Home FAQ Search Memberlist User Groups Register Login   

BloggingTories.ca Forum IndexBloggingTories.ca Forum Index
    Index     FAQ     Search     Register     Login         JOIN THE DISCUSSION - CLICK HERE      


Post new topic   Reply to topic Page 1 of 1
View previous topic :: View next topic  
Author Message

Joined: 02 Mar 2009
Posts: 10021
Reputation: 321Reputation: 321
votes: 3
Location: Ontario

PostPosted: Wed Jan 18, 2017 8:45 pm    Post subject: inflation out of control in Venezuela Reply with quote

( its becoming a tale of how to destroy a country in Venezuela , what a disaster )

Hyperinflation renders Venezuela a nation of broke millionaires

By Andrew O'Reilly
·Published January 18, 2017
· FoxNews.com

A bank teller counts bolivar banknotes at a Banco de Venezuela branch in Caracas, Venezuela January 16, 2017. REUTERS/Marco Bello - RTSVRHG

Venezuela may now be the country in the world with the most millionaires. There is, however, a caveat.

That money isn’t worth much anywhere else in the world.

Amid rampant inflation, widespread shortages of everything from toilet paper to medicine and a failing economy, the Venezuelan government recently introduced three new bank notes into the market ranging from 500 to 20,000 bolivars.

But while somebody in Caracas can now carry 1 million bolivars in his billfold, in terms of U.S. currency those 50 bank notes are only worth only about $300 on the country’s black market and one bill is valued at less than $6.

“That won’t get you very far,” Chris Sabatini, a professor at Columbia University’s School of International and Public Affairs, told FoxNews.com. “It’s like the government has almost given up. They are just adding zeros to the end of these bills and they don’t mean anything.”

Sabatini added: “There’s going to come a time when they’re going to run out of space on the bill for all those zeros.”

Venezuelan President Nicolás Maduro said the switch to the new bills was to combat smuggling along the country’s border with Colombia. He added that transnational gangs hold "entire warehouses full of 100-bolivar notes in the [Colombian cities of] Cucuta, Cartagena, Maicao and Buaramanga.”

The government also believes that the new bills will help make shopping easier for Venezuelans as they currently have to carry large wads of bank notes around with them to obtain even basic supplies. Before the new notes were introduced the highest bill in Venezuela was 100 bolivars, which is worth about 3¢ on the country’s black market.

No official inflation data is available for 2016, but many economists believe Venezuela ended the year in triple digits, and it is forecasted to hit 1,600 percent this year.

Despite government assertions that the new currency is meant to combat smuggling, many Venezuelans appear are skeptical.

“I think it is more of the same,” one Caracas resident waiting outside a bank told the BBC earlier this week. “Effectively what we are doing is putting more money on the street, attracting more inflation.”

Since global oil prices plunged in 2015, Venezuela hasn’t had the funds to import basic goods such as food and medicine, creating acute shortages and stirring anger toward Maduro.

Adding to the overall misery are a drastic rise in violent crime, especially in the capital city of Caracas, rolling blackouts and widespread and often times bloody protests against the government. There have been casualties and deaths on both sides of the protests and accusations from the international community of human rights abuses and political oppression.

“The pressure that Venezuelans face every day is tremendous because of all the uncertainty,” Sonia Schott, the former Washington, D.C., correspondent for Venezuelan news network Globovisión, told FoxNews.com. “Nobody knows what will happen the next day.”

Adding to the difficulties with the new bills is that 100 bolivar bill makes up to nearly 50 percent of the banknotes used in the country, according to Central Bank data released in November, with more than 6.1 billion of the 100 bolivar bills currently in circulation.

The Maduro government initially imposed a 72-hour time limit for citizens to change or deposit their 100-bolivar notes for the newer, higher bills, but this led to long lines at banks and, in some cases, riots.

Authorities said there were protests and looting in at least six cities last month, including Maracaibo, where police put down looting near a bank building, and the eastern state of Bolivar, where mobs sacked several businesses. Young men waved their 100-bolivar bills in the air and chanted "they're useless," then turned and ran as police fired tear gas canisters. Dozens of people were arrested.

