This tag is associated with 129 posts

No End In Sight For Venezuela’s Currency Plunge As Risk Of Default Grows Closer

The OPEC nation of Venezuela has long been home to the world’s highest inflation rate, and now the nation is set to become the site of the 57th hyperinflation event in modern recorded history, says Steve Hanke, professor of applied economics at Johns Hopkins University, Bloomberg reports. As Venezuela’s currency has plunged 32 percent over the past month … Continue reading

Venezuela’s Unofficial Exchange Rate Has Plunged 65% This Year, Breaks Through 500 Per Dollar To Record Low

The unofficial exchange rate in Venezuela has broken through 500 bolivars per dollar to reach a new record low on Friday, according to DolarToday. The unofficial exchange rate in Venezuela has broken through 500 bolivars per dollar to reach a new record low on Friday, according to DolarToday, the most popular exchange rate reference website in Venezuela, … Continue reading

The iPhone 6 Costs $47,000 In This Country

Originally posted on Fortune:
Punishing inflation and extremely limited supply have made smartphones extraordinarily rare and expensive in Venezuela, Bloomberg reports. Only two or three stores in the capital city of Caracas even stock high-end phones because vendors must go through the government to acquire inventory. Meanwhile, the country is suffering from a severe shortage…

Instead Of Killing Fracking‬, ‎OPEC‬ Engineers Its Own Demise

By Patrick L. Young A market flooding production strategy many saw as intending to kill the US-centric shale revolution, has, if anything, only made it stronger. In essence the OPEC cartel is signing its own death warrant. As always the communique suggests harmony and continuity but behind the scenes this was apparently a more fraught OPEC … Continue reading

Russia, Venezuela Agree On $14 Billion Oil And Gas Investment Deal

Venezuelan President Nicolas Maduro says his country has reached an agreement with Russia which will bring $14 billion in investment to its oil and gas sector over the next few years. The agreement was reached between the Venezuela’s state oil firm, PDVSA (Petroleos de Venezuela) and the Russia’s oil giant Rosneft, following talks in Caracas, between Maduro, the president of … Continue reading

BRICs Trample U.S. In South America

By Pepe Escobar It started in April with a rash of deals between Argentina and Russia during President Cristina Kirchner’s visit to Moscow. And it continues with a $53 billion investment bang as Chinese Premier Li Keqiang visits Brazil during the first stop of yet another South American commercial offensive – complete with a sweet metaphor: … Continue reading

Super Taper Tantrum: Can Latin America Weather The Coming Economic Storm?

By Gillian Tett Five years ago, Guido Mantega, then the Brazilian finance minister, warned that the United States seemed to have embarked on an international currency war. Many shared his opinion: when the Federal Reserve introduced its policies of quantitative easing, it weakened the dollar to such an extent that it sparked numerous complaints from emerging … Continue reading

U.S. Targeting Russia, Venezuela, China As It Loses Global Influence: Maduro

Washington is losing its weight in the international arena, which is why it is targeting Russia and Venezuela, in addition to attempting to curtail China’s growth, Venezuelan President Nicolas Maduro told RT’s Spanish-language channel in an exclusive interview. In March, the U.S. declared Venezuela a threat to its national security, however Maduro said that his nation found great support … Continue reading

China: Lender Of First (And Last) Resort

By Etienne Lepers Contemporary political analysis, though firmly focused on the yet to be created AIIB, should be equally as focused on the poorly covered Chinese bilateral lending relationships that already exist. China’s role in the global financial system has recently caught the media’s attention more than usual, as Beijing’s financial aspirations create significant diplomatic … Continue reading

Growth In Latin America To Weaken For Fifth Consecutive Year, IMF Says

Growth in Latin America and the Caribbean is expected to decline for a fifth consecutive year to below 1 percent in 2015, although there are clear differences along North-South lines, the IMF said in its latest regional forecast. The IMF’s Regional Economic Outlook for the Western Hemisphere projects growth in Latin America and the Caribbean at 0.9 … Continue reading

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