Chávez devalues bolivar, Venezuelans go on spending spree – Douglas French – Mises Economics Blog

Chávez devalues bolivar, Venezuelans go on spending spree – Douglas French – Mises Economics Blog: “With oil prices off their highs, his country in a recession and prices soaring, President Hugo Chávez devalued the bolivar and ‘vowed to fight speculation and price increases that could result from the devaluation.’

At Caracas’s middle-class Sambil shopping mall, lines at cashiers reached 50-deep. Carmen Blanco, a 28-year-old accountant, waited to buy a 42-inch flat-screen television she doesn’t need because she already has one at home.”

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