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Old 09-10-2014, 10:04 AM   #21
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Venezuelan debt traders are beginning to consider the possibility the country may run out of money.

The cost of insuring the country’s foreign-currency bonds against non-payment soared yesterday by the most since the aftermath of Lehman Brothers Holdings Inc.’s collapse in 2008 to 14.25 percentage points, the most expensive in the world. Investors are also demanding the biggest premium in six months to insure the South American nation’s notes over those from war-torn Ukraine.
...
“The bond market is finally beginning to wake up” to the possibility of Venezuela defaulting, David Rees, an economist at Capital Economics in London, said by phone. He predicts the country could default as soon as this year.
...
http://www.bloomberg.com/news/2014-0...es-credit.html
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Old 09-10-2014, 10:40 AM   #22
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They're not just running out of dollars, they're running out of oil [of all things to run out of]. Apparently their Orinoco heavy crude is so heavy that it requires blending with much lighter oil simply to be transported. Think asphalt here, since that is what extra heavy crude really is. The funny part of that is Venezuela produces their own light oil, but since they have diverted nearly all the money from their oil resources to social programs and the socialist cronies at the top of the food chain, they no longer have viable infrastructure in place to provide for their own needs, so they will be importing oil.
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Old 06-12-2015, 10:04 AM   #23
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http://news.yahoo.com/professors-fle...040303327.html

"College professors in this socialist country plagued by a cash crunch, shortages and spiraling inflation are abandoning their jobs in droves, unable or unwilling to survive on salaries as minuscule as $30 per month at the widely used black market exchange rate."

"More than 700 of the 4,000 professors who once taught at the highly respected Central University of Venezuela in Caracas have quit during the last four years..."
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Old 06-12-2015, 11:31 AM   #24
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That could be considered a good thing for the political class. The intelligencia are always a fount for dissent.
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Old 08-28-2015, 11:38 AM   #25
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http://www.bloombergview.com/article...ela?cmpid=yhoo

"Venezuela seems to be hovering on the edge of tipping into hyperinflation. Or perhaps it has already fallen into the abyss."

"...annual cost-of-living increases are running at about 722 percent."
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Old 08-28-2015, 11:59 AM   #26
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They've been in the abyss. The people just cannot seem to figure out that Maduro is a jackass that has destroyed their infrastructure and oil machine in favor of his crony network and to curry the votes of the poor. All it gets him is runaway inflation and the complete destruction of any semblance of business in that nation. No one outside the nation will do business with them, meaning basic shit like rice and beans cannot be found at any price, much less the "official price".

They are fucked until the next election.
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Old 08-28-2015, 12:17 PM   #27
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722%, huh? Slackers.
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Old 04-27-2016, 08:26 AM   #28
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Been a while since any updates were posted to this thread, but things have continued to deteriorate in Venezuela. Koos Jansen has been reporting on Venezuelan gold exports:
Quote :
According to data released by the Swiss customs department on Tuesday, Venezuela has net exported 12 tonnes of gold to Switzerland in February 2016. In January Venezuela net exported 36 tonnes of gold to Switzerland, in total 48 tonnes was moved in the first two months of this year.

On 16 March 2016 BullionStar researcher Ronan Manly reported “Venezuela exported 12.5 tonnes of gold to Switzerland on 8 March 2016, via Paris”, based on an article by newspaper El Cooperante. Establishing, Venezuela has net exported at least 60 tonnes of gold year to date.
...
https://www.bullionstar.com/blogs/ko...d-in-february/

Now this:

Quote :
Just three weeks ago, the Venezuela socialist paradise gifted local workers with one extra day of rest each week when, as a result of the crippling economic crisis and collapsing power grid, president Maduro designated every Friday in the months of April and May as a non-working holiday in his desperate bid to save electricity as a prolonged drought pushes water levels to a critical threshold at hydro-generation plants. ...
...
As a reminder, the reason for the electrical rationing was the water content of Venezuela's Guri Dam, which supplies more than two-thirds of the country’s electricity. As The Latin American Herald Tribune wrote a month ago, the dam “is less than four meters from reaching the level where power generation will be impossible. Water levels at the hydroelectric dam are 3.56 meters from the start of a ‘collapse’ of the national electric system. Guri water levels are at their lowest levels since 2003, when the a nationwide strike against Hugo Chavez reduced the need for power, masking the problem."

Yesterday the water levels at Guri dam reached a record low of 241.67 meters, according to state power utility Corpoelec. If levels drop below 240 meters, the dam’s operator may be forced to shut down units at the plant that produces about 75 percent of the electricity that Caracas, the country’s capital and largest city, consumes.

