Venezuela Meltdown

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Abdul Alhazred
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Re: Venezuela Meltdown

Post by Abdul Alhazred » Fri Apr 06, 2018 3:25 pm

ed wrote:Ya can't spend money you don't have.

The US government does it all the time.

What Venezuela did was in effect prohibit producing wealth.
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Re: Venezuela Meltdown

Post by ed » Fri Apr 06, 2018 3:32 pm

The us government has "income", different. Venezuela bet on a ponzi scheme.
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Re: Venezuela Meltdown

Post by Abdul Alhazred » Fri Apr 06, 2018 3:52 pm

The US government runs what amount to Ponzi schemes, and I expect it will catch up with us.

In the mean time, actual wealth creation continues and is even encouraged.

That is the big difference.
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Re: Venezuela Meltdown

Post by Skeeve » Fri Apr 06, 2018 4:56 pm

Abdul Alhazred wrote:The US government runs what amount to Ponzi schemes, and I expect it will catch up with us.

In the mean time, actual wealth creation continues and is even encouraged.

That is the big difference.
Are you talking about the welfare state (corporate and poor folks),
Social Security - bereft of trust fund since Ronald Ray-Gun (zap),
the 20 Trillion dollar debt (and growing) we have, or something else?
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Re: Venezuela Meltdown

Post by Grammatron » Fri Apr 06, 2018 4:58 pm

Abdul Alhazred wrote:The US government runs what amount to Ponzi schemes
Elaborate please

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Re: Venezuela Meltdown

Post by Abdul Alhazred » Fri Apr 06, 2018 5:03 pm

Skeeve wrote:Are you talking about the welfare state (corporate and poor folks),
Social Security - bereft of trust fund since Ronald Ray-Gun (zap),
the 20 Trillion dollar debt (and growing) we have, or something else?
Yes.
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Re: Venezuela Meltdown

Post by shuize » Fri Apr 06, 2018 9:46 pm

'It feels like we're all dying slowly': Venezuela's doctors losing hope

After six years of studying and working part-time jobs, Cristian Diaga, 24, will soon graduate from medical school in Caracas, Venezuela. But instead of continuing his training in a top hospital in the country, as he had hoped, he is taking a job in a fast-food restaurant in Argentina – a situation he says is much more preferable.
https://www.theguardian.com/world/2018/ ... osing-hope

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Re: Venezuela Meltdown

Post by Skeeve » Mon Apr 09, 2018 1:00 pm

The Bloody Grab for Gold in Venezuela’s Most Dangerous Town
In Venezuela’s gold capital, national guardsmen block the roads. Military convoys and motorcycles circle while soldiers keep wary watch behind sandbag checkpoints or patrol with faces covered by balaclavas and rifles in hand.

The military has been fighting for months to master El Callao, the dangerous nation’s most dangerous town, and a beachhead in efforts to develop a mineral-rich region the government calls the Arco Minero del Orinoco. President Nicolas Maduro granted the army the handsome prize, a move that helps ensure the unpopular autocrat’s power. But the takeover has been punctuated by blood and bullets as soldiers raid neighborhoods and clandestine mines across 70,000 square miles from Colombia to Guyana, asserting themselves over gang lords and claiming revenue both legal and illicit.

On Feb. 10, the army seized weapons, burned vehicles and killed 18 civilians — including a woman and a youth — in one of the deadliest clashes since the project’s inception. Many victims were shot in the head and face, according to police photos and death certificates obtained by Bloomber
I guess that is one way to keep the army 'loyal' as it were...
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Re: Venezuela Meltdown

Post by Skeeve » Thu Apr 12, 2018 10:13 pm

Photo of Venezuela unrest wins World Press Photo contest

Image
AMSTERDAM — A spine-tingling photo of a young man on fire during clashes in the Venezuelan capital of Caracas during the protest against President Nicolas Maduro has won the World Press Photo of the Year.

The photo by Agence France-Presse journalist Ronaldo Schemidt won both the overall honors and the category for Spot News Single on Thursday in Amsterdam. Jury chair Magdalena Herrera called it “a classical photo” that gave her “an instantaneous emotion.”
Picture says it all...
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Re: Venezuela Meltdown

Post by Witness » Thu Apr 12, 2018 11:00 pm

Panama bans Venezuelan airlines for 90 days

Customers lineup outside of Copa Airlines sales offices after their flights was cancelled, in Caracas, Venezuela, Friday, April 6, 2018. The Venezuelan government suspended temporarily all diplomatic and economic relations with Panama in an ongoing diplomatic rift.
http://www.topix.com/world/venezuela/20 ... -90-days-1

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Re: Venezuela Meltdown

Post by shuize » Thu Apr 26, 2018 12:59 am

Can't get the price you want? Arrest the employees and charge them with treason.
U.S. oil major Chevron has evacuated executives from Venezuela after two of its workers were imprisoned over a contract dispute with state-owned oil company PDVSA, according to four sources familiar with the matter ...

The Chevron workers may face charges of treason for refusing to sign a supply contract for furnace parts drawn up by PDVSA executives, Reuters reported earlier this week. The workers balked at the high costs of the parts and a lack of competitive bids.
https://www.msn.com/en-us/money/compani ... spartanntp

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Re: Venezuela Meltdown

Post by Witness » Fri Apr 27, 2018 12:20 am

More good news:
USA Today wrote:ConocoPhillips wins $2 billion arbitration against Venezuela

The award represents the equivalent of more than 20% of the cash-strapped Venezuelan government’s foreign currency reserves.

