So for the last 2 years the Wall Street Journal has been predicting the total fucking COLLAPSE of the Venezuelan economy because they stubbornly refused to devalue their currency. Well guess what? Over the weekend Venezuela finally bit the bullet and devalued the bolivar, so today the Wall Street Journal took their predictable victory lap by running this story about . . . OMG THE VENEZUELAN ECONOMY IS ABOUT TO COLLAPSE, because of this devaluation! PS none of this will ever happen.
Oh and BTW: “Older Venezuelans are accustomed to sharp losses in the value of their money, with numerous devaluations and currency regimes over the last three decades of economic turmoil. Inflation, the highest in the Americas, at 25 percent last year, reached 103 percent in 1996 after a previous president lifted exchange and price controls.”
This article was first published by BoRev.Net on 11 January 2010 under a Creative Commons license.