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

 
Anonymous Coward
User ID: 27769155
Switzerland
02/09/2013 02:51 AM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
Germany

Most gold per person!

5a
 Quoting: Anonymous Coward 33992289


first you must get it back ;P
Anonymous Coward
User ID: 32020839
Italy
02/09/2013 03:19 AM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
Currency war simulation:

 Quoting: GFX guy


ahhh
 Quoting: Tanarus


current gold reserves in tons world ranking:

1 EU 10.787,4
2 USA 8.133,5
3 GERMANY 3.395,5
4 IWF 2.814,0
5 Italy 2.451,8
6 France 2.435,4
4 CHINA 1.054,1

China is very far away of posing a threat.
 Quoting: Anonymous Coward 33954175


Germany

Most gold per person!

5a
 Quoting: Anonymous Coward 33992289


unfortunately those numbers are not correct
those are of the 2011 (and already old in those days)

CHINA scores way up
Usa way down (even officilally...then the reality is USA gold disappered)

and there are quite a lot of surprises


there are small countries that join togheter in unions could deep fuck the top list

and they will
Anonymous Coward
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Italy
02/09/2013 03:27 AM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
Germany

Most gold per person!

5a
 Quoting: Anonymous Coward 33992289


first you must get it back ;P
 Quoting: Anonymous Coward 27769155


something tells me that thios time Switzerland will eventually taste war.
Anonymous Coward
User ID: 16043509
Australia
02/09/2013 03:59 AM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
On January 2010, the government of Venezuela created a two-tiered official exchange rate system. Imports designated as "non-essential" receive a rate of 4.3 bolivares per dollar, and "essential" goods are exchanged at a rate of 2.6. There is also a third and unofficial exchange rate in the black market valued at around 6.8 bolivares per dollar (March 2010).

The Venezuelan government decides what "essential" goods qualify for the 2.6 rate. They include imports for sectors related to food, health, education, equipment, and technology; remittances to relatives settled abroad; students' academic expenses abroad; expenses related to health, sport, culture, and scientific investigations; payments to retired and resident pensioners abroad; and currency conversions related to diplomatic activities. Full details (in Spanish) can be found through the Central Bank of Venezuela
Anonymous Coward
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Australia
02/09/2013 03:59 AM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
because it is Venezuela it means nothing
GFX guy

User ID: 9776422
United States
02/09/2013 04:20 AM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
because it is Venezuela it means nothing
 Quoting: Anonymous Coward 16043509


Venezuela was just the first to go nuclear and by no means the most meaningful. Just like when they were the first ones to demand their gold back... it started a trend.

"One thing leads to another"

Currency Wars Often Lead to Trade Wars ... Which In Turn Can Devolve Into Hot Wars
According to numerous high-level insiders, the global currency war is accelerating
[link to www.zerohedge.com]
Anonymous Coward
User ID: 29898248
Sweden
02/09/2013 04:28 AM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
Damn!!!! And they have all their gold too.
 Quoting: Anonymous Coward 10097155


And Oil
Molech
User ID: 27002649
United States
02/09/2013 04:38 AM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
Currency doesn't matter...superior military does...whoever has the most gold in the end will just be pillaged and robbed by the U.S. ...as usual...
Anonymous Coward
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Spain
02/09/2013 04:56 AM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
Wait. Wait. They devalued their currency 47% and that is somehow a weapon against us? Op has gone full retard today ladies and gentlemen.
 Quoting: Anonymous Coward 11574345


you don't understand what the currency war is about

weakest currency wins - very stupid but currently the name of the game
 Quoting: Anonymous Coward 27769155


Currency war? Lol, or a globalist plan to reduce worlds population below poverty levels?
When you have billions you still sit on top
As to gold and silver..theyll think of something
bvndy

User ID: 24070168
United States
02/09/2013 05:38 AM
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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.
 Quoting: Anonymous Coward 26078303


Doesnt mean a thang.
Thats why you are hearing about it.
When the USA started buying their own debt, that was hushed up, because it is the beginning of the end.
It means that the govt has to buy its own debt because nobody else is.
When our debt becomes worthless, so does our money, because it is debt based. That is why you did not hear about it from the tame media.
You heard about Venezuela because it means little, just another signpost to a global depression that will make the last one look like sunday school in comparison.
And remember, the less said about something, the more important it is
You can ignore the consequences of
your actions, but you cannot ignore
the RESULTS of the consequences of your actions

Ayn Rand
Anonymous Coward
User ID: 21651258
United States
02/09/2013 05:48 AM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
Ya once again, speaking as someone who was there in Venezuela just 48 hours ago I find it hard to understand the numbers posted in this thread or in that article. There is no description as to what those numbers refer to. 47% of what?? 4.3 Bolivars to 6.3 Bolivars as compared to what?

