Posted on 01/11/2010 1:07:21 AM PST by TigerLikesRooster
Nervous Venezuelans panic buy TVs after devaluation
Sat, Jan 9 2010
* Shoppers fear sharp price rises for imported goods
* Opposition fuels shopping spree with warnings
By Eyanir Chinea
CARACAS, Jan 9 (Reuters) - Shouting "buy, buy, the world is going to die," Venezuelans went on a frantic shopping spree on Saturday following a sharp currency devaluation that is expected to drive up prices.
President Hugo Chavez announced a dual system for the fixed rate bolivar on Friday night while much of the country was watching a baseball game.
But on Saturday, word spread quickly as people read the morning papers and listened to the radio in Caracas cafes.
Shoppers crammed into electronics stores, eager to snap up imported televisions and computers ahead of the anticipated price hikes.
"I've been lining up for two hours outside to buy a television and two speakers because by Monday everything is bound to be double the current price," said Miguel Gonzalez, a 56-year-old engineer standing in the tropical sun outside a popular store.
(Excerpt) Read more at reuters.com ...
Ping!
not only is chavez slapping on a 50% tax on everything (effect on devaluation) he’s demanding that noone increase their price which is asking every business to go bankrupt
Why were they chanting in English? “Compra, compra, el mundo se va a morir” doesn’t rhyme.
At least they are still able to by TV’s and speakers- when they need to do this with FOOD then we will see Hugo go bye bye
keep in mind, the purpose of two
different rates.................
Hugo’s friends, get the better rate
I thought food was already a problem down there with milk and eggs and meat hard to find.
Maracaibo, Venezuela:
Last week, my best friend's wife decided to hold a birthday party for their son in Maracaibo, Venezuela. The quoted cost; $1,400 US Dollars. She talked them down to $900....but still walked away disgusted.
She was visiting her family over the holidays.... Businesses are charging what the market will bear...and losing.
Stay tuned.....rumors have Chavez in jeopardy...
Thanks for the info. Here's hoping the marxist dictator goes down in serious flames and the people get a free market and country again.
It’s how socialist economies fail. Do something to screw up the economy, then react to the failure and do something that screws it up worse.
We’ve had a little taste of this already. Force the banks to loan to people who aren’t credit-worthy, then be forced to step in when the house of cards created by bad loans collapses. Then try ruling the banks by government fiat.
Venezuela will have an Argentine style monetary crash. Military law can’t stop it.
The US dollar is tanking because of the drunken whores spending on Humpback Hill the last 2 decades.
Our recent credit expansions have far outpaced real economic growth.<
Now, Americans will pay dearly.
Things will continue to spiral downwards for the US until goobermint spending and the debt are brought under control.
Basically, the US economy is toast and foreign investors will snatch up real estate and businesses for pennies on the dollar patiently waiting for the goobermint (Greenspan flunkies & the O-Bots) to create another credit bubble w/in the next 5 years....then they will sell.
However, IMHO, I do not think the US economy is about to recover at all...... continued deflation and economic depression will be the norm.
Elected officials and non-elected department heads at all levels of goobermint will not, will not, will not make the correct decisions and choices now to lay the foundations for a slow and sturdy recovery.
As usual, more double-speak and smoke and mirrors because lining their own pockets is all that matters.
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