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Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%

 
its on like donkey kong
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02/08/2013 03:32 PM
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Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
[link to www.zerohedge.com]


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 how it's done:

VENEZUELA DEVALUES
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 money was in gold and silver, which just jumped by about 50%. Coming soon to every "developed" world banana republic near you.
Anonymous Coward
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02/08/2013 03:36 PM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
Damn!!!! And they have all their gold too.
Anonymous Coward
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02/08/2013 03:40 PM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
That Fat pig tried to help the poor
And he just made them Poorer
Anonymous Coward (OP)
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02/08/2013 03:44 PM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
[link to www.zerohedge.com]

Back in 2011, BlackRock's Larry Fink revealed one of the great unspoken truths of capital markets, namely that "markets like totalitarian governments." They also like authoritarian socialism, sprinkled in with a healthy dose of nationalization, because as Bloomberg reports, one of the biggest beneficiaries of over ten years of the "glorious socialist revolution" in Venezuela, coupled with over 1000 nationalizations by the bed-ridden and roughly 15 times deceased Hugo Chavez (if one believes all the rumors), is none other than Goldman Sachs, which generated some 681% in returns due to "aligning its interests" with those of the unshakable Venezuelan ruler.

From Bloomberg:

Since taking office in 1999, Hugo Chavez has spread his socialist revolution in Venezuela by seizing more than 1,000 companies. For bondholders that stuck by him, he’s also delivered returns that are double the emerging- market average.
 
The 681 percent advance, equal to 14.7 percent annually, has enriched investors from OppenheimerFunds Inc. to Goldman Sachs Asset Management LP that counted on Chavez’s willingness to siphon the country’s oil wealth to pay its creditors in the face of start-stop growth and falling reserves. While his policies drove away enough investors to keep Venezuela’s borrowing costs over 12 percent on average during his tenure, or 4 percentage points higher than those of developing nations, he’s never missed a bond payment.
 
Venezuelan bonds accounted for about 6.7 percent of the holdings of Goldman Sachs’s $2.9 billion Growth & Emerging Markets Debt Fund, the third-biggest investment, according to data compiled by Bloomberg. The fund returned 12.8 percent over the past three years, outperforming 90 percent of its peers.
 
“This is a really great high-income and
Anonymous Coward
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02/08/2013 03:51 PM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
Whoa ! bump
Anonymous Coward
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02/08/2013 03:52 PM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
Pin this devaluation shizz !
ExoPoliChick

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02/08/2013 03:52 PM

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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
I was literally in Venezuela day before yesterday....got back on Wednesday night. I managed to get as much as 19 Bolivars to 1 USD.

These charts and numbers have me scratching my head...I really don't know what the Bolivar has been devalued against, and the numbers on the charts have me confused.
Traveler of both time and space ~~~~


Nobody told me there'd be days like these....Strange days indeed!
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

"It is our innate solidarity - not some despotism of the sky - that is our source of morality and sense of decency."
~ Hitchens

"The essence of the independent mind is not in what it thinks, but how it thinks."
~ Hitchens

"A mote of dust suspended in a sunbeam."
~ Sagan

I LOVE science and I LOVE space but I am hugely skeptical and don't trust a word NASA says.
Anonymous Coward
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02/08/2013 03:53 PM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
Whats the price of that gold the repatriated a year ago ?

up 47% in one day !
gebahie

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02/08/2013 03:54 PM

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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%


NEXT
Anonymous Coward
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02/08/2013 04:16 PM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
The Flush is coming...
Anonymous Coward
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02/08/2013 04:18 PM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
I was literally in Venezuela day before yesterday....got back on Wednesday night. I managed to get as much as 19 Bolivars to 1 USD.

These charts and numbers have me scratching my head...I really don't know what the Bolivar has been devalued against, and the numbers on the charts have me confused.



What more is there to say, you got 19 to 1USD. End Game
Anonymous Coward (OP)
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02/08/2013 04:20 PM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
Old uncle Hugo is showing uncle Ben the shit just got real
Anonymous Coward
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02/08/2013 04:24 PM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
5 stars and a Pin OP!
insertfunnyusername

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02/08/2013 04:55 PM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
bump5*+pin 5a
nwo_watcher_911

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02/08/2013 05:10 PM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
This is heavy.

