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Venezuela Launches First Nuke In Currency Wars, Devalues Currency By 46%
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.
and just as we (and Kyle Bass) have warned - this is what happens to the nominal price of a stock market as currency wars escalate... how do those US investors who flooded Venezuela with cash feel now? bringing back those VEF gains is going to hurt...
The chart above is a free lesson in nominal vs real: the hardest lesson for some 99.9% of the world's population to grasp. One person who certainly knows how to devalue a currency in real terms FDR, whose 70% devaluation of the USD courtesy of executive order 6102, is merely an appetizer of what is about to be unleashed upon the US.
From Bloomberg:
Venezuela devalued its currency for the fifth time in nine years as ailing President Hugo Chavez seeks to narrow a widening fiscal gap and reduce a shortage of dollars in the economy.
The government will weaken the exchange rate by 32 percent to 6.3 bolivars per dollar, Finance Minister Jorge Giordani told reporters today in Caracas. The government will keep the currency at 4.3 per dollar for some products, he said.
A spending spree that almost tripled the government’s fiscal deficit last year helped Chavez win his third term. Chavez ordered the devaluation from Cuba, where he is recovering from cancer surgery, Giordani said. Venezuela’s fiscal deficit widened to 11 percent of gross domestic product last year from 4 percent in 2011, according to Moody’s Investors Service.
The move can help narrow the budget deficit by increasing the amount of bolivars the government gets from taxes on oil exports. While a weaker currency may fuel annual inflation of 22 percent, it may ease shortages of goods ranging from toilet papers to cars.
In the black market, the bolivar is trading at 18.4 per dollar, according to Lechuga Verde, a website that tracks the rate. Venezuelans use the unregulated credit market because the central bank doesn’t supply enough dollar at the official rates to meet demand.
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Moar horsemeat!
The peoples of Ven must use some bullshit currency printed every day in a basement somewhere in Caracass.
Meanwhile the Ven government is repatriating all their GOLD.
Actions speak louder than a Bloomberg headline.
just be glad you live in a nation founded and built by slave owning evil racist white people so that when we print you don't lose 46% of everything you have overnight
shit like this is why you have to hold gold
Well at least he is getting a little closer to the current true open market (black market) rate of 10-1. There are limits on how much can be exchanged at the "official" rate.
What Americans will learn the hard way: http://www.youtube.com/watch?v=M5UqIc6z8iE
"!Soy Inflationista!"
damn i feel sorry for Goldman Sachs...
FDIC reduces recovery limits to $250,000 per person (not per account)
http://ann.barnhardt.biz/
The deflationists are pretty quiet these days...
But if you have the right kind of soft assets, currency volatility is not a concern and inflation is beneficial..
Ask any hooker in Caracus.
Let me guess, Whitney Tilson went long Bolivars last week?
Top of FDIC web site still says, "Each depositor insured to at least $250,000 per insured bank."
http://www.fdic.gov/
Thank goodness we don't have populist leadership willing to lie to the nation about inflation by blaming everyone under the sun but the politicians and the central bankers;
So happy that this could never happen here in America.
Brothers in Arms.
"Ask any hooker in Caracus."
and most of them can turn your "soft asset" into a "hard asset", just sayin.
many have to take the blue pill first...
Let em eat horsemeat........
Love it.....
That pic is priceless HH, you can just feel the love!
two thoughts: is it a 32% devaluation (bloomberg above and reuters http://www.reuters.com/article/2013/02/08/venezuela-currency-devaluation...) or a 47% one? arithmetic (4.3 - 6.3 = -2; -2/4.3 = -.47) and common sense would seem to indicate that the change is measured against the prior circumstance rather than the following one. a price reduction from 100 to 50 is generally regarded as a 50% discount rather than a 100% one.
also, it is possible that hugo chavez is a populist in deeds. obama (who is touching chavez as if hugo were radioactive) is one only in words
Wait, so QE1, QE2, QE3 & QEForever was not an opening move then?!?
The Bernaky must be saying "crap just what do I have to do"
he needs to come out of the closet and quote Chavez: "socalism is love"
Gold bendecos!!!!!
It is 46% internal deval and 32% deval against the dollar.
Two peas in a pod. Brothers from a different mother?