Google shows 4.29 Bolivar to the USD today.

I found the USD exchange to range from 16 Bolivars to 19 Bolivars as recent as 48 hours ago, depending on who was doing the exchange. Quite a bit higher that 4.29.

So I am a bit confused.
 Quoting: ExoPoliChick


From the linked Bloomberg article from the ZH article:

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.

The places you were exchanging your dollars for bolivars were most likely black marketeers.

.
 Quoting: Anonymous Coward 961432


I don't get why the black market would spend more to buy one USD. Shouldn't it be the opposite?
Anonymous Coward
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United States
02/09/2013 05:49 AM
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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
 Quoting: Anonymous Coward 33956026
Anonymous Coward
User ID: 21651258
United States
02/09/2013 05:56 AM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
Ya once again, speaking as someone who was there in Venezuela just 48 hours ago I find it hard to understand the numbers posted in this thread or in that article. There is no description as to what those numbers refer to. 47% of what?? 4.3 Bolivars to 6.3 Bolivars as compared to what?

Google shows 4.29 Bolivar to the USD today.

I found the USD exchange to range from 16 Bolivars to 19 Bolivars as recent as 48 hours ago, depending on who was doing the exchange. Quite a bit higher that 4.29.

So I am a bit confused.
 Quoting: ExoPoliChick


real market rate vs official rate
 Quoting: s. d. butler


So, that means that the Venezuelan black market wants USDs so badly that they're willing to shell out that many Bolivars. Alright, I get that. But why do they want USDs so badly?
Anonymous Coward
User ID: 21651258
United States
02/09/2013 06:03 AM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
Ya once again, speaking as someone who was there in Venezuela just 48 hours ago I find it hard to understand the numbers posted in this thread or in that article. There is no description as to what those numbers refer to. 47% of what?? 4.3 Bolivars to 6.3 Bolivars as compared to what?

Google shows 4.29 Bolivar to the USD today.

I found the USD exchange to range from 16 Bolivars to 19 Bolivars as recent as 48 hours ago, depending on who was doing the exchange. Quite a bit higher that 4.29.

So I am a bit confused.
 Quoting: ExoPoliChick


real market rate vs official rate
 Quoting: s. d. butler


Similar to the ZIRP (zero interest rate policy)... The big banksters get to borrow money at very low interest rates, sometimes negative interest rates. As in you get paid to borrow money.

The rest of us suckers get to borrow at a lower than normal rate of say 6% or less. But 6% is shitloads higher than a -0.05% interest rate.

Welcome to serfdom!
[link to en.wikipedia.org]
banana2
 Quoting: GFX guy



How does it benefit the banksters to loan 100 and get back (for instance) 99?
Anonymous Coward
User ID: 16416118
United States
02/09/2013 06:06 AM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
Ya once again, speaking as someone who was there in Venezuela just 48 hours ago I find it hard to understand the numbers posted in this thread or in that article. There is no description as to what those numbers refer to. 47% of what?? 4.3 Bolivars to 6.3 Bolivars as compared to what?

Google shows 4.29 Bolivar to the USD today.

I found the USD exchange to range from 16 Bolivars to 19 Bolivars as recent as 48 hours ago, depending on who was doing the exchange. Quite a bit higher that 4.29.

So I am a bit confused.
 Quoting: ExoPoliChick


dont you know everything posted on GLP is COMPLETE BULLSHIT?
Anonymous Coward
User ID: 33994840
United Kingdom
02/09/2013 06:06 AM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
iran lost 70% of their value in no time against dollar and still going strong
their exports (non oil) are on the up up and up again. you dont get to hear about it cos they do not export much to west
in the long term sanctions have been the best thing could have happened to iran
also in the next year or so we will also realise irans loss of currency was very good for them under this world situation
right now whoever is cheaper and more humble will gain more
chavez is only following iran. other latin nations will follow soon
in the end the west and the arabs will be left in the cold
Ostria1

User ID: 33262851
Greece
02/09/2013 06:10 AM

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

 Quoting: GFX guy


this is a great doom senario!
how to bring world down in less than 10 days?

rollercats
Ostria
MHz

User ID: 32332417
Canada
02/09/2013 06:36 AM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
How does it benefit the banksters to loan 100 and get back (for instance) 99?
 Quoting: Anonymous Coward 21651258

They give out 99 and keep 1 for services rendered. (the 99 stays in circulation forever, the 99 is a reward for coming up with something new)
The first ones that should be out of work in a down-turn are the bankers so it is not in their interest to intentionally cause one and then tell us it is for our own good.
Patriotism should lead to the grave at an old age rather than a young age.
Anonymous Coward
User ID: 24760791
Thailand
02/09/2013 06:52 AM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
They're doing it wrong.
Anonymous Coward
User ID: 33954175
Germany
02/09/2013 07:09 AM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
Germany

Most gold per person!

