Readability

Tried and Tried Again

[cap­tion id=“attachment_99545” align=“aligncenter” width=“300”] Kin­dling, pretty much.[/caption]

by baldilocks

Last day fill­ing in for Fausta.

Still wait­ing for For­mer Pres­i­dent Obama, actors Danny Glover and Sean Penn or direc­tor Oliver Stone to com­ment on the down­fall of Venezuela. Breath not being held.

Venezuela’s cur­rency, the boli­var, is dis­in­te­grat­ing at an incred­i­ble pace under the country’s polit­i­cal and eco­nomic cri­sis that has left cit­i­zens broke, des­per­ate and in many cases, homi­ci­dal. The depre­ci­a­tion accel­er­ated this week, after a dis­puted vote elect­ing an all-​powerful “Con­stituent Assem­bly” filled with allies of Pres­i­dent Nico­las Maduro, which the oppo­si­tion and dozens of coun­tries have called illegitimate.

Just two days ago, on August 2, we reported that one dol­lar would buy 14,100 boli­vars, up from 11,280 the day before.

The next day, the boli­var slumped nearly 15 per­cent on the black mar­ket, to 17,000 to one US dol­lar. Today, it has crashed again, tum­bling 16% to 20,142, and down almost 40% in just the past three days.

(…)

A kilo (two pounds) of rice, for instance, cost 17,000 boli­vares. The cri­sis bit­ing into Venezuela since 2014 came from a slide in the global prices for oil [sic]– exports of which account for 96 per­cent of its revenues.

The gov­ern­ment has sought to monop­o­lize dol­lars in the coun­try through strict cur­rency con­trols that have been in place for the past 14 years. Access to them have become restricted for the pri­vate sec­tor, with the con­se­quence that food, med­i­cines and basic items — all imported — have become scarce.

Accord­ing to the Inter­na­tional Mon­e­tary Fund, infla­tion in Venezuela is expected to soar above 700 per­cent this year. In June, Maduro tried to clamp down on the black mar­ket trade in dol­lars through auc­tions of green­backs at the weekly fixed rate, known as Dicom. There is also another offi­cial rate, of 10 boli­vars per dol­lar, reserved for food and med­i­cine imports.

Things are going up in price faster than salaries,” noted Zabala, who spends 10 per­cent of his income on dia­betes treat­ment, when he can.

Mean­while, Maduro who ear­lier this week was branded a “dic­ta­tor” by the US State Depart­ment, has vowed that a new con­sti­tu­tion the Con­stituent Assem­bly is tasked with writ­ing will wean Venezuela off its oil depen­dency and restart indus­try, which is oper­at­ing at only 30 per­cent of capac­ity. But Maduro, who links the “black dol­lar” with an “eco­nomic war” allegedly waged by the oppo­si­tion in col­lab­o­ra­tion with the US, has not given details on what would be imple­mented. Instead, on Thurs­day Maduro promised that “spec­u­la­tors” set­ting their prices in line with “the ter­ror­ist crim­i­nal dol­lar in Miami” would go to jail.

(…)

Venezuela has to make major debt pay­ments, with a $3.4 bil­lion dollar-​denominated pay­ment for state oil com­pany PDVSA loom­ing in Octo­ber. It is increas­ingly unclear if the com­pany will make the payment.

But, remem­ber folks: this isn’t the result of social­ism, because true social­ism has never really been tried yet!

(Thanks to Instapun­dit)

Juli­ette Akinyi Ochieng blogs at baldilocks. (Her older blog is located here.) Her first novel, Tale of the Tigers: Love is Not a Game, was pub­lished in 2012. Her sec­ond novel ten­ta­tively titled Arlen’s Harem, will be done one day soon! Fol­low her on Twit­ter and on Gab​.ai.

Please con­tribute to Juliette’s JOB: Her new novel, her blog, her Inter­net to keep the lat­ter going and COF­FEE to keep her going!

Or hit Da Tech Guy’s Tip Jar in the name of Inde­pen­dent Jour­nal­ism! —-»»>

Update DTG: Insta­lanche Well Done Juliette!


Update DTG: The lay­off bleg con­tin­ues $915 down $1585 to go by Aug 10

The Lay­off bleg con­tin­ues. with 5 days to go we’re $ 1635 away from the goal to make August ded­i­cated to the blog, the new radio show (shows?) and events.