Who knows, could be the same mother (she was known to get around)? Obama Sr. was sewing his seed everywhere, too.
Great pic HH...
That mushroom cloud was my fucking head.
Fuck you Obama and Bernanke. Fucking puke ass elitist bank ball licking fucking pricks. Fuck off.
same father, different mother?
Top of FDIC web site still says, "Each depositor insured to at least $250,000 per insured bank."
Yep stickers are still on all my Banks drive through points, they renewed the limit.
http://www.fdic.gov/deposit/deposits/changes.html
Stackers some tourist were saying 20-1.
Last I had heard 8-10. With a 46% official deval, I suspect your 20 is probably pretty damn close now. Price controls and gas rationing for the plebes is the norm, however, Hugo likes to support the sportfishing industry. If you run a sportfishing boat the US 50cents per gallon is awfully nice. Damn shame for his people that they stand in line at stations with rationing limits (8 gallons if you are lucky, and they do run out with folks standing in line), but well heeled sportsmen can fill er on up (500 gallons of diesel at +-.50c per with the customary benji for the commandante; no problemo). Good Marlin fishing of the Venezuelan coast.
Hugo chavez is to sportfishers as Barack Obama is to crooked bankers. Nothing new under the sun.
Curiously, Caracas is to Venezuela as Chicago is to the United States (Both disallow guns and both have the big time murder problems, hmmm...)
Barack and Hugo both want their people disarmed for some reason, though I just cannot imagine why that is. Hmmm...
Maybe once we run Barack off from the US he will have a shot at replacing Hugo? Michelle would really like Caracas!
Zimbabzuela bitchez!
Big Slick,
This was on the news about a month ago: CBS, ABC, NBC and of course CNBC ran this story every half hour. Somebody probably missed it. /sarc
Say what...?
Big Slick,
This was on the news about a month ago: CBS, ABC, NBC and of course CNBC ran this story every half hour. Somebody probably missed it. /sarc
The TV's that have that crap playing is in airports and bus stations. The only reason people put up with that is due to the sound being turned to zero and closed caption turned on.
I keep all my "money" in my Silver and Gold safe out in the lake where I had a boating accident.
Non-interest bearing account i.e checking account and such.
I don't think this is change is valid for Savings account and other interest bearing accounts. But who knows what BS is due down the pike.
So I need a ruling here. Is this action by a socialist South American country scary enough for me to descend into my bunker again? Dried meat and powdered milk for everyone!
Not unless your savings/pay are in bolivars. They dropped a nuke all right - on top of the Venezuelan people.
Remember the story about the Iranian ex-Minister wh was caught with the ginormous check in Germany? It looks like it was timed in an attempt to convert out of bolivars before the devaluation.
I guess it didn't work.
http://www.washingtonpost.com/world/the_americas/venezuela-opposition-go...
Interesting. I also find it interesting that "cavorting with Iran 'yields' this." DANGEROUS game taking on Western financial elites. Egypt's currency has gotten clobbered too. I would not be surprised to see a formal "invasion" coming from East to West soon. those who speak of a "worthless dollar" have found something far different so far. with Canadian oil sell at sixty bucks a barrel i would really be wanting to "lay some track" to get the goo moving south. the rail cars are just now arriving in Delaware for processing the North Dakota crude. of course "then there are the wild cat refineries" out in Montana and Wyoming. fuel for 50 cents in the USA coming soon?
good catch! shows ya the way the world works
Bolivar Billionaires Bitchez!
RED FUCKING ALERT! THE WHOLE FUCKING THING WILL IMPLODE IN 2013.
And there ain't a fucking thing we can do about it!!
gold + popcorn.gif
just keep turning green into silver, plus some calories & lead. That will increase one's survival chances.
"i wanna a be a billionare so freaking bad, i wanna be on the cover of...forbes magazine"
wasn't their a song that went like that a year or so ago. Soon they'll want to be trillionaires for it to mean something
We let it happen - we zoned on super bowls super models super cool consumer goods. Knew when de lies premeditating da genocide of Iraq and Afghan the the genetic abominations breeding like adolescent vampires in the blood rut alcoves in the bowels of the War Usury lost the capacity to run anything more than the same old reused over used charade their ancestors had. THis last decade has been a charade that couldn't fool a tick on a gnats nuts.
