eCharcha.Com   Support eCharcha.Com. Click on sponsor ad to shop online!

Advertise Here

Go Back   eCharcha.Com > Current Affairs > Economy

Notices

Economy Fiscally fit?

Reply
 
Thread Tools Display Modes
  #1  
Old August 23rd, 2018, 02:58 AM
kkkk kkkk is offline
Senior eCharchan
 
Join Date: Sep 2008
Posts: 5,728
kkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond repute
Lightbulb Venezuela - edge of today

Venezuelan president Madura appears to have taken a leaf out of Modi's book. He has ordered devaluation of the bolivar by loping of 5 zeroes of the old currency. To differentiate it from old currency, the re-valued currency is called sovereign bolivar. so what was earlier 1 million bolivar is now 10 soverign bolivar.

sounds to me like a good step. Ridiculous prices and inflation (of the order of thousands of percent!) - will they come down or not - needs to be seen. It could have been done better (even if these are early days) like not tagging it to the petro or making the process longer in some way. The country is surely about to go through a long paralysis period when everybody gets to grips with the new currency.


I have sometimes felt, we should do something similar in India..... imagine devaluing the currency by a factor of 10, so a sandwich which costs 50rs will cost 5rs - which is in line with the 'good times' I remember. Quite subjective I suppose... good India for my parents generation would probably peg the price of sandwich at 5paise.

what do you guys think?
__________________
Winner of the Signature Contest 2013!
Reply With Quote
  #2  
Old August 23rd, 2018, 06:41 AM
sarv_shaktimaan's Avatar
sarv_shaktimaan sarv_shaktimaan is offline
Moderator
 
Join Date: Aug 2005
Location: satva aasmaan
Posts: 16,003
sarv_shaktimaan has a reputation beyond reputesarv_shaktimaan has a reputation beyond reputesarv_shaktimaan has a reputation beyond reputesarv_shaktimaan has a reputation beyond reputesarv_shaktimaan has a reputation beyond reputesarv_shaktimaan has a reputation beyond reputesarv_shaktimaan has a reputation beyond reputesarv_shaktimaan has a reputation beyond reputesarv_shaktimaan has a reputation beyond reputesarv_shaktimaan has a reputation beyond reputesarv_shaktimaan has a reputation beyond repute
Re: Venezuela - edge of today

I don't think it's needed for a country like India.. for Venezuela, Syria, Somalia, its fine.
Reply With Quote
  #3  
Old August 23rd, 2018, 07:51 AM
sgars's Avatar
sgars sgars is online now
2
 
Join Date: Jan 2007
Location: Mid West
Posts: 8,472
sgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond repute
Re: Venezuela - edge of today

Quote:
Originally Posted by kkkk View Post
imagine devaluing the currency by a factor of 10, so a sandwich which costs 50rs will cost 5rs - which is in line with the 'good times' I remember. Quite subjective I suppose... good India for my parents generation would probably peg the price of sandwich at 5paise.

what do you guys think?
It will defnitely make someone who wants a lower salary feel better
1300 instead of 13000.
But most will not feel good. Even an entry level Cybercoolie now gets 40000 per month. They wont like 4000 a month.

BTW, Indian Rupee is now mostly based on Market value. More than Chinese Yuan or South Korean Wong which are pegged to dollar and Yen.

When government pegged the INR, it had to be devalued a few times.
__________________
This is quite a game, politics. There are no permanent enemies, and no permanent friends,only permanent interests. - Some Firang
Reply With Quote
  #4  
Old August 23rd, 2018, 07:52 AM
sgars's Avatar
sgars sgars is online now
2
 
Join Date: Jan 2007
Location: Mid West
Posts: 8,472
sgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond repute
Re: Venezuela - edge of today

