September 27, 2010
OK, let’s see how this works out, 52 % of the vote goes to opposition candidates, there are 165 seats in the parliament … So opposition to Chavez should then have 52% of the 165 seats, or about 85 seats. Nope, rigged elections always produce funny results … Chavez gets 90 seats, phtttt … Sounds like an Obama deal to me, where the results end up screwing the people.
Hey look at the bright side, he fell short of decree power, so like Obama he will take that as a yes.
Opposition candidates, who boycotted the 2005 congressional race, secured 52 percent of the overall popular vote, giving them enough seats to force Chavez to negotiate on key decisions, said Ramon Guillermo Aveledo, head of the Democratic Unity Table alliance. Election officials didn’t provide a tally of the overall vote.
Chavez’s party, while securing at least 90 of 165 seats in the National Assembly after redrawing electoral districts, fell short of the 110-seat threshold needed to be given decree powers, approve the national budget and pass new laws single- handedly. Opposition candidates won 61 seats and non-aligned indigenous candidates won 3 seats according to the results announced at 2 a.m. local time, eight hours after polls closed. Another 11 seats remain to be decided.
“This is a tremendous defeat of the Bolivarian project,” said Friedrich Welsch, political analyst at the Simon Bolivar University in Caracas. “Chavez built his campaign on a vote of confidence in his socialist project and the majority of the people gave their votes to forces opposed to it.”
September 12, 2010
I wrote a piece Friday about hyperinflation. In it some articles were referenced as reading that explains how commodity pricing interacts with hyperinflation. Venezuela has crossed into the twilight zone. A place that if it weren’t for Paul Volker and his hyperinflation choking money policy prevented, would have likely led Jimmy Cart’s economy over the hyperinflation cliff… For the first six months of 2010 inflation in Venezuela was a little under 30%, so you can see where that is headed. LAHT has the story:
Read the rest of this entry »
August 22, 2010
Venezuelan Economy Shrinks 3.5% in First Half of 2010 — The economic decline in the first six months was the product of a 5.2 percent drop in the nation’s gross domestic product in the first quarter and a contraction of 1.9 percent in the second quarter, the BCV said.
Socialism shrinks economy faster than a Kenyan witch doctor.
July 10, 2010
31% inflation, prices for everything goes up at 31% a year. Sinking in the muck, Just what Obowma wants. President Hugo Chavez’s commie government has set a goal of inflation ranging from 20 percent to 22 percent this year. Analysts predict more than 30 percent, about where it is now. But there is always hope in commie countries, right?
The Venezuelan Central Bank says consumer prices rose 1.8 percent in June, a slight drop from the previous month though annual inflation still stands at 31.3 percent — by far the highest in Latin America.
The June inflation figure released Thursday was down from the 2.6 percent rise in prices during May.
Analysts say a devaluation early this year is still having an effect, and that other factors pushing up prices include shortages of some foods and also increases in some government-set controlled prices for food.
June 12, 2010
How it works in Venezuela, Obama wants the same in America. He is a car dealership owner and was arrested for ‘hoarding cars’ … as opposed to what, one might ask. We can’t have people who talk bad about Chavez, hoarding cars, now can we?
CARACAS, Venezuela (AP) — Venezuelan authorities issued an arrest warrant Friday for the owner of a television channel that takes a critical line against President Hugo Chavez.Intelligence agents arrived at a home owned by Guillermo Zuloaga seeking to arrest him and one of his sons Friday night, but their whereabouts were unknown, defense lawyer Perla Jaimes said.
Zuloaga is president and majority shareholder of Globovision, the country’s only remaining channel on the airwaves that is stridently opposed to Chavez.
A court issued the warrant for the businessman and his son, also named Guillermo, citing accusations of illegally keeping 24 new Toyota sport-utility vehicles stored at a home owned by Zuloaga, Attorney General Luisa Ortega said. Zuloaga and his son are charged with usury and conspiracy.
June 7, 2010
Caracas stocks reached a record 52 week high on essentially very little volume, as financial stocks rose, but the absence of most brokers after the largest and most important were taken over by the government has ground activity to a halt, making specific changes in prices essentially irrelevant.
Volume was so low that just a few thousand dollars were traded all week for any local issue.
Three stocks moved up: Banco Provincial, Sivensa and Mercantil Servicios Financieros.
The Caracas Stock Index closed at 63,281, up 14.90% for the year, but down -42.55% in US dollar terms after a January devaluation.
Any similarity to Obammunsim is purely accidental.