Are we that stupid - cause for sure the prissy whited shoe dandies are pretty fucking lame. We just let em do it.
The more western compliant Japanese PM (the last one called nine slash `leven a hoax and was in the process of closing US bases, until a rash of merit less accelerator cable fears forced Toyota to recall as Toyota's top dog went buns up and kneeling and sobbed on CSPAN. Did he say "little people"? Of course that event gave cause to Japans bag men to swap Mr. Right, so the world could endure anther bogus skit feigning democracy, for Mr Wrong PM - Mr Japanese War Footing PM. The USD=JPY and EUR=JPY and USD=EUR players have been watching the EUR bleed to JPY, USD bleed to JPY, but / and / or USD bleed to EUR.
Is Venezuela a reserve standard or a metal standards.
Everybody has to rush to the bottom - and the policies Americans, or Diebold, allowed their political employees to implement is the root of it all - we have been colonized by sub human chum - thats the game US War Usury Inbreds are playing and have forced on the rest of this rock. Goal: Make everything commodity - including sovereign currencies - human life - and - if you wads big z`nuff - YOU CAN BUY IT AN OWN IT AND DO WHAT YOU PLEASE - too bad Senator Menendez could only rent his kiddies - had he waited - he could have owned it - rutted it out like a devil dog slit it's throat and chunked the dead meat down the garbage disposal - that's what ownership is all about to these guys.
What does the US chaired War Usury have to export. Insurance policies - lunch with Buffet - USDs - that's about it - well except for gasoline. The sanctions have done what was intended - 10 years ago the mantra was "we need to secure mining privileges for our big oil contributors even at the risk of collateral genocide. Cheney's little tea time in the whore house.
Is this oganic (or are the Big 7's HFT boiler rooms rolling trades with FED repo mulch for their FX play. Dey got de dollar carry shindig down to a "T"!
After close, USD climbs
After open, USD declines
Look at all the methods the War Usury employs:
1) Money for nothing and war for free - like Rome before the fall - devalues the commons exchane notes - increases the cost of food and energy.
2) Sanctions
3) Counterfeiting
4) Gambling (it's just monopoly money)!
5) Kiddie Brothel's
6) Pooper packing
David Stockman, the one time Reagan's money geek that me thinking resigned cause he could not sign off on Reagan's Budget (the consortium's poster face job, and one time propaganda film player and snitch), suggests the market is the Berskanki Bear Trap (xRepublic tv)poster Americans were looking at back then - seems like it be using the same old bear trap shtick on inbred CB queens have been running the FED opened it's door.
Whose running or collaborating with the Berskank - he just too low iodine to be de spot that stop the buck!
Ain't scared - but just can't avoid thinking that the bad boy wave of the elliot set is gonna slam real hard - and believe me baby - it gonna hurt.
Suggestion: All Politicos,War Usury Lobbyists, Loin Chum of Dominion Heretics and War Usury Kiddie Brothel Pimp Daddy's - protect yourself - there are too many of us and we do have our bouts of uncontrollable rage death ruts SO HERE'S an alternative confess your sins, your crimes, turn your self in - turn states evidence - and maybe, just maybe you won't have to worry about pissed off rednecks selling tenderloin filleted fresh from the carcasses of your offspring .
There are a lot worse things than any final pain you may imagine precedes the fantasy of spiritual departure from this world. A lot worse.
Something's eating at you, I can tell.
Yeah. What he said.
1000 up votes for you Cadavre!!!
And here I was thinking William S. Burroughs was dead. Not so, not so.
Nero and other emperors debased the currency in order to supply a demand for more coins. By debasing the currency it meant that instead of a coin having its own intrinsic value, it was now only representative of the silver or gold it had once contained. By the time of Claudius II Gothicus (268-270 A.D.) the amount of silver in a supposedly (100%) silver denarius was only .02%.
Especially luxurious emperors like Commodus, who marked the end of the period of the five good emperors, depleted the imperial coffers. By the time of his assassination, the Empire had almost no money left.
.........