Alas, since this plan was doomed to fail as the Venezuela economy would produce even less output as a result of the extended weekend, things went from comical to farcical overnight when the Venezuelan gift kept on giving, and the nation expanded the three-day weekend to five days, declaring a two-day work week for government workers, adding it was seeking international help to save its power grid amid a drought that threatens the capital’s main source of electricity.
...
More (incl. dam pics): http://www.zerohedge.com/news/2016-0...-public-worker

If the electrical grid goes down, the country could very well implode into chaos.
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Old 04-27-2016, 01:06 PM   #29
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...
In a tale that highlights the chaos of unbridled inflation, Venezuela is scrambling to print new bills fast enough to keep up with the torrid pace of price increases. Most of the cash, like nearly everything else in the oil-exporting country, is imported. And with hard currency reserves sinking to critically low levels, the central bank is doling out payments so slowly to foreign providers that they are foregoing further business.

Venezuela, in other words, is now so broke that it may not have enough money to pay for its money.
...
http://www.bloomberg.com/news/articl...ation-explodes

Ouch.
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Old 04-28-2016, 04:32 AM   #30
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The president of Argentina's central bank says they are going to move to eliminate cash
Looks like Venezula is ahead of the game (-;
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Old 05-16-2016, 08:59 AM   #31
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Venezuelan President Nicolas Maduro imposed a 60-day state of emergency Friday night, warning the citizens of “international and national threats against our fatherland” as the country is gripped by economic and political crises.

During a national broadcast announcing the declaration, the embattled heir of Hugo Chavez warned that “Washington is activating measures at the request of Venezuela’s fascist right, who are emboldened by the coup in Brazil,” referring to the ouster of Brazilian president Dilma Rousseff last week by opposition parties in the legislature.

U.S. intelligence officials told the Washington Post on Friday that Venezuela’s government could be overthrown by a popular uprising by year’s end, citing the deepening economic malaise and political deadlock. And the country’s woes are likely to only get worse:
...
More: http://www.theatlantic.com/internati...rgency/482826/

It's really sad to see people suffer under the yoke of tyranny whether political or economic (or both).
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Old 05-16-2016, 06:09 PM   #32
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Let them print US$
Fixes everything

Let every country print em .......
All the experts agree, it will work ... it must work )-:
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Old 05-17-2016, 08:24 AM   #33
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Originally Posted by rblong2us View Post:
Let them print US$
...


Somebody's gotta go back and get a shit-load of dimes! print a shit-load of twenties!
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Old 06-17-2016, 11:53 AM   #34
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From April:
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Old 06-26-2016, 07:17 PM   #35
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It's getting ugly:

https://panampost.com/panam-staff/20...gton-stand-by/
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Old 06-27-2016, 09:09 AM   #36
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Venezuela faces a disaster. Over the past month, food riots have broken out across the country as mostly empty supermarkets are looted. Its capital, Caracas, is now the most violent city in the world. The economy is in a tailspin, set to contract 10 percent this year. Oil production, the country’s lifeblood, has plummeted as the neglected state-owned energy sector crumbles. The government lacks the money to print its money. Inflation may top 700 percent this year. Severe medical shortages, of even the most basic equipment and medicines, may be causing thousands of deaths. In April, the government mandated a two-day workweek for state employees to save electricity. Embattled President Nicolás Maduro rules largely by decree, and dozens of political prisoners are held behind bars.
...
http://www.slate.com/articles/news_a...venezuela.html
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Old 08-01-2016, 02:08 PM   #37
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A new decree by Venezuela's government could make its citizens work on farms to tackle the country's severe food shortages.

That "effectively amounts to forced labor," according to Amnesty International, which derided the decree as "unlawful."

In a vaguely-worded decree, Venezuelan officials indicated that public and private sector employees could be forced to work in the country's fields for at least 60-day periods, which may be extended "if circumstances merit."
...
http://money.cnn.com/2016/07/29/news...ee-farm-labor/
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Old 08-02-2016, 01:46 PM   #38
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A glimpse of our future?
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Old 08-02-2016, 07:36 PM   #39
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Well this is obviously a big mistake. See here the Venezuelan leaders sporting expensive jewelry and clothing. So obviously in a socialist utopia like Venezuela everyone is equal so I guess everyone must have $30K watches right? Or is it that maybe some are MORE equal than others?
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Old 08-03-2016, 10:53 AM   #40
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A BBC journalist, who attempted to film the crisis, was stopped and forced by soldiers to delete footage of a protest outside a supermarket as desperate Venezuelans waited for food.

Baying crowds shouted “We want to buy stuff!” as they grouped outside the store in the country’s capital, Caracas.

BBC journalist Vladimir Hernandez reports that many people approached him to say they had queued for 12 hours without being able to buy what they wanted.
...
http://www.express.co.uk/news/world/...r-delete-video
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