Monday, January 11, 2010

Currency Devaluation 101

God help us all if this ever occurs in the US.

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Devaluation ups stakes in Venezuela election year
By Frank Jack Daniel and Eyanir Chinea
Reuters

CARACAS, Jan 9 (Reuters) - Venezuelans rushed to the shops on Saturday, fearful of price rises after a currency devaluation that will let President Hugo Chavez boost government spending ahead of an election but feeds opposition charges of economic mismanagement.

In a bid to jump-start the recession-hit economy of South America's top oil exporter, Chavez on Friday announced a dual system for the fixed rate bolivar.
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