The Cato Institute (a modern free-market think tank) says that emperors deliberately overtaxed the senatorial (or ruling) class in order to render it powerless. To do this, the emperors needed a powerful set of enforcers -- the imperial guard.
Once the wealthy and powerful were no longer either rich or powerful, the poor had to pay the bills of the state. These bills included the payment of the imperial guard and the military troops at the empire's borders.
http://ancienthistory.about.com/od/fallromeeconomic/a/econoffall.htm
Money for nothing and war for free.
That my friend, is a collectable.
And I will repeat it often and frequently.
Would make a great bumper sticker - still, most sheeple wouldn't get it - still more, we have to fight the other sides propaganda, so why not try.
Awesomesauce. Well said.
I find it interesting that oil is no longer a source of "hard currency." Hmmm. Shall i invest in Russia?
Totally agree Trav. You can never go wrong turning in Bernank bucks for gold or silver. If you hold it you own it.
+1 for Bernank bucks
Shut up Trav, our founders made a fine Constitutional Republic. maybe you'd of been a Tory. Times have changed though, Revolution 2 coming to a community near you.
More government is never a good answer to the problem of government.
Otoh, less government is neither a good answer to the problem of an unregulated economy.
Yeah, it's so tragic when government coercion is eliminated, and people have the opportunity to make non-coerced, voluntary transactions amongst themselves. /sarc
A man without his own land has no choice but to pay rent.
Ahh, yes. Those poor destitute children living with their parents paying criminally coerced rent. It's a crisis!
Of course, I'm sure you've given serious thought to the fact that it is the State that lays claim to enormous amounts of land which it refuses to make available to anybody not politically connected. Then again, you're probably smart enough to not attempt to homestead property against the will of the sole entity that has a monopoly on force over a given territory. It's so much easier to side with the State and immorally confiscate the just property of peaceful people against their will you big brave man.
Spare me your mock illogical, immoral outrage Einstein.
duplicate
Tell that to farmers arrassed by Monsanto over gmo tainted crops, for one - that's what you get when you let corporations gain control over economy, but don't let that worry you and keep dreaming about self regulated markets.
Which economy do you think is under-regulated?
How many hundreds of thousands of pages of rules do you think there should be to create a perfectly regulated economy?
Bureaucracy may as well just hide the lack of actual regulation (which has nothing to do with red tape). Good regulation implies both clear and to the point laws and enforcement of said laws.
So what you meant to say is a poorly regulated economy, not an underregulated one. This helps differentiate between the rules being inferior or not enforced, versus a lack of numbers of rules.
I would also add that venezuela was a colony of spain and probably had slaves as well in whatever nation that bolivar founded. I just think that our founding and see what a miracle it was to create a constitutional republic that lasted for a long time. My ancesters were not here at the founding but I am thankful that they had a place to escape to that was not venezuela or any other latin american shit hole. Now I agree that today we live in something that vaguely resembles the constitutional republic at the founding but it is better than living under a series of despotic morons like chavez, castro, etc. By the way, fuck you bernanke!
The Spanish enslaved the native peoples to work in the mines. In what became the fine state of California, the Spanish also had the native slaves build the missions so that the fine Catholic religion could flourish.
eventually, black slaves were brought in as they were qualitatively superior slaves to the injuns, most of whom were even lazier.
there's a reason that words for slave = black, I think it's hebrew as this desert nomad war tribe slave trade has gone on for a VERY long time.
Slaves turned many colonies and islands into economic powerhouses....which were promptly reverted to african norms upon dissolution of slavery. Incidentally, a lot of people bring up Trinidad as "oh not ALL the darkies have high murder rates." Might wanna look a little deeper into that...their darkness isn't solely from africans. Trinidad has a very high percentage of east indian, as do several areas in South america. Indian<>african.
"most of whom were even lazier". Trav777, do you have any idea how carelessly you reveal yourself? Lazier?Injuns? As if resisting slavemasters is laziness. You are breathtakingly stupid.
And racist.
Trav
And what racial group do you blame for the devaluation of the dollar in gold from $20.67 to $35.00 back in '33?
Your constant, blathering racism is a tiresome meme.
hmm..let's see here...who is commonly associated with banking....