Quote:
Originally Posted by sarv_shaktimaan View Post
I don't think it's needed for a country like India.. for Venezuela, Syria, Somalia, its fine.
Russia also did it a while back. replaced 100 Rubles with a new 1 Ruble.
__________________
This is quite a game, politics. There are no permanent enemies, and no permanent friends,only permanent interests. - Some Firang
Reply With Quote
  #5  
Old August 28th, 2018, 06:31 AM
kkkk kkkk is offline
Senior eCharchan
 
Join Date: Sep 2008
Posts: 5,728
kkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond repute
Re: Venezuela - edge of today

Quote:
Originally Posted by sgars View Post
It will defnitely make someone who wants a lower salary feel better
1300 instead of 13000.
But most will not feel good. Even an entry level Cybercoolie now gets 40000 per month. They wont like 4000 a month.

BTW, Indian Rupee is now mostly based on Market value. More than Chinese Yuan or South Korean Wong which are pegged to dollar and Yen.

When government pegged the INR, it had to be devalued a few times.
its not just income though is it? the expenditure will also reduce by a factor of 10? 500rs sandwich will go down to 50rs, chocolates available again for 5paise...
__________________
Winner of the Signature Contest 2013!
Reply With Quote
  #6  
Old August 28th, 2018, 06:38 AM
sgars's Avatar
sgars sgars is online now
2
 
Join Date: Jan 2007
Location: Mid West
Posts: 8,472
sgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond repute
Re: Venezuela - edge of today

Quote:
Originally Posted by kkkk View Post
its not just income though is it? the expenditure will also reduce by a factor of 10? 500rs sandwich will go down to 50rs, chocolates available again for 5paise...
Now, thats the thing. In case of inflation, both the incomes and the prices rise. But everyone complains about rising prices. Likewise, in case of a deflation, people will complain about falling incomes (except one)

What mango person wants is Falling proces and Rising incomes
__________________
This is quite a game, politics. There are no permanent enemies, and no permanent friends,only permanent interests. - Some Firang
Reply With Quote
  #7  
Old August 28th, 2018, 06:50 AM
kkkk kkkk is offline
Senior eCharchan
 
Join Date: Sep 2008
Posts: 5,728
kkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond repute
Re: Venezuela - edge of today

Quote:
Originally Posted by sgars View Post
Russia also did it a while back. replaced 100 Rubles with a new 1 Ruble.
countries with strong currencies dont need this. inflation remains under control. UK's inflation has been around the 2% mark, India's has never been under 4% as far as I remember. Russia's inflation is also around 2.5% now...
__________________
Winner of the Signature Contest 2013!
Reply With Quote
  #8  
Old August 28th, 2018, 07:27 AM
kkkk kkkk is offline
Senior eCharchan
 
Join Date: Sep 2008
Posts: 5,728
kkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond repute
Re: Venezuela - edge of today

Quote:
Originally Posted by sgars View Post
Now, thats the thing. In case of inflation, both the incomes and the prices rise. But everyone complains about rising prices. Likewise, in case of a deflation, people will complain about falling incomes (except one)

What mango person wants is Falling proces and Rising incomes
the incomes do not necessarily rise at the same rate as inflation though - thats one of the reasons why everyone complains about rising prices. UK is not deflating at this time, however incomes have remained more or less stagnant over the last few years.
in India I dont know whats happening to incomes, people appear ready to spend loads of cash but that appears to be more relaxing attitudes about savings than increasing incomes.
__________________
Winner of the Signature Contest 2013!
Reply With Quote
  #9  
Old August 30th, 2018, 10:47 AM
echarcha's Avatar
echarcha echarcha is offline
Sutradhar {admin}
 
Join Date: Jul 2000
Location: CA, USA
Posts: 45,386
echarcha has a reputation beyond reputeecharcha has a reputation beyond reputeecharcha has a reputation beyond reputeecharcha has a reputation beyond reputeecharcha has a reputation beyond reputeecharcha has a reputation beyond reputeecharcha has a reputation beyond reputeecharcha has a reputation beyond reputeecharcha has a reputation beyond reputeecharcha has a reputation beyond reputeecharcha has a reputation beyond repute
Re: Venezuela - edge of today

Venezuela took to socialism with a vengeance... Today its a crap chute! Unbridled socialism has never worked and will never work.

