Jan 2013: CARACAS, Venezuela — As perishable foodstuffs rotted on cargo ships that had waited three weeks to unload at Venezuela’s largest port, unsettled consumers this week found shelves at Caracas’ main downtown market devoid of rice, cooking oil, sugar and other items.
Widespread scarcities and chaos at the nation’s main ports, including Puerto Cabello, are just some of the problems Vice President Nicolas Maduro will face as he takes the reins of power in the absence of President Hugo Chavez..........
....Alejandro Grisanti, head of Latin America research at Barclays in New York, said sharp spending cuts were necessary after an “unsustainable” 2012 budget deficit inflated by Chavez’s election year giveaways, including apartments and appliances, that helped him to a resounding reelection victory in October......
Maduro may also have to reconsider Chavez’s imposition of price controls, which won the socialist regime the support of poor voters by artificially depressing the prices of basic food items — if consumers can find them.
Price controls have also caused the shriveling of Venezuela’s domestic industries because local producers can’t afford to sell goods at the mandated low prices, according to Ismael Perez, director of the Conindustria, the nation’s leading business association of manufacturers.
Venezuela’s manufacturing sector has lost 150,000 jobs over the last decade, and the country must now import products such as sugar, rice, coffee, milk and beef, all of which Venezuela was self-sufficient in before Chavez took power.
With domestic production shrinking, the country has had to step up imports just to feed its population. ......
......In Chavez’s absence, the government continues to blame manufacturers for the shortages. Just this week, it seized products and facilities owned by PepsiCo Inc. and food conglomerate Polar, accusing the latter of hoarding........
http://www.freerepublic.com/focus/f-news/2977345/posts
Damn! Just missed 50%. Well, better luck next month.
Gotta love the AP report on Venezuela’s inflation:
“The country’s leftist government has spent heavily on social programs, rapidly increasing the amount of currency in circulation.”
http://abcnews.go.com/International/wireStory/venezuelan-inflation-rate-tops-49-percent-20541914
Sound familiar?
Sheesh.
5.56mm
-—— the “scarcity index,” which measures the availability of basic goods-——
Prior to Hugo I regularly visited a small plant that made the rubber bands in elastic stuff. They exported the rubber bands incorporated into the leg openings of disposable diapers to prevent leaks. The diaper manufacture was a mega American company
I wonder if they still have disposable diapers in Caracas
Bush’s fault.
so they snatch a survey ship for a little misdirection...This is Obama’s plan for the USA.
Liberals, socialists, etc can never be wrong; if their ideas aren’t working it is just because they didn’t do them enough.
This is why the left ALWAYS go back to the failed policies of the past.
This will not help their cause...
http://www.examiner.com/article/breaking-news-venezuela-detains-us-commercial-ship-guyanan-waters
United States Commercial vessel was seized by Venezuela as it was doing seismic testing in Guyanan waters for Anadarko Petroleum Corp, when a Venezuelan ship detained it and is now escorting it to Margarita Island in Venezuela. For decades Gyana and Venezuela have disputed the borders, but this is the first incident to come out of it.
Venezuela hit 49.4 percent
Obama will raise you 5.
It’s coming here and soon.
Wow...someone made Venezuela 50% bigger? How'd they do that? Did they conquer territory from their neighbors? Did the country expand further out to sea? How'd Venezuela get 50% bigger?
Oh...I get it! It's supposed to read "VenezuleaN inflation hits 49.4%. Another case of a lazy-a**, illiterate reporter and/or editor who forgot what they were allegedly taught in 3rd grade Language Arts, that adjectives, not nouns, modify nouns.
Sheesh...and people want to spend more on our worthless publick edjumuhkashun system.
Scouts Out! Cavalry Ho!
“The government raised minimum wage 20 percent in May and 10 percent in September. Wages are going up an additional 10 percent next month.”
*jawdrop*
Not even the American government is dumb enough to jack up wages at that sort of insane rate.