From the wisdom of Hugo Chavez: There was no devaluation, it was a revaluation!

January 15, 2010

From the incompetent mind of Hugo Chavez here you have what may become the phrase of the year for Hugo Chavez:

“What we have done in reality, is a “revaluation of the Bolivar” and the swap exchange rate will go down to Bs. 4.3 per $”

This is typical Chavez, talk about a future that never materializes. Remember that three months ago the goal was to have the swap rate be 65% above the official rate of Bs. 2.15 per $. That never happened. Now he says the swap rate will be brought down to Bs. 4.3 per $. Well, I wonder if anybody actually told him today before the speech that the swap rate closed today UP at Bs. 5.87 per US$. Jail me if you want Hugo!

(More on the speech tonight tomorrow, full of little Chavez wisdom jewels!)

10 Responses to “From the wisdom of Hugo Chavez: There was no devaluation, it was a revaluation!”

  1. Otro Roberto Says:

    I believe that what Thugo have said is a tacit recognition that the swap rate is the relevant one for Venezuela.

  2. Nobody Special Says:

    Unfortunately, Roberto, this gives rise to a special brand of “labor negotiator” that specializes in fighting fire with fire.

    Can’t get the tribunal to agree to fire them? As the Boyos in Ireland would say… “put them on sticks…”

    It’s a sad commentary on a system that has institutionalized the process of turning this country into a two-tiered system: The official process which doesn’t work where justice is for sale to the highest bidder, and he “wild wild west” process where there is no law because the “law” isn’t applied evenly to anyone.

    As I say, it’s a sad commentary…

  3. Roberto Says:

    Don’t forget, FrameTD, the “inamovilidad laboral”, or prohibition to fire anybody unless “just cause” is shown.

    So last year, we tried to fire 5 people.


    Two attacked a fellow worker with knives, at work, captured in full color video, plus eye-witnesses. Result from tribunal de trabajo?

    Can’t fire them.

    Three stood at the door of the factory, impeding laborers from entering without any justification. Threatening all who tried to enter with injury. ALso captured on video, both ours and VTV’s.


    Can’t fire them either.

    So if you have to fire someone, you have to come to an agreement that is generally triple what they deserve legally.

  4. framethedebate Says:

    Raising the minimum wage. This additional cost will further reduce domestic production efforts as the private sector has now been delivered an additional inflationary burden. Simply genius!

  5. Roger Says:

    I see he also “revalued” the minimum wage by 25%
    Notice how they confuse the situation and shift the blame in this case to employers.

  6. Deanna Says:

    “Se cansa uno”. You’re not kidding. After 11 years of this bullshit, who wouldn’t be tired of it. Now he also wants to forcefeed us with his propaganda by applyiing the ridiculous law of airing his “cadenas” to cable channels. I’m in Venezuela only 3-4 months of the year and I have resorted to watching DVD movies and re-reading the few books I have in the house. People will say that I’m masochistic for coming here year afer year, voluntarily suffering the inefficiency and short supply of goods and services, but I happen to love this country and need to visit my family once in a while.

  7. maracucho importado Says:

    when the commandante said we swim in the same sea as cuba,, i knew we were in trouble.
    starting ten years ago i brought in more than 100 copies of george orwell’s “animal farm”, but in spanish, “rebellion en la granja”.
    90% of the persons i gave these books to said, “this is a kids story”. i said “no, this will happen here”.
    now, after ten years, they wonder how i knew.
    “all amimals are now equal,,, some are just more equal than others.”

  8. Gringo Says:

    Oh boy… he’s so full of it!
    So what else is new?

  9. karl Says:

    Wow, now Chavez is my follower LOL. Maybe I can convince him to step down! Se cansa uno…

  10. liz Says:

    Oh boy… he’s so full of it!

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