http://www.foxnews.com/world/2013/02/10/still-no-sign-chavez-after-leaving-venezuela-2-months-ago/
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http://www.zerohedge.com/news/2013-02-08/venezuela-devalues-its-currency-32
Hat tip to The Blaze.
The man of the people has done it again.
"While the rest of the developed world is scrambling here and there, politely prodding its central bankers to destroy their relative currencies, all the while naming said devaluation assorted names, "quantitative easing" being the most popular, here comes Venezuela and shows the banana republics of the developed world what lobbing a nuclear bomb into a currency war knife fight looks like:
VENEZUELA DEVALUES FROM 4.30 TO 6.30 BOLIVARS
VENEZUELA NEW CURRENCY BODY TO MANAGE DOLLAR INFLOWS
CARACAS CONSUMER PRICES ROSE 3.3% IN JAN.
And that, ladies and gents of Caracas, is how you just lost 46% of your purchasing power, unless of course your fiat was in gold and silver, which just jumped by about 46%. And, in case there is confusion, this is in process, and coming soon to every "developed world" banana republic near you."
The Venezuelan people have lost almost half of their purchasing power. While Chavez send free and/or heavily-subsidized oil to his fair-weather friends, including US citizens in an effort to make friends here (Heating oil-accompanied by TV and radio ads), his nation is being run into the ground.
Venezuela is a mess. Violent crime is rampant. Kidnappings are commonplace. Soviet-like shortages are the norm for all sorts of products. Armed thugs terrorize landowners. The opposition has been silenced in a manner that would make Obama salivate.
As I noted in an earlier post, when the last tanker with a full load of oil leaves Venezuela, and the nation has nothing to show for its former vast reserves, the people can thank Mr. Chavez.
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