Venezuela devalues currency by 32% against the dollar

May 24, 2004
3,231
503
608
Queens, NY
#6
What kind of socialist-leaning government would promote: inflation; negative real returns on safe investments; asset bubbles; loss of faith in your currency; and anti-government sentiment, all by devaluing its currency to supposedly boost its economy?
 

Lord Zero

Viciously Silly
Aug 25, 2008
54,175
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Atlanta, GA
#7
What kind of socialist-leaning government would promote: inflation; negative real returns on safe investments; asset bubbles; loss of faith in your currency; and anti-government sentiment, all by devaluing its currency to supposedly boost its economy?
A government filled with people stupid enough to be socialists.
 

SOS

ONA
Wackbag Staff
Aug 14, 2000
48,125
8,889
1,038
USA
#9
There was already a huge black market involving money trades due to the artificially high price of Venezuela's strong bolivar vs the dollar. This is just reality finally coming.
 

lajikal

Registered User
Aug 6, 2009
15,977
3,856
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#10
Thanks Trump!! :haha7:

The Bolivar’s Free Fall Means Venezuela’s Weekly Minimum Wage Is Now Only Worth $1.50
Reuters
Aug 03, 2017

Venezuela's bolivar currency tumbled 18% against the U.S. dollar on Thursday on the black market, ahead of the inauguration of a legislative superbody that the opposition says will give President Nicola Maduro sweeping new powers.

The currency data, provided by the widely-tracked but opaque website DolarToday, show the bolivar fell just under 60% to 17,981 bolivars per dollar over the last month as countries around the world urged Maduro to back off the idea of electing a "constituent assembly".

The vote, boycotted by the opposition, was held on Sunday.

On Thursday, Maduro said anyone caught using DolarToday to calculate higher consumer prices would be punished.

"I have given instructions ... that those who try to raise prices based on DolarToday be detained," the president said during a televised address.

The constituent assembly, to be inaugurated on Friday, will have broad powers, including that of re-writing the constitution.

Maduro says the assembly will bring peace to the oil-rich but economically-ailing country, after four months of opposition street protests that have left more than 120 people dead. He is widely blamed for the country's deep economic recession, exacerbated by food and medicine shortages.

The currency's decline means that Venezuela's minimum wage is now worth just $1.50 per week, despite numerous hikes by the government in recent months. Inflation is in triple digits, exacerbated by the currency's fall as well as a rapid rise in money supply—up 10% in just one week last month.

A thousand dollars of local currency purchased when Maduro came to power in April 2013 would now be worth just $1.34.
 

Creasy Bear

gorgeousness and gorgeousity made flesh
Donator
Mar 10, 2006
48,754
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In a porn tree
#11
You're getting seiously close to SallieTomato territory with this hate boner of yours. Your salt is spilling out into 4-year-dead threads now.

I think I might have you threadbanned from all Franko threads as a precaution againt infection by your salty AIDS.

Don't make me do it. Don't make me take your TruMoo away. Keep this shit in your saltbox where it belongs.

Behave yourself, giggles.
 

Mags

LDAR, bitch.
Donator
Oct 22, 2004
34,999
12,010
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Ill Repute
#12
You're getting seiously close to SallieTomato territory with this hate boner of yours. Your salt is spilling out into 4-year-dead threads now.

I think I might have you threadbanned from all Franko threads as a precaution againt infection by your salty AIDS.

Don't make me do it. Don't make me take your TruMoo away. Keep this shit in your saltbox where it belongs.

Behave yourself, giggles.
WUT?! LOL!?

Oh.....Oh nooooooooooooo!