Article

2010-12-17 Caribbean-Latin America

Venezuela prepares to devalue local currency in 2011

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Posted by Fred 2010-12-17 00:00|| || Front Page|| [1 views ] Top

#1 China already contracted for the oil Venezuela can't get out of the ground, at undevaluated prices. They are not going to be pleased.

China doesn't sign contracts for the delivery of oil from Venezuela. They sign contracts for the ownership of oilfields, and they bring in outside labor from China to extract it. Very little of what they spend in Venezuela actually gets into the local economy; their drill sites are reportedly rather self-sufficient or supplied from outside. Only the government benefits.

And when the ME blows up, they'll have a lot of those fields locked up under contract. _We're_ the ones stuck with what Venezuela can produce on its own, because American companies don't have rights down there. We can invest, but when push comes to shove our ownership in what we paid for vanishes.

Posted by Thing From Snowy Mountain 2010-12-17 10:40|| 2010-12-17 10:40|| Front Page Top

#2 Bloomberg News reports: Chavez Seizures Crimp Housing Campaign as Output Sags

basically his seized/nationalized steel and cement industries can't produce enough to build the needed housing. Off 50% from last year. Whatta surprise?

Posted by Frank G 2010-12-17 15:30|| 2010-12-17 15:30|| Front Page Top

#3 The REAL Bolivar rates are here

As of today: 8.662

Posted by European Conservative 2010-12-17 17:08|| 2010-12-17 17:08|| Front Page Top

#4 Hoogo's puppets in Venezuelan Assembly just gave him dictatorial decree power for 18 months, even longer than the 12 he asked for. Goodbye Venezuela

Posted by Frank G 2010-12-17 18:25|| 2010-12-17 18:25|| Front Page Top

#5 Bah. We've already started 'quantitative easing' this year under the Donks.

Posted by P2kontheroad 2010-12-17 19:06|| 2010-12-17 19:06|| Front Page Top

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