On the "margin," we devalued today

What is a dollar worth? Depends on who you know

Venezuela today has four different prices for the dollar – three of them official, one of them not. For basic imports (chavista code for “available only to Godgiven and his cronies”) a dollar costs BsF 6.3. For not-so-basic imports and for traveling (chavista code for “let’s throw a bone to the middle classes so they won’t…

Merentes on the tambora

An announcement about nothing

The Expectation-Disappointment cycle around Venezuela exchange-mechanism announcements is so well established by now, we barely get our hopes up any more. Today was no different. There was little about today’s press conference that the public didn’t already know or that wasn’t already so. Much like that well-loved sitcom, today’s event with Rodolfo Marco Torres and Nelson…

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Día Día speaks

(Día Día Practimercados is a small grocery store chain that caters to Venezuelans living in the country’s slums. Last week, they were taken over by the government. The firm put out a communiqué, and they reached out to us to ask if we would publish the English version. Here it is, in its entirety. Note…

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It’s the economic war, stupid!

Ever since scarcity began, Venezuelans were presented with a new phenomenon: “economic war.” Hazily defined and poorly communicated, economic war basically says that someone – the opposition, private industry, the CIA, the Mossad, Uribe – SOMEONE is responsible for the long lines and empty shelves in Venezuela’s stores. That someone is … anyone but the government.…

Allegory of what happened to Ford's Venezuela profits.

The Sound of 1.1 Trillion Pennies Dropping

People are starting to put 2 and 2 together. This Reuters report finds that 40 major U.S. companies have big-time exposure to the Venezuelan shitshow, in the form of at least $11 billion dollars worth of paper profits in bolivars that are going to vanish in a puff of logic the second the Bs.6.30:$1 fiction –…