5a
 Quoting: Anonymous Coward 33992289


first you must get it back ;P
 Quoting: Anonymous Coward 27769155


we are doing that currently.
2 more years.
Anonymous Coward
User ID: 33954175
Germany
02/09/2013 07:14 AM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
...


ahhh
 Quoting: Tanarus


current gold reserves in tons world ranking:

1 EU 10.787,4
2 USA 8.133,5
3 GERMANY 3.395,5
4 IWF 2.814,0
5 Italy 2.451,8
6 France 2.435,4
4 CHINA 1.054,1

China is very far away of posing a threat.
 Quoting: Anonymous Coward 33954175


Germany

Most gold per person!

5a
 Quoting: Anonymous Coward 33992289


unfortunately those numbers are not correct
those are of the 2011 (and already old in those days)

CHINA scores way up
Usa way down (even officilally...then the reality is USA gold disappered)

and there are quite a lot of surprises


there are small countries that join togheter in unions could deep fuck the top list

and they will
 Quoting: Anonymous Coward 32020839


14.5 ounces per person.
x
1.667,33 USD per ounce.
=
24176,29 dollars.

nice!
Anonymous Coward
User ID: 33977942
Spain
02/09/2013 08:22 AM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%


current gold reserves in tons world ranking:

1 EU 10.787,4
2 USA 8.133,5
3 GERMANY 3.395,5
4 IWF 2.814,0
5 Italy 2.451,8
6 France 2.435,4
4 CHINA 1.054,1

China is very far away of posing a threat.


these are current numbers according to the western "experts".

we know only what we are told, which invariably is not true.
Anonymous Coward
User ID: 17896994
United States
02/09/2013 08:33 AM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
Geezus, people, don't you listen to Kramer??? read Bloomberg??? EU problem solved, recession's over, life is peachy, happy days are here again!!!

Here's proof:

"S&P 500 Caps Longest Weekly Gain Since August on Earnings"

[link to www.bloomberg.com]

Time to take a leap and make the big bucks. I have some CDOs that are just a steal right no... (oh, wait, shouldn't use "steal.") Make that a super bargain right now.

poop
MHz

User ID: 32332417
Canada
02/09/2013 09:29 AM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
At least with digital money you don't need a bigger wheelbarrow.
Anonymous Coward
User ID: 14633749
United States
02/09/2013 10:41 AM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
Chavez takes it up the ass
Ricardo
User ID: 32626139
Venezuela
02/09/2013 10:42 AM
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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.
 Quoting: Ricardo 32626139


i have worked in venezuela. my sister married one of those 'aristocrats' of venezuela. His family was responsible for helping/employing thousands of venezolanos. His family had been there for 6 generations...from the beginning.

he got out two years ago. he saw the writing on the wall...

Your country is losing (has lost) the finest families...and you ...are left...with the dregs that will put up with communism.

you will be a dead country under a tyrannical fool.

the world is collapsing...u.s. soon to follow
 Quoting: Anonymous Coward 18762573


I´m glad your sister married one of the finest men of my country, aristocrats here are worthy men:
Anonymous Coward
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United States
02/09/2013 11:34 AM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
bump
Anonymous Coward
User ID: 33389306
United States
02/09/2013 01:49 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.
 Quoting: ExoPoliChick


When I was there, I could get 30 - 50% more than the official rate as I remember. It was years ago. I see the black market has progressed, despite the announced crackdowns ...

Thanks for the update, this is REAL information. The official devaluation doesn't hurt the local poor at all, because if Venezuela wants to sell their (abundant) crude on the world market, they'll do it in US dollars anyway.
Anonymous Coward
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United States
02/09/2013 01:58 PM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
pigchef what would Bill do
Anonymous Coward
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United States
02/09/2013 04:19 PM
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Re: Venezuela fires 1st nuke in currency war ....DEVALUES CURRENCY 47%
UNCLE BEN HAS A HARD ON TO DEVALUE THE US CURRENCY BY 46%

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