Venezuela Meltdown

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Re: Venezuela Meltdown

Post by Witness » Sun Nov 11, 2018 1:02 am

Reached the point where there doesn't remain much open to "contraction" (as they modestly put it). :|

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Re: Venezuela Meltdown

Post by Witness » Sun Nov 11, 2018 1:47 am

CARACAS, Venezuela — Venezuela’s consumer prices rose 833,997 percent in the 12 months through October, according to a report published by the opposition-controlled Congress on Wednesday.

Monthly inflation decelerated to 148 percent from 233 percent in September, the data showed, but left the OPEC nation on track to reach the 1 million percent inflation in 2018 expected by the International Monetary Fund after five straight years of recession.
https://www.nbcnews.com/news/world/vene ... 12-n933836

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Re: Venezuela Meltdown

Post by Witness » Thu Nov 15, 2018 10:39 pm

Fuel shortages the new normal in Venezuela as oil industry unravels

Snaking, hours-long lines and gas station closures have long afflicted Venezuela’s border regions. Fuel smuggling to neighboring countries is common, the result of generous subsidies from state-run oil company PDVSA that allow Venezuelans to fill their tank 20,000 times for the price of one kilo (2.2 pounds) of cheese.

But in late October and early November, cities in the populous central region of the country like Valencia and the capital Caracas were hit by a rare wave of shortages, due to plunging crude production and a dramatic drop in refineries’ fuel output as the socialist-run economy suffers its fifth year of recession.

Venezuela produced more than 2 million barrels per day (bpd) of crude last year but by September output had fallen to just 1.4 million bpd. So far in 2018, Venezuela produced an average of 1.53 million bpd, the lowest in nearly seven decades, according to figures reported to OPEC.

Bottlenecks for transporting fuel from refineries, distribution centers and ports to gas stations have also worsened, exacerbating the shortages.

PDVSA did not respond to a request for comment. Neither did Venezuela’s oil and communications ministries.
https://www.reuters.com/article/us-vene ... reddit.com

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Re: Venezuela Meltdown

Post by gnome » Fri Nov 16, 2018 3:20 pm

Why did the fuel need to be smuggled? If there was so much to sell for relatively low price and trade outside, that would seem like it would be a stabilizing factor.

Looks like that ship is sailing though.
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Re: Venezuela Meltdown

Post by Witness » Sun Nov 18, 2018 9:53 pm

Venezuela is rolling out a new ID card manufactured in China that can track, reward, and punish citizens
  • Venezuela is rolling out a new, smart-card ID known as the "carnet de la patria," or "fatherland card," manufactured by Chinese telecom giant ZTE Corp.
  • The ID transmits data about cardholders to government computer servers, and is increasingly linked to subsidized food, health, and other social programs most Venezuelans rely on to survive.
  • The fatherland card, critics argue, illustrates how China, through state-linked companies like ZTE, exports technological know-how that can help like-minded governments track, reward, and punish citizens.
If you want to wade through a long and remarkably unstructured article: http://uk.businessinsider.com/venezuela ... &r=US&IR=T

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Re: Venezuela Meltdown

Post by Abdul Alhazred » Sun Nov 18, 2018 11:01 pm

Where did they get the money for all that high tech?
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Re: Venezuela Meltdown

Post by xouper » Sun Nov 18, 2018 11:24 pm

Venezuela is rolling out a new ID card manufactured in China that can track, reward, and punish citizens
Most Americans already carry a card that could be used for those purposes, if the government were inclined to do so.

In other words, it's not the card itself I would be worried about, but rather how the government might use it (or misuse it).

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Re: Venezuela Meltdown

Post by xouper » Sun Nov 18, 2018 11:25 pm

Abdul Alhazred wrote:
Sun Nov 18, 2018 11:01 pm
Where did they get the money oil for all that high tech?
Fixed that for ya.