The Houston-based company said in a statement that the ruling against PDVSA by an International Chamber of Commerce panel is final and binding.
[…]
The ruling arose from the expropriation of ConocoPhillips’ investments in two heavy crude oil projects in 2007 at a time then-President Hugo Chavez increased the state’s take of record oil rents, forcing foreign oil companies to accept less generous terms. Many instead left the country and sued to hold up their original contracts.

ConocoPhillips is pursuing separate legal action against Venezuela’s government under the auspices of the World Bank’s investment dispute mechanism. The World Bank tribunal has already ruled that Venezuela broke international law when it nationalized Conoco’s stakes in the two fields. Proceedings are underway to determine the amount of compensation.

Venezuela still faces 22 arbitration cases at the World Bank, more than any other country in the world, with potential losses stretching into the billions.
https://www.usatoday.com/story/money/bu ... 552515002/
Venezuelanalysis.com wrote:Upsurge of Malaria in Venezuela Sparks Concern

Caracas, April 25, 2018 (venezuelanalysis.com) –. Venezuela saw a significant rise in the number of malaria cases last year, the World Health Organization (WHO) has reported. According to a report issued by the United Nations body on Tuesday, the incidence of this mosquito-borne disease in 2017 jumped up 69 percent from the previous year’s figure and is in turn five times higher than the 2013 rate.

This upsurge from 240,613 cases in 2016 to over 406,000 cases in 2017 is reportedly the largest increase anywhere in the world, and it coincides with severe shortages of food and medicine in the South American country.
https://venezuelanalysis.com/news/13782

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Re: Venezuela Meltdown

Post by shuize » Fri Apr 27, 2018 4:43 am

I was curious what that news would do for CoconoPhillips’ stock price, so I looked up their ticker symbol which just so happens to be COP, which I thought was amusing enough to share.

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Re: Venezuela Meltdown

Post by Skeeve » Sun Apr 29, 2018 7:42 pm

This is getting beyond stupid-sad.....
‘Their Country Is Being Invaded’: Exodus of Venezuelans Overwhelms Northern Brazil
PACARAIMA, Brazil — Hundreds turn up each day, many arriving penniless and gaunt as they pass a tattered flag that signals they have reached the border.

Once they cross, many cram into public parks and plazas teeming with makeshift homeless shelters, raising concerns about drugs and crime. The lucky ones sleep in tents and line up for meals provided by soldiers — pregnant women, the disabled and families with young children are often given priority. The less fortunate huddle under tarps that crumple during rainstorms.

The scenes are reminiscent of the waves of desperate migrants who have escaped the wars in Syria and Afghanistan, spurring a backlash in Europe. Yet this is happening in Brazil, where a relentless tide of people fleeing the deepening economic crisis in Venezuela has begun to test the region’s tolerance for immigrants.
...
During the early months of this year, 5,000 Venezuelans were leaving their homeland each day, according to the United Nations. At that rate, more Venezuelans are leaving home each month than the 125,000 Cuban exiles who fled their homes during the 1980 Mariel boat crisis and transformed South Florida.

If the current rate remains steady, more than 1.8 million Venezuelans could leave by the end of this year, joining the estimated 1.5 million who have fled the economic crisis to rebuild their lives abroad.
:(
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Re: Venezuela Meltdown

Post by WildCat » Mon Apr 30, 2018 1:12 am

It sounds a lot like California.
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Re: Venezuela Meltdown

Post by Witness » Tue May 01, 2018 12:48 am

The Independent wrote:How Venezuela has resorted to importing oil as its core industry faces collapse

Despite having the greatest oil reserves in the world, Venezuela’s government is being forced to spend millions of dollars a day importing crude to prop up its ailing industry.

Petrol remains the only cheap commodity left in Venezuela amid the collapse of most of its economy, but the oil industry is now also struggling to meet basic domestic demands.

Experts say the industry is operating below 40 per cent of its potential output. Last month, the International Energy Agency reported that Venezuela is and will probably remain “the biggest risk factor” in a global supply crisis that may soon tip the market into deficit.
[…]
Most of the enormous oil reserves Venezuela has access to – almost 25 per cent of all the oil controlled by the world’s biggest producers – is heavy crude, and needs to be diluted with lighter oil to become a commercially viable product.

In 2016, with its own industry failing to deliver, Venezuela imported diluents for the first time in its history. In the two years since, those imports have grown to as many as 200,000 barrels a day, mostly from the US, according to Francisco Monaldi, fellow in Latin American energy policy at Rice University in Texas.
[…]
“One of the craziest things is that a part of Venezuela’s imports is for the domestic market, but given its price, they practically give gasoline away for free. They are importing barrels that cost $80 to $90 and selling them at $0.”
https://www.independent.co.uk/news/worl ... 07161.html

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Re: Venezuela Meltdown

Post by Rob Lister » Tue May 01, 2018 10:42 am

“One of the craziest things is that a part of Venezuela’s imports is for the domestic market, but given its price, they practically give gasoline away for free. They are importing barrels that cost $80 to $90 and selling them at $0.”
They make up for it with volume.

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Re: Venezuela Meltdown

Post by shuize » Wed May 02, 2018 12:20 am

This should do it:
Venezuela boosts minimum wage 155 percent to fight inflation
I liked this part:
Maduro will seek a second six-year term on May 20.
He blames inflation on so-called imperialists who he says he'll overcome once he's re-elected.
http://www.tampabay.com/venezuela-boost ... 69e870373f

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Re: Venezuela Meltdown

Post by Doctor X » Wed May 02, 2018 2:58 am

Those pesky imperialists!

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Re: Venezuela Meltdown

Post by shuize » Fri May 04, 2018 2:07 am

In Venezuela, inflation quadruples to 18,000 percent in two months, with no end in sight
http://www.miamiherald.com/news/nation- ... 82264.html