Venezuela will slash value of currency, the boliva

[Maxf1ex]

Venezuela will slash value of currency, the bolivar

The bolivar, whose rate is set by government decree, will be devalued from its current rate of 2.15 to the US dollar to 2.60 for "priority" imports.

However, the bolivar will be worth 4.30 to the dollar, a 50% devaluation, for items considered non-essential.

Mr Chavez was under pressure to devalue to boost revenue from oil exports.

The country is currently facing 25% inflation, as well as reduced foreign earnings.

However, the bolivar is far more devalued on the parallel, unofficial currency market where it trades at rates as high as six bolivars to a US dollar.

But, as you can see in the link, it matters not what Mr Chavez thinks his money is worth. The rest of the world will set there own value of it.

Maybe Obama should watch and learn the value of money.

[brad9883]

The Great Socialist Paradise. Three minute showers, rolling blackouts, government-owned banks and utilities, and a tumbling currency. I can see where Obama wants to take us.

[Maxf1ex]

Seems like Obama is getting his way.

Is the power of the President changing, is it truly becoming more of a dictatorship?

After all, he wants the health care bill, no matter how bad it is.

He wants his own police force.

He wants to take money from companies who have already paid back there loans.

He had had party crashers (I say unlisted guests) at White House functions.

He wants people in debt (Cash for clunkers)

He wants people who can not afford homes to have one (no matter the cost to others).