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Post by fauxmaha on Apr 28, 2016 15:33:50 GMT -5
In reality, what happens is that the people of the country suffer.
Anyone who was foolish enough to buy Venezuelan bonds will lose all their money.
US and European activists will demand bailouts for Venezuela based on historic oppression, privileged, colonial history and race.
Anyone with enough money and gumption will leave the country. All that will be left are the people with no choices or options.
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Post by theevan on Apr 28, 2016 15:41:47 GMT -5
In its entry for hyperinflation, Wikipedia says the populace begins to shun the national currency in favor of foreign money. Interesting. The free-market solution: some entrepreneur could recycle those all-but-worthless notes and make toilet paper. Around 2000, Ecuador stabilized its currency by switching to the U.S. dollar. When I was there that year the switch was in progress. When I went back in 2004, it was completed. I have a few 50,000 Sucre notes. Each is worth $2. That's what they finally did in Zimbabwe after they added SIX more zeroes to that 100 Trillion note. Yeah, 100 Quadrillion was worth around 1 dollar US. So they bailed and adopted the US dollar. Which nobody has any of to speak of except what they get from lion killers like that dentist.
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Post by fauxmaha on Apr 28, 2016 15:46:10 GMT -5
Bitcoin.
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Post by millring on Apr 28, 2016 16:54:29 GMT -5
But we'll get it right.
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Post by frazer on Apr 29, 2016 1:37:38 GMT -5
I visited Venezuela around 20 years ago. A wonderful place and lovely people who don't deserve this.
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Post by Doug on Apr 29, 2016 7:30:20 GMT -5
I visited Venezuela around 20 years ago. A wonderful place and lovely people who don't deserve this. I just realized it's 50 yrs since I was in Venezuela. And I agree with that.
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Post by brucemacneill on Apr 29, 2016 15:34:41 GMT -5
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Post by fauxmaha on Apr 29, 2016 15:44:29 GMT -5
They must have forgotten to vote to have beer.
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Post by millring on Apr 29, 2016 16:47:44 GMT -5
But it was a democratic socialism.
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Post by fauxmaha on Apr 29, 2016 17:28:23 GMT -5
It is all very confusing. The Venezuelan Constitution guarantees employment, housing and health care to the people.
Perhaps they should take reality to court.
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Post by Village Idiot on Apr 29, 2016 19:57:26 GMT -5
Seriously, is it possible for a country to cease to exist these days? To be forced to hang up it's had and leave the door? Is it at all possible that the land now occupied by the country they call Venezuela could be divided up among neighboring countries or something?
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Post by Doug on Apr 29, 2016 20:05:45 GMT -5
Seriously, is it possible for a country to cease to exist these days? To be forced to hang up it's had and leave the door? Is it at all possible that the land now occupied by the country they call Venezuela could be divided up among neighboring countries or something? Ask Yugoslavia or the USSR
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Post by Village Idiot on Apr 29, 2016 20:10:04 GMT -5
There you go.
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Post by Village Idiot on Apr 29, 2016 21:08:04 GMT -5
But, thinking about it, the history of Yugoslavia or the USSR is not the history of Venezuela. Yugoslavia was kind of a fake county all along. If Venezuela can't make it, simply can't make a go of it, what then? The neighboring countries are Columbia, Brazil and Guyana, right? Politically, Columbia is relatively stable. Brazil is going through a lot, but will most likely wind up being relatively stable in the end. I know nothing about Guyana, except that it is small both geographically and economically. I keep pressing the issue, but I do wonder what would happen if Venezuela absolutely couldn't make it. Would first world countries work to build it again, or would we let it go?
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Post by fauxmaha on Apr 29, 2016 21:52:39 GMT -5
Look at Europe. Political lines cone and go. Nothing is permanent.
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Post by lar on Apr 29, 2016 22:25:19 GMT -5
It's Venezuela's misfortune that Greece seems to be headed for a similar place. For several years now the EU has kept Greece afloat by agreeing to prop them up in exchange for a series of budget reforms, none of which seem to have had any effect. Each time the EU says this is the last time. Then in a few months or so Greece is back on the front page because it's economy has reached crisis level yet again.
Unfortunately, Venezuela does not have the EU to back it up and it hasn't done a lot to make friends with other countries, especially the US. As the result they may have a lot of trouble finding anyone to help.
At some point the government may not have any choice but to repudiate it's debts. There is a significant cost to doing that and it would certainly not produce economic stability overnight. About the only chance Venezuela has is to replace it's government with one that other nations can feel confident about. Then they are going to need a capital infusion and some degree of debt forgiveness. Look for a major part of the solution to come out of our pockets if the US government thinks they can gain sufficient influence in the region.
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Post by jdd2 on Apr 29, 2016 23:15:39 GMT -5
It is all very confusing. The Venezuelan Constitution guarantees employment, housing and health care to the people. Perhaps they should take reality to court. Reality should take them to court!
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Post by jdd2 on Apr 29, 2016 23:18:03 GMT -5
In China, it was called the iron rice bowl--you'd always get fed (since it wouldn't break).
Not sure, but I think that came well after (and not as a result of) the '58-'62 famine. (~30-40 million dead)
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Deleted
Deleted Member
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Post by Deleted on Apr 29, 2016 23:26:30 GMT -5
Venezuela, for now, will continue to exist. Just. Most ordinary people are having a terrible time of it and it could still get worse. As for borders? Any country's borders only exist as long as they can defend them or other countries recognize them. As long as neighboring countries recognize Venezuela, their borders are safe. But what goes on within them is another story. Like Yugoslavia, internal rifts could split off different provinces or autonomous areas. Panama used to part of Colombia, after all. Stay tuned, I guess.
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Post by jdd2 on Apr 30, 2016 0:51:32 GMT -5
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