I told everybody I know to get in gold at 600, then 800, then 1200...

Those fucks in Venezula got their gold, then devalued their currency!


As for us in the US, they doing the same thing but slow and from the other side: they printing and printing... 85bln indefinitely.
nwo_watcher_911
GFX guy
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02/08/2013 05:20 PM

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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
Old uncle Hugo is showing uncle Ben the shit just got real
 Quoting: Anonymous Coward 33956026

These guys love to bet with OPM... don't they?
poker
Maybe OPM should actually be changed to other peoples debt (OPD) now.
Nice find OP!
Anonymous Coward
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02/08/2013 05:58 PM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
Oh shit
nwo_watcher_911

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02/08/2013 06:02 PM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
bump
nwo_watcher_911
Anonymous Coward
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02/08/2013 06:07 PM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
[link to hotbedinfo.com]

Who's next.....AMERICA!!?
GFX guy
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02/08/2013 06:36 PM

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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
[link to hotbedinfo.com]

Who's next.....AMERICA!!?
 Quoting: Anonymous Coward 11470577


Anonymous Coward
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02/08/2013 06:40 PM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
hmmmm. interesting news. who is next? the currency wars of the 30's are back.


yes they are. that is why Germany and others want their gold back. they DO NOT TRUST THE FED ANYMORE.
Anonymous Coward
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02/08/2013 06:42 PM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
next stop the japanese, then chinese....
Anonymous Coward
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02/08/2013 06:49 PM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
next stop the japanese, then chinese....
 Quoting: Anonymous Coward 12064276


don't worry usa guys u will face more than only 47%
just look at gas prices and cost of living, then look at oboma and your nice pile of debt hahahaaaaaaahaaaaa

pigchef
Wubbo Ockels
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02/08/2013 06:52 PM

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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
Max Keiser: "We're there.. We're in World War III!"




.
R.I.P. for the real Wubbo Ockels. He was a true icon of my country, and a great front-fighter for sustainable energie/technology and humanism.

"Yes, we have hurdles, we have distractions, we have disasters, personally and world-wide, and we do have to work it all out ourselves. BUT, there is a most amazing experience awaiting us on the other end of the finish-line.
The idea being, once we can handle it all down here, then we can live and explore eternally, responsibly, because we know what not to do, and not be resentful about being responsible, so we don't start a polarity domino effect in the other realms of existence."

"The Fraction" of Life can be increased in value not so much by increasing your Numerator as by lessening your Denominator. Nay, unless my Algebra deceive me, Unity itself divided by Zero will give Infinity."

Thread: LADIES & GENTLEMEN: I PRESENT to YOU OUR NEW SUN !!
Anonymous Coward
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Australia
02/08/2013 07:08 PM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
You people actually believe that this is a sign of Venezuelan strength...
Cocorito90

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02/08/2013 07:09 PM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
fires first nuke against who?

damned
Anonymous Coward
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02/08/2013 07:14 PM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
[link to www.zerohedge.com]


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 how it's done:

VENEZUELA DEVALUES
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 money was in gold and silver, which just jumped by about 50%. Coming soon to every "developed" world banana republic near you.
 Quoting: its on like donkey kong 33956026


They just cut their debt by 46%.
GFX guy
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02/08/2013 07:22 PM

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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
fires first nuke against who?

damned
 Quoting: Cocorito90


It's a race to the bottom... The currency with the lowest value measured against other currencies worldwide, wins. (hence: the currency war)

That is, the governments view it as a win. As usual, when governments win everyone else looses.
Devoted Follower
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02/08/2013 07:25 PM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
hiding
Ricardo
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02/08/2013 07:47 PM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
This just an effective way from the government to kick out the aristocracy from my country, they want all the business men and professionals of european origin out. My country is ruled by monkeys and the lowest of the pleb.
Anonymous Coward
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02/08/2013 07:49 PM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
Would someone please explain, in laymans terms, what the significance and ramifications of doing this are, and why this is likely to precipitate a currency war? Thanks in advance.

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