I mean, really don't lob me softballs. The founders put us on a fucking bimetallism standard; it's written into the fuckin constitution
There was a reason why the founders only wanted gold and silver coins... the British were counterfeiting the Continental.
Gold and silver were around and used for "trading" before the "jews" even came into existance. And to this day is still used.
http://www.irishcentral.com/news/Ancient-gold-horde-found-in-dumpster-goes-on-display-132608168.html
Been around for a long time.
That was just the end o' the rainbow left by some little people fuckin' aboot aftah the pubs closed, laddie.
(tee hee hee, them dumb Americans always think them frozen piss bars be gold, silly buggers)
Allow me to shed some light here... to your question Ignatius,
www.synagoguerising.com
Re 46% devaluation in Caracas, error in article Tyler has posted
Was actually similar to the FDR devaluation in the USA, just over 40%, not as said above in the article:
« ... FDR, whose 70% devaluation of the USD courtesy of executive order 6102 ... » signed on 5 April 1933
It is funny how often the 1933 Roosevelt devaluation of the dollar is cited wrongly ... one also sees 60% or other erroneous figures as well. Here are the maths:
When it took US $20.67 to buy an ounce of gold, then 1 dollar was worth .0483 ounces of gold
When it took US $35.00 to buy an ounce of gold, then 1 dollar was worth .0285 ounces of gold
So the dollar would buy .0198 ounces less of gold than the earlier quantity of .0483 ounces ... in other words, 40.9% less (Take 40.9% of 483 and you get 198)
Of course Americans in their 'land of freedom', just having won the right to drink back, after 14 years of religious fanatic insane 'Prohibition' of alcohol, then couldn't buy gold again until the 1970s
uh, Prohibition was an Amendment as well...the PEOPLE ceded the right to drink before repealing the ban
What about the part where he made it illegal to buy gold again until 1975 when the price was over $175 ??
Black history professor, Tony Martin, writes that slave trade was founded and built by Jews.
http://www.youtube.com/watch?v=cj1sKZC0cwY
http://www.iamthewitness.com/books/Walter.White/Who.Brought.the.Slaves.to.America.htm
I thought Trav was anti metal. What gives? Where's the real Trav777??
Say 'meanwhile' again motherfucker!
I double sheepdog-dare ya!
Let me introduce you to the gimp...
Dear Venezuelans, your government just went medieval on your ass.
"get your foot off the nigger"
I bet you there are many people down there now who are "pretty fuckin far from okay."
pods
But not so much if you are a foreign tourist at a Caracas beach hotel.
Your vacation there just got way cheaper.
Caracas is a dump. Isla de Margarita baby! That's the place to go.
lol, yea you can have it.
Will the price of gas at Citgo drop 46%?
Nope. It will however prompt other OPEC members to force their currencies in a inflationary manner to counter a primary member of the Oil producers that just cut it's own nuts off.
again "Canadian crude goes for sixty bucks a barrel." that is...interestingly..."40% cheaper than what the Americans are paying right now." this is a big deal...amazing story especially for folks like me who think that oil rich nations can simply "print prosperity." now we all know "there's the limit." but again to compare this to the FDR devaluation is beyond ridiculous. where was the inflation that resulted from it? the answer of course is "there wasn't any." the USA can...and still DOES "print steel." combined with steel reinforced poured concrete and simply put "there was no devaluation in '33." there was a RE-valuation...in the form of "your gold and silver could suddenly buy some very valuable US stuff." but hell...Henry Ford could produce the Model T for 500 bucks...and still make a profit. Wait 'till Ford finds a way to do that with the Ford Taurus.
Have you ever thought about getting one of those things that has little compartments for pills that are labeled for each day of the week?
your gold can become VERY valuable if prices collapse "save for gold." of course land prices could collapse as well...40% sound about right?
Don't hold your breath on it. We only get to do that with cheap energy. Steel is wrought from power otherwise it's just a rock.
The Canadian oil is still over priced. It's Dirty Oil. If you've striped an engine in the last five years you'll notice lots of extra goop in them now a days. The Canadian 'oil' is tar that originally was meant for roads 20 years ago. Remember when roads were worked on once every five years instead of being repaved every 1 year.
