezuela said it will issue higher-denominated bills as triple-digit inflation and a currency meltdown leave the country's largest note worth just around 2 U.S. cents on the black market.

The central bank said in a statement Saturday that six new bills ranging from 500 to 20,000 Bolivars will begin circulating on Dec. 15. Currently the largest-denominated bill is 100 bolivars, while a 2-liter soft drink bottle can cost 25 times that amount.
http://hosted.ap.org/dynamic/stories/L/ ... 4-10-06-58

So, what are they using for currency? The dollar? The Colombian peso? The Brazilian real? Ponies and goats?

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Re: Venezuela Meltdown

Postby Skeeve » Mon Dec 05, 2016 2:52 pm

From last April: BUSINESS Venezuela’s Currency Devaluation Is Hitting Company Earnings...

...
Eli Lilly cited Venezuela as having a tangible impact on earnings. The charge “related to the impact of the Venezuelan financial crisis, including the significant deterioration of the bolivar” cost the company $203.9 million in pretax earnings or 19 cents per share, after taxes.
...
PepsiCo, a company with one of the largest stated exposures to Venezuela, was also hit by the devaluation. It originally had assets worth $1.13 billion in the South American country, based on an exchange rate of 12 bolivars to the dollar. At an exchange rate of 170 bolivars to the dollar, those assets plummeted in value to $79.1 million.

Oh well...does make me wonder what the next quarter "earnings" will be like.
Then Skank Of America could start in...

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Re: Venezuela Meltdown

Postby Anaxagoras » Mon Dec 05, 2016 3:01 pm

http://www.npr.org/sections/money/2016/ ... a-imploded

It's one of the epic economic collapses of our time. And it was totally avoidable.

Venezuela used to be a relatively rich country. It has just about all the economic advantages a country could ask for: beautiful beaches and mountains ready for tourism, fertile land good for farming, an educated population, and oil, lots and lots of oil.

During the boom years, the Venezuelan government made some choices that add up to an economic time bomb.

Venezuela didn't save its oil money. It used it to subsidize goods and services for the people, but in some unusual ways. Another choice: instead of making stuff at home, Venezuela imported almost everything it could. The government also kept tight control on the exchange rate between Venezuelan bolivars and U.S. dollars.

As long as the price of oil was high, there weren't serious problems. Then oil prices came down.


At one point under Chavez Venezuela was even subsidizing heating oil for Americans. Just giving it away:

https://mic.com/articles/3357/hugo-chav ... .MjK07iR0y

Many poor Americans in colder climes will doubtless be dismayed to hear that shortly after ringing in the New Year, Congress and the president have decided to cut 25% from the Low Income Home Energy Assistance Program, (LIHEAP) showing once again their preference to default on the needy and vulnerable rather than asking the most powerful and wealthy to make even the smallest sacrifices.

Far more welcome news came from Citgo Petroleum Corporation, a subsidiary of Venezuela’s state-owned oil company, which announced that it would be continuing its six-year-old program of providing heating oil to poor Americans free of charge. The contrast between the values displayed by the American and Venezuelan governments – the “good guys” and “bad guys,” respectively, of the American political consensus – could not be more striking.

$1.2 billion will be cut from LIHEAP, reducing its budget to $3.47 billion. Thankfully the initial requests of the Obama administration to cut the program’s funding to $2.5 billion were not carried out. In 2011, 8.3 million people were helped by LIHEAP, although there were more people eligible than the program was able to assist. According to the National Energy Assistance Director’s Association (NEADA) 90% of families participating in the program contain at least one “vulnerable” member, defined as the elderly, children, and the disabled.

The cuts come at a time when the cost of heating oil has reached $3.93 a gallon, up 57 cents from last year. This is a 22-year high, according to the Energy Information Administration. The escalating price of heat is especially threatening to people living on a fixed income, including the retired.

Citgo expects to help more than 400,000 Americans this year with a 100-gallon donation of heating oil and said that in addition to providing assistance to private citizens, Citgo would also provide assistance to 250 homeless shelters.


