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Category Archives: Venezuela

Happy New Year, venezolanos

Yesterday, Chávez made the remarkable move of devaluing the Venezuelan currency – the bolivar – by 50% against the dollar. One dollar used to be officially worth 2.15 bolivares. Now it’s worth 4.3. Fundamentally, this will be very painful for Venezuela’s withering middle class. Because Venezuela imports nearly everything it consumes, and importers will now […]

Chávez and Bernie Madoff

I’m going to take a risk and make public a prediction I originally made whilst slightly intoxicated: Before the end of this year, there will be an enormous financial scandal that will bring the Chávez administration to its knees. Although I guess, given the facts, this maybe isn’t the riskiest prediction anyone’s ever made. Oil’s […]