The deadline for removing the 100 bolivar note from circulation has been extended multiple times since and, currently, the bill will remain in circulation until Feb. 20.

“There is clearly no strategy in Venezuela but to surrender,” Sabatini said.

The Associated Press contributed to this report.


Joined: 02 Mar 2009
Posts: 10021
Reputation: 321Reputation: 321
votes: 3
Location: Ontario

PostPosted: Wed Jan 18, 2017 8:50 pm    Post subject: Reply with quote

The remarkable dignity of Venezuela's women

· Maria Corina Machado

By Maria Corina Machado
·Published January 18, 2017
· FoxNews.com

It was barely mentioned in the recent U.S. presidential elections, but Venezuela is suffering the consequences of being under the boot of one of the most atrocious and enduring Socialist dictatorships of our time.

In fact, at the end of the first U.S. presidential debates, Venezuela received a minute of attention when Hillary Clinton mentioned a former Venezuelan beauty queen to spite Donald Trump, the former owner of the Miss Universe Organization.

Interestingly, Venezuela leads in winning Miss World contests and is second in Miss Universe pageants. And while Venezuelan women are particularly beautiful (I am of course biased), I am proud that in today’s desperate struggle for freedom, they have also proven to be extremely valiant and resilient.

Hugo Chávez, the military-putschist-revolutionary-leader who was eventually elected president and then turned dictator, claimed that his government had apparently and uniquely highlighted the crucial role of women in society.

Stating that— “women in essence can only be freed through a socialist revolution”, and “there’s no socialism without feminism”, Chávez rallied considerable female support and enthusiasm. With powerful sentences such as—“The dignity of a people is dependent on the dignity of women”, Chávez pretended to incorporate the feminine half of society which history has so often disregarded.

Nevertheless, after almost 20 years of his so-called “revolution”, my country, my people, and my gender, are experiencing the worst predicament in our history.

Our once rich and prosperous nation is now filled with scarcity, hunger, misery and despair, and women are paying the highest price.

Inflation has deeply hurt the average Venezuelan worker as the cost of a family’s basic food basket has augmented five fold in one year.

Mothers across the country are struggling and forfeiting their own well-being to feed their babies.

Today, as the health system collapses in Venezuela, giving birth to a child can frequently become a ruthless calamity. Hospitals, destitute of 90 percent of the medicines they routinely use, are congested and have no choice but to stop relying on modern emergency procedures. Many surgery rooms are dysfunctional and many hospitals are literally struggling not just to save lives but to stay open. Clean water and electrical shortages are frequent, not to mention the scarcity of basic detergents to clean hallways and hospital rooms.

Mothers have had to give birth on the steps of hospitals due to overcrowding. Diseases, which were once kept in check – and in some cases had vanished in Venezuela, such as Malaria and Diphtheria – are reappearing at alarming rates due to the lack of preventive measures threatening both mothers and their newborns in hospitals and throughout the national health system.

Premature births and miscarriages, which are expected to diminish as countries develop, are increasing exponentially in Venezuela, often due to maternal malnutrition during pregnancy.

The serious economic crisis, the hardships and expenses of finding traditional contraceptive methods are forcing many desperate women in Venezuela to contemplate being forced into sterilization. Some of them are doing this at an early age, relinquishing their hopes of becoming mothers.

Over the past few weeks, there have been many reports about Venezuelan women bartering anything, including selling their hair at the Colombian border in return for basic supplies. However, the big issue is not what Venezuelan women are selling, rather what they are giving up.

Many Venezuelan women have resorted to abandoning their children because they feel they have no other choice. In the best scenarios, they might desert their children leaving them with a relative, or a neighbor. There is also the option of state agencies and charities, which have seen a surge in the number of parents begging for help.

Yet in some extreme cases, mothers simply abandon their children on the streets of our towns and cities. Last month a baby boy –a few months’ old– was found inside a paper bag in a relatively affluent area of Caracas. A few weeks later a malnourished one-year-old baby was found abandoned in a cardboard box in the eastern city of Ciudad Guayana.