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Re: Venezuela Meltdown

Post by WildCat » Mon Nov 19, 2018 4:46 pm

gnome wrote:
Fri Nov 16, 2018 3:20 pm
Why did the fuel need to be smuggled? If there was so much to sell for relatively low price and trade outside, that would seem like it would be a stabilizing factor.
When you get a heavily subsidized thing for dirt cheap there's great incentive to sell it where it isn't subsidized for the much higher market price.

Remember the government cheese in the Reagan era? They'd give it to the poor, who would often sell it on the street. Same principle.
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Re: Venezuela Meltdown

Post by Witness » Mon Nov 19, 2018 5:58 pm

Venezuela's justice department calls for Interpol arrest of Maduro and 18 years for corruption

Venezuela's justice department requested an international arrest warrant, also known as a red notice, for its own president Nicolás Maduro.

The department accused Maduro of corruption in a letter to Jürgen Stock, the secretary-general of Interpol, dated on Monday.

It said that Maduro accepted, directly or indirectly, funds from illegal activity, and called for 18 years and three months in jail.

"As a result of the aforementioned, this Plenary Chamber considered it appropriate to request that Interpol issue a red notice for Nicolás Maduro Moros for the purposes of international cooperation on common crimes for the apprehension of the above-mentioned subject," said the letter, which was addressed from Coral Gables, Florida.
[…]
Maduro's whereabouts are not clear. Business Insider has contacted Interpol for comment.
http://uk.businessinsider.com/venezuela ... &r=US&IR=T

That a justice department in exile? A journalist having learned the ropes at The Onion? :?

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Re: Venezuela Meltdown

Post by Abdul Alhazred » Mon Nov 19, 2018 6:05 pm

Maduro appears to have run off, and this is what comes next.

A passport with a different name and a suitcase full of US Dollars maybe?
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Re: Venezuela Meltdown

Post by WildCat » Mon Nov 19, 2018 7:13 pm

Abdul Alhazred wrote:
Mon Nov 19, 2018 6:05 pm
Maduro appears to have run off, and this is what comes next.

A passport with a different name and a suitcase full of US Dollars maybe?
He hasn't run off, the "justice department" is an exiled group.
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Re: Venezuela Meltdown

Post by Witness » Tue Nov 20, 2018 11:08 pm

To lighten the mood:



8)

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Re: Venezuela Meltdown

Post by Witness » Wed Nov 21, 2018 9:52 pm

Venezuela's former treasurer took $1 billion US in bribes, newly unsealed court documents reveal

Venezuela's former national treasurer admitted receiving over $1 billion US in bribes as part of illicit foreign currency operations that involved a local television mogul now indicted in U.S. courts, according to court documents unsealed on Tuesday.

Alejandro Andrade, who ran the treasury for four years under late socialist leader Hugo Chavez, received properties, platinum and gold Rolex watches and Mercedes Benz vehicles thanks to the scheme, the documents from the Southern District of Florida say.

He did so with the help of conspirators, including Raul Gorrin, owner of television station Globovision, who has been charged with paying bribes to Andrade and others as well as helping to launder the payments, according to the documents unsealed this week.

The cases are part of a broad effort by U.S. federal prosecutors to crack down on the use of the U.S. financial system to launder proceeds from rampant corruption in the crisis-stricken country that is suffering from hyperinflation.
https://www.cbc.ca/news/world/venezuela ... -1.4913962

One billion, wow! :mrgreen:

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Re: Venezuela Meltdown

Post by shuize » Fri Nov 23, 2018 9:01 pm

This makes me happy.
OPEC’s bad dream only deepens next year, when Permian [West Texas] producers expect to iron out distribution snags that will add three pipelines and as much as 2 million barrels of oil a day.
I know the article focuses on OPEC in general, but this can't be good news for Venezuela.

https://www.bloomberg.com/news/articles ... a-lot-more

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Re: Venezuela Meltdown

Post by Witness » Sat Nov 24, 2018 2:10 am

Venezuela: Parliament Approves Crypto Bill to Combat 'Financial Blockade'

The Constituent National Assembly of Venezuela has approved a bill on cryptocurrency regulation, the country’s Ministry for Communication and Information reported Nov. 21.

