Its way to messy to confiscate the money from your account. Stroke of pen Big Ben takes from the savers and payroll while you sleep and calls it QE.
Venezuela’s exchange rate was ludicrous to the extreme anyway
It will probably still be.
What are the units on the Graph’s Y axis....?
They are still selling their oil in dollars.
Until that changes nothing changes bit fake numbers..
Keep an eye on government salaries their demand for raises while this is going on, while everyone else can’t.
I have been thinking about buying some land or something in Argentina. They are going to do this soon too. I’d like to have a mortgage devalue itself by 10-20% a year.
I have been thinking about buying some land or something in Argentina. They are going to do this soon too. I’d like to have a mortgage devalue itself by 10-20% a year.
....Coming to a country near you!!!!
Venezuela lacks the grace to keep its currency more smoothly and stealthily pegged, like those of our major trading “partners.”
“VENEZUELA DEVALUES FROM 4.30 TO 6.30 BOLIVARS”
AP (via Drudge): “Venezuela devalues its currency by nearly half”
From the article: “And that, ladies and gents of Caracas, is how you just lost 46% of your purchasing power.”
And if you people want to know why my kids were able to KICK ASS in this country when it came to education, the above says it all. My kids weren’t anything special, but they could do basic math...which is about all that’s needed to get advanced, technical, degrees today (well, more is needed, but the competition still cannot figure out the above, so it’s a cake walk).
So let me answer the above. If your currency is at 4.3 Dingos to the dollar, and you devalue it by half, then it will trade at 8.6 Dingos to the dollar, NOT anything near 6.3 Dingos. It’s not even close...yet virtually NO ONE in the media can even do that calculation anymore - one wire service idiot blows it and everyone runs with it. Why? Because math is haaaaarrrrrddddd.
By the way, the referenced report actually does quote the correct answer further down, from Bloomberg, where they said it was 32% (not 46%, not ‘almost half’) - no wonder Bloomberg is doing so well.
I used to have Zerohedge in my twitter feed and they tweeted alot of alarming things. Then they authored an article that the 2012 election didn’t really matter. Maybe there was some truth to it, but I haven’t read an article since. Seems like a bunch of long on gold folks . . .
Well, if you haven’t seen it before, it’s time once again for one of my favorite videos...
http://www.youtube.com/watch?v=EoS52fVtVQM