December 3, 2009

Chavez throws hissy fit, your savings lose 15% of their value

Quico says: Reuters is reporting that the parallel bolivar plunged as low as Bs.6.2 to the dollar today in response to Chávez's bank nationalization histrionics. Funny to think how just a few weeks ago Nelson Merentes was pledging the Voldemort rate would climb to Bs.3.45:$ by the beginning of December (i.e., now.)

You almost have to pity the guy...the bureaucratic equivalent of a hired shopkeeper in a china shop owned by a wildebeest.