The law was proposed by the country’s leader Nicolas Maduro and consists of 64 articles and five transitory provisions. It validates Petro, Venezuela’s controversial oil-backed cryptocurrency, as a unit of commercial exchange within the country, and states that goods and services can also be purchased with Petro.

According to Cuban state news agency Prensa Latina, the Assembly has also approved amendments to current anti-money laundering lawс. Under the new rules, Venezuela’s crypto exchanges are reportedly allowed to carry foreign exchange operations using Petro.

As per Andres Eloy Mendez, the head of the special commission on crypto frameworks cited in the Ministry’s official release, the new measures are being taken primarily to combat the “financial and commercial blockade” from the U.S. government. Mendez said that Petro can help effectively avoid sanctions and to establish new international business relationships, as it is not controlled by the state’s central bank and, therefore, cannot be a subject to any restrictions.
https://cointelegraph.com/news/venezuel ... l-blockade

Good luck with the hackers, too… :mrgreen:

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Re: Venezuela Meltdown

Post by shuize » Sat Nov 24, 2018 11:45 am

Witness wrote: Good luck with the hackers, too… :mrgreen:
Good luck convincing anyone it's worth anything.

From Wikipedia:
The Washington Post economic reporter Matt O'Brien said that "The petro might be the most obviously horrible investment ever... The petro is about creating something useless – that's why only foreigners can buy them, but only Venezuelans can spend them".
https://en.wikipedia.org/wiki/Petro_(cryptocurrency)

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Re: Venezuela Meltdown

Post by Abdul Alhazred » Mon Dec 03, 2018 3:54 pm

Hyperinflationary Venezuela announces 150 percent minimum wage hike (Reuters)
CARACAS (Reuters) - Venezuela is hiking the monthly minimum wage by 150 percent to about $9.50, President Nicolas Maduro said late on Thursday, as part of the struggling OPEC nation’s frequent wage increases that have failed to keep pace with inflation.

The once-wealthy nation’s annual inflation now tops 800,000 percent, according to the opposition-run legislature, and citizens face chronic shortages of food and medicine.

...
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Re: Venezuela Meltdown

Post by ed » Mon Dec 03, 2018 4:17 pm

They should elect me president and I will fix things forthwith
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Re: Venezuela Meltdown

Post by Witness » Tue Dec 04, 2018 1:03 am

Venezuela’s Opposition Asks The BoE Not To Return Gold To Maduro

The Venezuelan government’s attempts to repatriate its 14 tons of gold being stored at the Bank of England (BoE) just got a little more complicated, with the country’s opposition asking the British central bank not to release the bullion to President Nicolas Maduro, according to media reports.

Venezuela’s former National Assembly President Julio Borges and the political coordinator for the centrist social-democratic Voluntad Popular party, Carlos Vecchio, sent a letter to the BoE’s governor Mark Carney on Friday, asking him to deny Venezuela’s repatriation request and accusing Maduro of corruption, Miami Herald reported.

“This transaction is clearly prompted by illegal and immoral motives: Maduro and his associates have systematically used the assets of the Venezuelan state (including the gold) to sustain money laundering efforts, and to facilitate the widespread and damaging system of corruption and repression financed by the Venezuelan dictatorship using the money of the Venezuelans,” they wrote. “Huge sums have been stolen by Maduro and his associates.”

In November, media reports said that Maduro was attempting to get the gold that is worth more than $550 million back, but the BoE was refusing to cooperate.

British officials are reportedly insisting that the Venezuelan government reveals its plans for the gold in order to prevent money-laundering, The Times reported.

“There are concerns that Mr. Maduro may seize the gold, which is owned by the state, and sell it for personal gain,” the newspaper said.
[…]
Venezuela’s gold stored at the BoE was said to have been used as collateral until last year, backing loans up to several billion dollars from global banks, The Times added.
https://www.kitco.com/news/2018-12-02/V ... eport.html