Over 20 years we've taken a cost venture like road works and forced the costs of the process by 400% because we are now using anything we think we can refine and burn in an engine. That in a nutshell is peak oil...until folks clue into what the subsitute is and how fast it's being depleted.
BTW doesn't matter where you are from now. All frogs are in the same pot now and here we are telling the others to jump out of the slowly boiling pot. Doesn't matter at this point, waste of time and energy.
Fiat= By decree
When I tell people they are debt slaves, it isn't an insult, it's a reminder.
Thanks for keeping us informed TD! Keep up the good work. Never knew a country with a GDP the size of NJ was so important on the global economic stage. Nailed it!
Leverage kinda matters. Ergo why everyone is so fucking terrified of a Greek (or even Cypriot) default.
Venezuela is only following the US/Krugman model. Massive spending (to get re-elected), massive debt and chronic devaluation (in the US we call it QE).
This guys sums it up nicely.
http://confoundedinterest.wordpress.com/2013/02/09/devaluation-nations-a...
Gold priced in Bolivar up 34% overnight! GOT GOLD!
PG, CL, CLX, KMB suddenly gettin g hit. must be the reason.
Given the inability of elected officials to EVER do the right thing before passing zero barrier, I see massive printing as the only way out of this hole for the US. Once the Fed has bought ALL available treasuries, the Treasury can authorize a 50-100% increase in the money supply to retire the Treasuries owned by the Fed and provide capital to operate with from that point on. Any holders of cash will be vaporized. But there is no other answer given the cluster fuck known as the US Gubmint.
FL
I gave you +1 for being thoughtful. But unfortunately you have it all wrong.
"Massive printing" is not a solution to anything. It's the problem itself. The government being "unable" to do stuff is not the problem. They won't "do the right thing" because that's not their job.
When you say "...but there is no other answer given the US gubmint" you are implying that somehow they actually want an answer. They don't want an answer. The goal here is to collect interest from Americans. They want to keep that scam going for as long as possible. Absent that, they want total domination over...everything.
You DO NOT want hyperinflation (like Chavez' devaluation) because it WILL NOT solve any problems. It will cause widespread poverty. (We are already on our way there.)
You get a certain clarity when you realize this thing (fiat money) is supposed to hurt you. That's what it was built for.
If you go under 50, this bus will explode.
“They want to keep that scam going for as long as possible. Absent that, they want total domination over...everything.”
“You get a certain clarity when you realize this thing (fiat money) is supposed to hurt you. That's what it was built for.”
Well, those two sentences are among the best and most incisive I have had the pleasure of reading here.
Seize Mars is always good. still..."managing from above" is always a game of Chance. the current system shows "workability." that doesn't mean it's working tho.
Mars, let me be clear: I don't think for a second that printing a massive amount of money is the "right" answer. Nor do I "want" hyperinflation. But I guarantee that will be the ONLY answer they will come up with to stave off a total debt collapse, I say that because they're incapable of making appropriate choices within the necessary timeframes. IMO, elected officials are incapable of taking proper action because their focus is on a political career and the financial benefit it provides them and NOT what is in the best interest of the country. Hence, a conflict of interest that is never resolved. The reason they "don't want an answer" is because it has career-limiting implications, which runs contrary to their greedy self-interest. They no more want total domination than they want total freedom, because both necessitate taking responsibility for others' or one's own actions. The control that they seek through government is simply the means to the end, which is financial enrichment through political quid pro quo. In the end, the only way to protect oneself is to own real money and real assets. Again, in that case, fiat is just a means to that end.
we've already had out debt collapse. we only have a few healthy banks left..."and those are lending but we will MAKE them!" really? hmmmm. you should follow the ups and downs of North Dakota real estate...not Florida real estate. that's what backs all of Florida and North Dakota's DEBT...and that's what "creates the bank that decides whether or not to lend." if those land prices start TRULY cratering...
Fair enough.
And soon our government will be printing the "new" dollar where you can trade in 100 for 1 new one. Hurt is a given.
Chavez is a naughty boy.
He needs to be spanked.
http://www.angrysinner.blogspot.kr/2013/02/saturday.html
hey fucker, stop spamming your dumbass website.
Did Devil Bitch open a can of Hormel chili for dinner, or did you have Dr. Pepper and pumpkin pie?