However, most poor women refuse to give up their children and seek work wherever or however it can be found. Heartbreakingly, this infers that more and more Venezuelan women are resorting to prostitution.

A recent report revealed that the border city of Cúcuta has become a center for prostitution. Teenage girls can make more money in a weekend in Cúcuta from prostitution than they can in a year on the minimum wage in Venezuela.

A fortnight ago, while visiting Santa Teresa del Tuy, a one hour trip from Caracas, I was invited inside a very humble abode inhabited by a grandmother, a mother and four small children.

Once inside, I extended my arms and picked up the smallest child and asked his age, thinking from his size and weight he must be eight or ten months old.

I was stunned when the mother replied he was two years old. Our babies are growing up deprived of milk and proteins, which has a direct impact on their development and health.

Many lactating mothers are malnourished because they cannot find basic foods, or pay the black market prices, not to mention things like essential vaccines.

One frequently sees long lines of mothers with their screaming babies in their arms waiting in front of a supermarket or a pharmacy. Sometimes they spend four or five hours in a queue. They are waiting for milk or diapers.

The moment the word is spread (and it spreads like wildfire) that a lorry-load of diapers or milk has been seen arriving at a given address, there is mayhem.

By the time you arrive at the address, if supplies have lasted, the chances are you can’t even afford to buy your quota of what you require at government controlled prices. For Venezuelan women, it is permanent crisis mode.

As a former presidential candidate at the primaries and as a former Congresswoman, (opposition MP of the silenced Venezuelan parliament), I actually regard that “the dignity of a people is reliant on the dignity of its women.”

The world must be made aware of what Chavez’s revolution and his dictatorial successor Maduro have done to the integrity of the Venezuelan people and to the dignity of our women. But they must also know that the women of Venezuela are courageous and resilient. You will find them at every demonstration, at every protest. Women of all ages standing bravely, often in the line of fire, for their freedom; for their dignity.

And we will continue to shout loudly for our freedom and we will continue to fight proudly for our dignity, for the sake of our country, and for the sake of our children.

María Corina Machado, is one of the current leaders of the movement for democracy in Venezuela. She is a former primary candidate for president, former member of the National Assembly of Venezuela and leader of Vente Venezuela

Toronto Centre

Joined: 12 Feb 2011
Posts: 1457
Reputation: 128.4
votes: 4
Location: Toronto

PostPosted: Mon Feb 13, 2017 2:54 pm    Post subject: Reply with quote

Good job here RCO.

Things are absolutely horrible in VZLA . They will be for some time, or until someone puts a bullet in Maduro's head. (and have a backup for a deomcratic election plan)

I have relatives in Caracas from my brothers wifes side. A large family(11 or so kids) and they are beside themselves.
No water (been that way for eons)
No TP...guarded by armed guards at stores.
No food to speak of.

Many of my relatives have fled to neighbouring countries but thats not a panacea for anything. Latins...whoo boy, they can be merciless and the influx to other countries is bringing that out.

Couple of weeks ago...her (my SiL) sister and husband own a store. She was followed home one night and when she reached her home they produced guns and ushered her inside. At gunpoint they told the husband to go get every dollar he could find (bank store etc) and come back asap.
He left and she knew they would kiil her later so she screamed as loud as she could. Neighbours rushed in and overpowered the guy...................................................................and hung him from the balcony.

My brother and his wife on last visit two years ago were cautioned one night not to go out. What happened is Miss Venezuala was killed just outside where they were.

Pretty damn bad all around.

4 of her sisters are hoping to visit for the 150th celebrations here, but the massive amount of red tape is stalling that plan.
I suspect our govt is trying to swamp them into thinking 'naw...lets not bother" Too much of a refugee risk I guess.
Post new topic   Reply to topic Page 1 of 1


Jump to:  
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum
You can attach files in this forum
You can download files in this forum

inflation out of control in Venezuela

phpBBCopyright 2001, 2005 phpBB