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Cuba to eliminate currency pegged to dollar
Associated Press ^
| Dec 20, 2013 9:24 PM EST
| Andrea Rodriguez
Posted on 12/21/2013 1:31:04 PM PST by Olog-hai
Cuba will eliminate a currency pegged to the dollar as part of a move to end its unique double-currency system, which had become a symbol of economic inequality to many islanders, Cubas top economic official said Friday.
Tourists currently use a convertible peso roughly equal to a U.S. dollar while most Cubans are paid in ordinary pesos worth about four cents. Many goods are easier to find in government stores that exclusively accept convertible pesos, a mechanism designed to keep the flow of the special currency under government control.
The dual system has created special privileges for Cubans who work in tourism, and resentment among those who dont.
(Excerpt) Read more at hosted.ap.org ...
TOPICS: Business/Economy; Cuba; Foreign Affairs; News/Current Events
KEYWORDS: cubanpeso; raulcastro; reservecurrency; usdollar
posted on 12/21/2013 1:31:04 PM PST
Is this the”Currency”that is”Pegged”to the value of 57’ Chevys?????????????????????
Why do Marxists need any money at all?
posted on 12/21/2013 1:45:39 PM PST
What effect will this have on the price of Cohiba Esplendidos?
I forgot to post the picture of the cigar babe:
So instead of eliminating the worthless currency, they dump the good one?
So to keep their power of course.
posted on 12/21/2013 1:51:27 PM PST
(Extra Large Cheesy Over-Stuffed Hobbit)
This secondary currency, far from being a symbol of two-tiers, was one way people have been able to eat in Cuba, where official rationing has fallen short of basin human caloric need for decades. People need the black market and theft in order to survive.
It's almost certain that the way Raul and his ugly brother have maintained their hold on the island for so long is by keeping people on the survival level.
Leave it to AP and the other blind ass-hat liberals in the U.S. to call something like this a reform.
posted on 12/21/2013 1:52:22 PM PST
(Si Deus trucido mihi, ego etiam fides Deus.)
Obama to announce new currency regulations
pegs dollar to Cuban peso in name of economic
posted on 12/21/2013 2:02:44 PM PST
( " We would not die in that man's company, that fears his fellowship to die with us...." Henry V.)
CUBA.........RATIONING EXISTS IN NO OTHER PLACE IN THE SOUTHERN HEMISPHERE EXCEPT IN A COMMIE CRAPHOLE CALLED CUBA.... I DON' THENK THEES REFORM IS GONNA HELP SENORES...Y SENORAS....'YUST SAYIN'
Every single Cuban gets a ration book each year. It looks like a coupon book, of sorts. And in each community or neighborhood, there are the ration stores that they must go to when purchasing their ration food items. This system has been in place since 1959. They still have to purchase the items with their local currency, but it is at a very discounted price
Now for the unbelievable part: Here is what they are allowed to purchase from this store: 5 lbs of rice per month 1 lb of beans per month 1 lb of oil to cook with per month 3 lbs to sugar per month 1 lb of brown sugar per month 1 small pkg of coffee per month 1 small pkg of spaghetti per month 1 small loaf of bread daily 1 pkg of salt every 3 months 10 eggs every 15 days 1 leg of chicken every 15 days 1 pkg of feminine pads for women every month 1 bottle of detergent every 2 months 1 small container of milk every 15 days CHECK OUT MORE ABOUT LIFE IN CUBA FROM THIS GREAT BLOG: http://naplesgirlblog.com/2012/10/25/food-rationing-in-cuba/
posted on 12/21/2013 2:08:33 PM PST
Looks like the Castro brothers are smart enough to run away from Obama’s mess. Too bad we can’t.
posted on 12/21/2013 2:19:13 PM PST
(Conservatism is truth. Liberalism is lies.)
The article has it completely twisted around (naturally), until near the end. Ordinary Cubans still won’t be able to afford to buy the types of imported “luxury” goods that are now sold in the tourist-oriented Convertible Peso shops.
Tourists (I was one a few years ago) were required to convert dollars, Euros, etc. into Convertible Pesos. It was a way to get tourists to pay a lot more than locals for many things. For instance, I bought a box of Romeo & Julieta cigars that cost a month’s wage for an average Cuban. Then I discovered that Cuba is actually a country with a good 5 cent cigar (well, at least a not-horribly bad 5 cent cigar). Another tourist managed to get some ordinary Pesos, and bought them from a local.
Dude, you are still smoking those over priced and over rated cigars? Gezz, you can do better for much less. Try Cigarbid.com There are so many good ones out there!
posted on 12/21/2013 2:57:28 PM PST
(How many more children must die on the altar of "gun free zones"?)
Why didn’t friggin’ McKinley just invade the island from Spain when he had the chance, and saved us all the troubles and headaches.
A load of BS! Todays U.S. dollar is worth about 4 cents when it is compared to a 1909 dollar. That was the time when a dollar was worth a dollar.
posted on 12/21/2013 7:00:39 PM PST
Maybe less; since the creation of the Fed in 1913 (going to be 100 years on Monday), the dollar has lost over 95 percent of its value.
posted on 12/21/2013 7:22:15 PM PST
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