We get to see what happens to the stockmarket once a currency is devalued, looks familiar doesn't it.
Hugo Chavez should be hailed as a hero on Zero Hedge.
Venezuela reclaimed her gold from the international banksters- Can I hear a "phyzz, bitchez!"?
Venezuela has over 70% of it's international reserves in gold- "fuck the fiat, bitchez!"
Venezuela now has physical control of it's own gold- "rehypothecated and Corzined, bitchez!"
Venezuela reclaimed sovereign control of the vast gold deposits in the country- "fuck multinationals, bitchez!"
Venezuela has the world's largest PROVEN reserves of oil in the world- "resources, bitchez!"
Venezuela has the second-largest proven reserves of natural gas in the western hemisphere. (see above)
Venezuela has been instrumental in creating CELAC, which has already surpassed the US-dominated OAS, and completely excluded Canada and Uncle Sam- "fuck Obama, bitchez!"
Venezuela got a head start and is way down the track in the global currency devaluation race- "catch me if you can, bitchez!"
And when it all goes to shit, as it more than likely will, they have plenty of "physical" to get back up.
"Gold, Bitchez!"
First to hit bottom is the winner
First to hit bottom is temorary winner, then everybody loses.
It is no longer a race to the bottom, it is now syncronized diving. We will all go down together, and every central banker is a winner!
sorry to ask but what happens to countries holding billions of US dollars in debt? Does not their debt go 46% (for example) increase? thanks.
if you want more of our (worthless?) debt you have to produce and export more. if oil isn't safe then i would take a good hard look at cars. "that's the secret to the East Asian boom." if that's coming to an end...
INCOMING!!!
Nuke the [joobuck loving] whales... Show 'em how to do it Hugo!
You are going to be lucky if you even have horsemeat.
I tried it once. Horse meat is good. But then again, it was real horse.
Was it after the horse lost the race.
Horsemeat is popular in Fance and Central Europe. I have tried. 99% of the people would not be able to tell a difference.
I guess I'm the 1% afterall.
It's the little bits of saddle leather that give it away.
Ever wonder why an Arby's roast beef sandwich tastes nothing like you grandmother's pot roast? Just ignore the slight musky aftertaste and order lots of "horseey" sauce.
Our bought and paid for FDA would never let a test get close to such a crony corporation, they are more cocerned that you may try to drink real milk or raise free range hogs.
...but "Arby's" stands for:
America's
Roast
Beef
Yes
Sir!
Why would they lie???
Horse meat can get expensive... And yeah, it's really good.
Horse meat is a common choice and specialty of Verona Italy. Don't sneer until you try it. Very nice flavor and very healthy. One of my favorite meats.
I was not being sarcasic.
Horse meat can get expensive here in Spain as a specialty, too. And I really like it.
Then I feel slightly bad about eating horse, but also slightly pleased that because it's produced by small farms it's not as stuffed with hormones/antibiotics/crap.
cows are easier to catch, which makes em a lot cheaper...
I know lets play Russian roulette with a fully automatic
I haven't eaten any horse meat that I was aware of, but I saw a horse fly through a window once.
Id rather eat horsemeat labled as such than pinkslime labled as hamburger, nuggets, etc.
We are eating everything, but the horse, especially the sheit... in the political and financial world
delete
Only barbarians eat horses.
wow
You took the word right out of my mouth!
It's currency "shock and awe". Consider my both shocked and awed. It's been YEARS since they did anything that. Like 3 of them. Look at 2010.
What was that little thing in 2002?? Did they FLOAT their currency for one year and then peg again?
Holy smokes! I smell cinders and sulfur.
Ohhh...excuse me; my bad.
This shit makes me sick to my stomach. This fucking planet isn't that small!
So is that now 6.3 Bolisvar to the US dollar?
PRAISE CHAVEZ
The left LOVES HIM
Castro too...Spielberg said that meeting Castro was the greatest moment of his life; he was totally awed.
I would never obviously suspect that this particular point of view might, you know, shine through in any of his movies or other work. People never ever let their biases bleed into their work.
And I wouldn't expect his advocacy to run kinda toward marxism either, nor would I expect his cousins in the secular clan to kinda have marxism as their new-age religion, replacing that old torah shit