Chavez’s 70% Gold Bet Unravels on Reserves Plunge: Andes Credit – Bloomberg
This article begins by focusing on the gold Venezuela stockpiled but then moves on to other factors such as the black market, default swaps, and how the lower oil prices are all driving the Venezuelan economy further down.
Maybe Venesuala haveing as much gold as they do has somthing to do with the “smash”. Maybe not, but I think Chavez was right to get it back.
I wonder if the germans wish they had of got theirs back some years ago?
If the Venesualans are having a tuff time of it, maybe they could back their currency with gold?
Benb, even if Chavez got his gold back where the gold went will not help his countrymen only the elite. DT
Same goes for every other country.
Ounce for ounce, it’s better to have than not. Fiat money serves the power elite even more than honest money. When a peasant owns a silver coin he can hold it for what it’s worth to him as barter. When he owns a piece of paper, it’s worth to him depends upon what the power elite say it’s worth to them..
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Thanks, but I do not understand the language.
Big Al
Time will tell if Chavez was more stupid than this Bloomberg writer.
Or not.