Boy, you know your currency sucks when the peg is not holding even against one of the weakest currencies in the world right now http://www.bloomberg.com/apps/news?pid=20601087&sid=aXMxWMYfDYsI
That's one way to look at it. Another way is that - knowing Chavez is a certifiable idiot - he's marking a bottom.
The guy is nuts. He rubs Americans' nose, not even for the interest of self-benefit, only to show he can do it.
Fortunately for Chavez, Obama hates the US as much as he does and considers him a socialist comrade. In fact, Obama is doing his damndest to put Manuel Zelaya back in office in Honduras, so that he can become the next "El Presidente for Life" like Chavez. Fuck all three of these commies.
i think we will see more countries thumb their nose at the US with Iran leading the way. The US has "shot it's bolt" and has its hand tied with current mess in Iraq, Afghanistan and domestically.
I am Venezuelan first of all, fuck chavez, he holds the world record for value destruction. 10 years of putrefaction. thanks to chavez venezuela is now the most expensive, most dangerous, most corrupt country on earth. we're not an emerging economy, like most in Latam, we're 4th world. Second of all, chavez floods the local black market with us$ from oil sales so he can keep the black market down. why? because he implemented a stupid control 6 years ago on foreign exchange and no one can buy legally US$ (you can, but with many limitations) so everyone uses the black market and it flows through to inflation, currently above 30%. Interest rate is also 30% (so next time you get your mortgage or credit card bill, give thanks instead of complain) one of his 'socialist' goals is to keep inflation under control. as you can see, hes doing great (like in all other economic category). p.s. fuck oliver stone, who just made a documentary elating him. If anyone can give me any tips on how to ban this idiot forever, appreciated. J