Chavez Devalues Venezuela's Currency

[radamanthys]

http://online.wsj.com/article/SB126305109903923235.html?mod=rss_Today's_Most_Pop ular

http://www.reuters.com/article/idUSTRE6091OS20100110


Chavez. Discuss.


Oh yea... Post 4000. Woot.

[Parkbandit]

Socialism is fantastic.. until you run out of other people's money.

[Latrinsorm]

Chavez is to socialism as Hoover is to capitalism.

Can anyone explain what a dual exchange rate is supposed to be? It seems like a pretty transparent way of directly changing prices by classifying things as essential or non-essential - why doesn't he just do that?

[Gan]

Some are saying its an election year stunt.

[Drew]

I've already watched this movie in Zimbabwae. I think I'll go look at the 40 some trillion in Zimbabwean currency I own.

[Fallen]

Is this different than what China does with their currency? Aside from scale.

[Drew]

Is this different than what China does with their currency? Aside from scale.

China is trying to have it's cake and eat it too. Venezuela is trying to not collapse.

[Atlanteax]

Good times to be a businessman in Venezuela...

Venezuela: Businesses That Raise Prices Will Be Seized
January 10, 2010 2204 GMT
Venezuelan President Hugo Chavez said Jan. 10 that any Venezuelan business that raises prices following the devaluation of the bolivar will be seized, Bloomberg reported. Chavez said during his weekly television program that he would create an anti-speculation committee to monitor prices, and said that the government is the only authority able to dictate price increases.

[Atlanteax]

More specific ratios regarding the devaluation:


Venezuela: Currency Devalued
January 9, 2010 1926 GMT
Venezuelan President Hugo Chavez announced that the official value of the dollar will be fixed at 2.6 bolivars, down from 2.15 bolivars, AFP reported Jan. 9. Chavez also announced the introduction of the "oil dollar" that is set at 4.3 bolivars, which will be available for non-essential products. The leader said the higher exchange rate will apply to such items as automobiles, chemicals and electronics while the preferential rate will benefit the health, food import, books and technology sectors.

[Kembal]

Is this different than what China does with their currency? Aside from scale.

A little different, in the fact that there's dual exchange rates. Venezuela appears to be doing a straight peg, which is roughly meaningless unless you're willing to buy/sell the foreign currency to support it. China is keeping its exchange rate in a band, and enforcing it via the buying of foreign currency.

[Methais]

China is trying to have it's cake and eat it too.

I never understood this expression. If you have cake, why would you not want to eat it too? What good is cake if you only have it but can't eat it?

/hijack

[Drew]

I never understood this expression. If you have cake, why would you not want to eat it too? What good is cake if you only have it but can't eat it?

/hijack


If you already had cake and you ate it then you wouldn't have anymore cake. But imagine if you could eat your cake and still have your cake. INFINITE CAKE.

[radamanthys]

If you already had cake and you ate it then you wouldn't have anymore cake. But imagine if you could eat your cake and still have your cake. INFINITE CAKE.

The cake you are explaining does not, in fact, exist. The cake is a lie.

[Drew]

But if it did, that would be a triumph. A huge success!

[Gan]

http://cdn.holytaco.com/www/sites/default/files/images/2009/10/fat_lady_eating_cake.jpg

Having your cake and eating it too.

Enjoy!

[Parkbandit]

I never understood this expression. If you have cake, why would you not want to eat it too? What good is cake if you only have it but can't eat it?

/hijack

I think it has something to do with a quote from some French Queen. I'm sure it was a white cake and she was waving it over her head though.

[Celephais]

If you already had cake and you ate it then you wouldn't have anymore cake. But imagine if you could eat your cake and still have your cake. INFINITE CAKE.
Wiki says it's a corruption of the initial quote along the lines of 'you can't eat your cake and still have it', a "you can't have it both ways" sort of thing.

people with too much time: http://en.wikipedia.org/wiki/Have_one's_cake_and_eat_it_too

[Cephalopod]

http://cdn.holytaco.com/www/sites/default/files/images/2009/10/fat_lady_eating_cake.jpg

Having your cake and eating it too.

Enjoy!

Man, America is great.

[Rocktar]

I am fucking emotionally scarred for life now.

[Methais]

If you already had cake and you ate it then you wouldn't have anymore cake. But imagine if you could eat your cake and still have your cake. INFINITE CAKE.

Until your next dump, you technically still have your cake after you eat it.

But since the quote says you can't have your cake and eat it too, one would conclude that logically speaking, it is not possible to eat cake you do not have, so therefore the only way to eat cake is to first have cake, which means not only CAN you have your cake and eat it too, but it's impossible to eat your cake without having it.

Unless it's being spoon fed to you by a hooker, in which case you'd be having & eating her cake before/during/after having her pie.

[Kithus]

I am fucking emotionally scarred for life now.

Picture of your girlfriend naked on the internet too much for you?

[Rocktar]

Picture of your girlfriend naked on the internet too much for you?

Fail. Nice try, but you miss by a mile. Married, working on getting a divorce, not dating. All of which is public knowledge. Lame.