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![]() 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?
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#2
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Re: Venezuela - edge of today
I don't think it's needed for a country like India.. for Venezuela, Syria, Somalia, its fine.
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#3
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Re: Venezuela - edge of today
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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.
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This is quite a game, politics. There are no permanent enemies, and no permanent friends,only permanent interests. - Some Firang |
#4
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Re: Venezuela - edge of today
Russia also did it a while back. replaced 100 Rubles with a new 1 Ruble.
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This is quite a game, politics. There are no permanent enemies, and no permanent friends,only permanent interests. - Some Firang |
#5
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Re: Venezuela - edge of today
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#6
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Re: Venezuela - edge of today
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![]() What mango person wants is Falling proces and Rising incomes ![]()
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This is quite a game, politics. There are no permanent enemies, and no permanent friends,only permanent interests. - Some Firang |
#7
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Re: Venezuela - edge of today
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...
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#8
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Re: Venezuela - edge of today
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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.
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#9
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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. |
#10
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Re: Venezuela - edge of today
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there is equal amount of capitalism too though.
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#11
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Re: Venezuela - edge of today
Because of Maggie
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This term PPP was widely copied by Manmohan Singh.
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This is quite a game, politics. There are no permanent enemies, and no permanent friends,only permanent interests. - Some Firang |
#12
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Re: Venezuela - edge of today
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....
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#13
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Re: Venezuela - edge of today
^^
Prior to Maggie, Britain was in midst of ‘Stagflation’ stagnation + inflation. Maggie’s privatization policies plus many unpopular measures put Britain on growth path. Her critics say she caused inequality to rise, but every thing has a cost.
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This is quite a game, politics. There are no permanent enemies, and no permanent friends,only permanent interests. - Some Firang |
#14
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Re: Venezuela - edge of today
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In USSR, rouble had a sub unit Kopek. 100 kopecks was or ruble. Sounded like aver Soviet earned 100 rubles a month. But bread was 2 kopeks and for 4 kopeks you could ride anywhere in Moscow metro.
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This is quite a game, politics. There are no permanent enemies, and no permanent friends,only permanent interests. - Some Firang |
#15
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Re: Venezuela - edge of today
Communism and Socialism never work and have never been successful anywhere. Capitalism has its flaws but it works.
The principle of Capitalism is summed up by the awesome lines delivered by the character Gordon Gecko in the movie Wall Street from 1987 - The point is, ladies and gentlemen, that greed, for lack of a better word, is good. Greed is right. Greed works. Greed clarifies, cuts through, and captures the essence of the evolutionary spirit. Greed, in all of its forms, greed for life, for money, for love, knowledge, has marked the upward surge in mankind and greed, you mark my words, will not only save Teldar paper, but that other malfunctioning corporation called the USA. Thank you very much. We have seen how Nehruvian Socliasm screwed India since 1947. I remember, as a kid, that I used to go with my grand uncle once a year to the government office to pay a license fee for the radio we had at home! Yes, it was License Raj where everything needed a license. I remember the case of Premier automobiles where the company could not manufacture more cars (Padmini fiats) thant he allowed license permit. I remember how Reliance becamse big because Dhirubhai Ambani said 'screw permits, I am going to make more of this 'kela silk' (nylon, rayon) and export it'. It used to be called Vimal then and later became Reliance. I remember how a shopkeeper needed a license to even the rolling shutter on his shop. Socialism is nothing but Communism in a deceptive garb. Venezuela has failed because of it and the might USSR also crashed and burned because of Communism. The only exception - and that too because they were smart - is China. China has used communism to keep absolute control over its people but have adopted Capitalism to become the world's manufacturing hub. Anyway, I think you know all this. |
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