India too is quite socialist, but thanks to private industry, it has managed to plow through.

There are many things socialist in India which need to go, but will not, owing to two things - 1) Certain section of the population is now used to freebies and handouts
2) There is no political will owing to vote bank politics.
__________________
eCharcha.com
-Loud and Proud Desi Opinions
Reply With Quote
  #10  
Old September 3rd, 2018, 05:46 AM
kkkk kkkk is offline
Senior eCharchan
 
Join Date: Sep 2008
Posts: 5,728
kkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond repute
Re: Venezuela - edge of today

Quote:
Originally Posted by echarcha View Post

India too is quite socialist, but thanks to private industry, it has managed to plow through.

There are many things socialist in India which need to go, but will not, owing to two things - 1) Certain section of the population is now used to freebies and handouts
2) There is no political will owing to vote bank politics.
not very different from the UK. the welfare state in the UK is the reason so many want to make their way to the United Kingdom. People's way of living is dependant on handouts from the government.

there is equal amount of capitalism too though.
__________________
Winner of the Signature Contest 2013!
Reply With Quote
  #11  
Old September 3rd, 2018, 04:44 PM
sgars's Avatar
sgars sgars is online now
2
 
Join Date: Jan 2007
Location: Mid West
Posts: 8,472
sgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond repute
Re: Venezuela - edge of today

Quote:
Originally Posted by kkkk View Post
there is equal amount of capitalism too though.
Because of Maggie

Quote:
Originally Posted by sgars View Post
Living Person i admire - Lee Yuan Kew, the mentor of Singapore.
Others close are Margaret Thatcher and Helmut Kohl.
The post was in 2013 before she went RIP. She privatized British Telecom, British steel, etc. She also introduced PPP (Public Private partnership) in London Underground.
This term PPP was widely copied by Manmohan Singh.
__________________
This is quite a game, politics. There are no permanent enemies, and no permanent friends,only permanent interests. - Some Firang
Reply With Quote
  #12  
Old September 4th, 2018, 09:29 AM
kkkk kkkk is offline
Senior eCharchan
 
Join Date: Sep 2008
Posts: 5,728
kkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond reputekkkk has a reputation beyond repute
Re: Venezuela - edge of today

Quote:
Originally Posted by sgars View Post
Because of Maggie



The post was in 2013 before she went RIP. She privatized British Telecom, British steel, etc. She also introduced PPP (Public Private partnership) in London Underground.
This term PPP was widely copied by Manmohan Singh.
Maggie or no Maggie, the brits have always been good at keeping their country and their pockets lined. the hoi-polloi rely on state handouts but those who make money, make it by tonnes....
__________________
Winner of the Signature Contest 2013!
Reply With Quote
Reply

Bookmarks

Tags
bolivar devalue, sovereign bolivar, venezuela currency


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Taller people have the edge when it comes to happiness echarcha Relationships 1 September 11th, 2008 02:17 PM
'Cutting edge' food art echarcha Audio, Video & Photography 2 July 15th, 2008 04:51 PM
Think you pay a lot for gasoline? Perhaps you would prefer to live in Venezuela. marvelous Economy 2 January 7th, 2008 01:00 PM
Where is the edge of the universe? Jat SoapBox 14 March 18th, 2003 07:08 AM
Edge Of Town shahenshah SoapBox 1 August 20th, 2001 06:43 AM


All times are GMT -7. The time now is 11:15 AM.


Powered by vBulletin® Version 3.7.2
Copyright ©2000 - 2018, Jelsoft Enterprises Ltd.
Site Copyright © eCharcha.Com 2000-2012.