Nervous Venezuelans buy TVs after devaluation

[stevedeshazer]

CARACAS (Reuters) - Shouting "buy, buy, the world is going to die," Venezuelans went on a frantic shopping spree on Saturday following a sharp currency devaluation that is expected to drive up prices.

President Hugo Chavez announced a dual system for the fixed rate bolivar Friday night while much of the country was watching a baseball game.

But Saturday, word spread quickly as people read the morning papers and listened to the radio in Caracas cafes.

Shoppers crammed into electronics stores, eager to snap up imported televisions and computers ahead of the anticipated price hikes.

"I've been lining up for two hours outside to buy a television and two speakers because by Monday everything is bound to be double the current price," said Miguel Gonzalez, a 56-year-old engineer standing in the tropical sun outside a popular store.

http://www.reuters.com/article/idUSTRE6081Y720100109

Are we next?

:yoiks:

[bbinacan]

1. Are we next?

Yes, unless we quit running up deficits.

[yodoobo]

2. No. By the end of 2012 the deficit will be half of what it is now

http://www.usatoday.com/news/washington/2009-02-22-obamaecon_N.htm

[bbinacan]

8. If you believe that, I

want some of what you're smoking.:smoke:

[harkadog]

11. Your link is almost a year old.

And you are confusing debt with the deficit. The debt is increasing no matter what happens to the deficit. That is what will cause a devaluation of the currency and already has.

[TransitJohn]

13. LOL...budget deficit is not the same as the national deficit

plus that's from a year ago. :crazy:

[LoZoccolo]

3. Hugo should just ban TV.

That would stop this problem. And DUers would once again cheer him for a totalitarian move over there that would spur outrage over here.

[ret5hd]

4. Dooga dooga dooga dooga dooga?

[EFerrari]

10. Yeah because here Fox News could host a coup in their studios

and instead of letting their license lapse, the Democrats would apologize.

:yoiks:

[cutlassmama]

5. Americans already have 3 TV's in each house. Wonder what we

are going to go buy?

[Canuckistanian]

6. And this panic is based on what?

Fear? Ignorance?

It's funny how most financial "disasters" are based not on actual value, but fear of FUTURE values. And by that point, it's self-fulfilling.

Just another reason to pay attention to "consumer confidence" figures.

[Odin2005]

7. Populist dicators and currency debasement always goes hand-in-hand.

[EFerrari]

9. What do you mean, next? I went to buy grapes yesterday

and the smallest unit at the grocery store was $4.

:shrug:

[cali]

12. uh, if it's all that bad, how is it that I can eat well on under $50 a week

and that includes household items like garbage bags and stuff. Food is still relatively cheap here. Yes, certain items are expensive. No problem, just choose well.

[dionysus]

14. some people are into hyperbole. but grapes currently are that expensive