They gave a lot to others too, not just USA. Cuba for example and I'm sure others as well. Now they are really up shit creek.
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Re: Venezuela Meltdown

Postby WildCat » Tue Dec 06, 2016 12:25 am

They're feeling the Bern!
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Re: Venezuela Meltdown

Postby Rob Lister » Wed Dec 07, 2016 12:41 pm

bump
:x for ed

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Re: Venezuela Meltdown

Postby Anaxagoras » Mon Dec 12, 2016 4:27 am

Change of plan:

Inflation-hit Venezuela to pull largest bill from circulation

Venezuela, mired in an economic crisis and facing the world's highest inflation, will pull its largest bill, worth two U.S. cents on the black market, from circulation this week ahead of introducing new higher-value notes, President Nicolas Maduro said on Sunday.

The surprise move, announced by Maduro during an hours-long speech, is likely to worsen a cash crunch in Venezuela. Maduro said the 100-bolivar bill will be taken out of circulation on Wednesday and Venezuelans will have 10 days after that to exchange those notes at the central bank.

Critics slammed the move, which Maduro said was needed to combat contraband of the bills at the volatile Colombia-Venezuela border, as economically nonsensical, adding there would be no way to swap all the 100-bolivar bills in circulation in the time the president has allotted.


The beatings will continue until morale improves.
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Re: Venezuela Meltdown

Postby Doctor X » Mon Dec 12, 2016 5:30 am

Why not just make "11" one louder?

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Re: Venezuela Meltdown

Postby WildCat » Mon Dec 12, 2016 1:51 pm

Doctor X wrote:Why not just make "11" one louder?

--J.D.

These go to 11.
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Re: Venezuela Meltdown

Postby WildCat » Mon Dec 12, 2016 1:55 pm

Meanwhile Venezuelans continue to feel the Bern:
Venezuela's socialist government has seized nearly 4 million toys from a private company and says it intends to hand them out as Christmas gifts to poor children this holiday season.

The country's fair pricing authority seized the toys from three warehouses run by Kreisel, Venezuela's largest toy distributor, on Friday. Two company executives were detained on suspicion of promoting price speculation.

Agency director William Contreras alleged that Kreisel underreported its inventory in order to sell some toys at higher prices. Kreisel has not commented officially beyond responding to Twitter messages of support.

Contreras said the seizure would teach companies "that you can't play with the rights of Venezuelans."

Authorities said local supply committees will be in charge of distributing the toys "fairly" to children.

Venezuela has been wracked by a deep economic crisis accompanied by shortages of goods ranging from food staples to medicine. In recent days President Nicolas Maduro ordered stores to lower their prices between 30 and 50 percent.

It's for the children naturally.
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Re: Venezuela Meltdown

Postby ed » Mon Dec 12, 2016 2:00 pm

"rights"
- new minimalist ethos -

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Re: Venezuela Meltdown

Postby Anaxagoras » Mon Dec 12, 2016 4:38 pm

Wow. Talk about living up to your negative stereotype.
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Re: Venezuela Meltdown

Postby Rob Lister » Mon Dec 12, 2016 11:11 pm

They could be great. How did South Korea do it? How did Japan do it. We need to invade, rape and pillage.

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Re: Venezuela Meltdown

Postby Witness » Mon Dec 19, 2016 9:35 pm

The Week wrote:How one guy at an Alabama Home Depot controls Venezuela's currency

[…]
His name is Gustavo Díaz, and his website, DolarToday, has become a handy financial tool for Venezuelans trying to navigate the underground economy — so handy, in fact, that it affects the price of just about everything in Venezuela.

In Venezuela, the government officially sets the currency rate and it's illegal to publish exchange rates for black-market dollars. But Díaz's website does just that, basing the rate on actual street prices that Venezuelan consumers are paying for food, medicine, cars and everything else.

It's all about information.

"We founded this company DolarToday in 2010," Díaz explains, "as a form of protest against the dictatorship because the dictatorship was intimidating and controlling the media on all the information."

So let's say you have a bunch of bolivars to spend. The official government exchange rate is fixed at 10 bolivars to the dollar. But according to DolarToday, the real street value of the bolivar in Caracas is much lower. It's now well over 4,000 bolivars to the dollar.