This blog is a ven­ture in cap­i­tal­ism that depends pri­mar­ily on read­ers. You can help finance this by pick­ing up my new book Hail Mary the Per­fect Protes­tant (and Catholic) prayer is now avail­able at Amazon

A por­tion of every sale will go to WQPH 89.3 Catholic Radio) or show your approval by Hit­ting DaTipJar




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and if you really want to help for the long term con­sider sub­scrib­ing and get my book as a premium


Choose a Sub­scrip­tion level



And as I’ve said before if you can’t spare the cash we will be happy to accept your prayers.

Kindling, pretty much.

by baldilocks

Last day filling in for Fausta.

Still waiting for Former President Obama, actors Danny Glover and Sean Penn or director Oliver Stone to comment on the downfall of Venezuela. Breath not being held.

Venezuela’s currency, the bolivar, is disintegrating at an incredible pace under the country’s political and economic crisis that has left citizens broke, desperate and in many cases, homicidal. The depreciation accelerated this week, after a disputed vote electing an all-powerful “Constituent Assembly” filled with allies of President Nicolas Maduro, which the opposition and dozens of countries have called illegitimate.

Just two days ago, on August 2, we reported that one dollar would buy 14,100 bolivars, up from 11,280 the day before.

The next day, the bolivar slumped nearly 15 percent on the black market, to 17,000 to one US dollar. Today, it has crashed again, tumbling 16% to 20,142, and down almost 40% in just the past three days.

(…)

A kilo (two pounds) of rice, for instance, cost 17,000 bolivares. The crisis biting into Venezuela since 2014 came from a slide in the global prices for oil [sic]– exports of which account for 96 percent of its revenues.

The government has sought to monopolize dollars in the country through strict currency controls that have been in place for the past 14 years. Access to them have become restricted for the private sector, with the consequence that food, medicines and basic items — all imported — have become scarce.

According to the International Monetary Fund, inflation in Venezuela is expected to soar above 700 percent this year. In June, Maduro tried to clamp down on the black market trade in dollars through auctions of greenbacks at the weekly fixed rate, known as Dicom. There is also another official rate, of 10 bolivars per dollar, reserved for food and medicine imports.

“Things are going up in price faster than salaries,” noted Zabala, who spends 10 percent of his income on diabetes treatment, when he can.

Meanwhile, Maduro who earlier this week was branded a “dictator” by the US State Department, has vowed that a new constitution the Constituent Assembly is tasked with writing will wean Venezuela off its oil dependency and restart industry, which is operating at only 30 percent of capacity. But Maduro, who links the “black dollar” with an “economic war” allegedly waged by the opposition in collaboration with the US, has not given details on what would be implemented. Instead, on Thursday Maduro promised that “speculators” setting their prices in line with “the terrorist criminal dollar in Miami” would go to jail.

(…)

Venezuela has to make major debt payments, with a $3.4 billion dollar-denominated payment for state oil company PDVSA looming in October. It is increasingly unclear if the company will make the payment.

But, remember folks: this isn’t the result of socialism, because true socialism has never really been tried yet!

(Thanks to Instapundit)

Juliette Akinyi Ochieng blogs at baldilocks. (Her older blog is located here.) Her first novel, Tale of the Tigers: Love is Not a Game, was published in 2012. Her second novel tentatively titled Arlen’s Harem, will be done one day soon! Follow her on Twitter and on Gab.ai.

Please contribute to Juliette’s JOB:  Her new novel, her blog, her Internet to keep the latter going and COFFEE to keep her going!

Or hit Da Tech Guy’s Tip Jar in the name of Independent Journalism! —->>>>>

Update DTG: Instalanche Well Done Juliette!


Update DTG: The layoff bleg continues $915 down $1585 to go by Aug 10

The Layoff bleg continues. with  5 days to go we’re $  1635 away from the goal to make August dedicated to the blog, the new radio show (shows?) and events.

This blog is a venture in capitalism that depends primarily on readers. You can help finance this by picking up my new book Hail Mary the Perfect Protestant (and Catholic) prayer is now available at Amazon

A portion of every sale will go to WQPH 89.3 Catholic Radio) or show your approval by Hitting DaTipJar




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and if you really want to help for the long term consider subscribing and get my book as a premium


Choose a Subscription level



And as I’ve said before if you can’t spare the cash we will be happy to accept your prayers.