That information shapes millions of dollars of daily currency transactions, and guides Venezuelans who buy and sell black market dollars to the tune of $15 million dollars every day.
[…]
"The interest in the website is to provide information to the people that they need, to keep fighting for their liberties and democracy and freedom of speech against a regime that harasses people and kills people. That's our interest, to pursue the liberty of Venezuela."

https://theweek.com/articles/667073/how-guy-alabama-home-depot-controls-venezuelas-currency

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Re: Venezuela Meltdown

Postby Witness » Sun Apr 16, 2017 4:28 am

Couldn't resist…

Image

Spoiler:
Something like "Maduro, you kill us from hunger"/famish us.

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Re: Venezuela Meltdown

Postby Skeeve » Sun Apr 16, 2017 2:22 pm

Witness wrote:Couldn't resist…

Image

Spoiler:
Something like "Maduro, you kill us from hunger"/famish us.


I am reminded of when Al Sharpton became active back in the 1980's... and a portly fellow he was.

There's just something about these "advocates for the hungry masses," looking like they don't miss many meals...
Then Skank Of America could start in...

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Re: Venezuela Meltdown

Postby Pyrrho » Sun Apr 16, 2017 2:26 pm

If your meals consist primarily of cheap carbohydrates and not much else, that is what happens.
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Re: Venezuela Meltdown

Postby gnome » Mon Apr 17, 2017 2:19 pm

An interesting perspective from an economist native to Venezuela:

WaPo: In Venezuela, we couldn’t stop Chávez. Don’t make the same mistakes we did.
"If fighting is sure to result in victory, then you must fight! Sun Tzu said that, and I'd say he knows a little bit more about fighting than you do, pal, because he invented it, and then he perfected it so that no living man could best him in the ring of honor. Then, he used his fight money to buy two of every animal on earth, and then he herded them onto a boat, and then he beat the crap out of every single one. And from that day forward any time a bunch of animals are together in one place it's called a zoo! (Beat) Unless it's a farm!"
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Re: Venezuela Meltdown

Postby Doctor X » Mon Apr 17, 2017 2:34 pm

I recall a number of very liberal friends who loved Chavez because he "stood up to Bush!"

I am still laughing.

--J.D.
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Shit. That's going to end up in your sig."--Pyrrho
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Re: Venezuela Meltdown

Postby gnome » Mon Apr 17, 2017 2:44 pm

The shoe is certainly on the other foot with that kind of thinking here in the US...
"If fighting is sure to result in victory, then you must fight! Sun Tzu said that, and I'd say he knows a little bit more about fighting than you do, pal, because he invented it, and then he perfected it so that no living man could best him in the ring of honor. Then, he used his fight money to buy two of every animal on earth, and then he herded them onto a boat, and then he beat the crap out of every single one. And from that day forward any time a bunch of animals are together in one place it's called a zoo! (Beat) Unless it's a farm!"
--Soldier, TF2

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Re: Venezuela Meltdown

Postby Doctor X » Mon Apr 17, 2017 2:49 pm

The irony is staggering. One--for whom I [Stole.--Ed.] the term "PsychoCon" to refer to the religious Republican right given that "NeoCon" really is incorrect--even tried to defend his shutting down of the press. "The press," you see, was printing "lies" about Wonderful Chavez.

Great example of the cement-headed "thinking" consistently exhibited by the extremists on the right and left. Chavez was a Cunt, as was Castro . . . but they were "leftist" so . . . that is all good. Meanwhile, Diem, Marcos, for a time Hussein, Pahlavi, Pinochet . . . they were NOT "commies" so, well, we can work with them.

Sort of like voting for Trump because he is not Clinton or Clinton because she is not Trump.






Wait.

--J.D.
Mob of the Mean: Free beanie, cattle-prod and Charley Fan Club!
"Doctor X is just treating you the way he treats everyone--as subhuman crap too dumb to breathe in after you breathe out."--Don
DocX: FTW.--sparks
"Doctor X wins again."--Pyrrho
"Never sorry to make a racist Fucktard cry."--His Humble MagNIfIcence
"It was the criticisms of Doc X, actually, that let me see more clearly how far the hypocrisy had gone."--clarsct
"I'd leave it up to Doctor X who has been a benevolent tyrant so far."--Grammatron
"Indeed you are a river to your people.
Shit. That's going to end up in your sig."--Pyrrho
"Try a twelve step program and accept Doctor X as your High Power."--asthmatic camel

WS CHAMPIONS X3!!! NBA CHAMPIONS!! Stanley Cup! SB CHAMPIONS X5!!!!!


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