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IMF: Venezuela's inflation on track to top 1 million percent

  

Category:  News & Politics

Via:  spikegary  •  8 years ago  •  19 comments

IMF: Venezuela's inflation on track to top 1 million percent

S E E D E D   C O N T E N T



Inflation in Venezuela could top 1 million percent by year's end as the country's historic crisis deepens, the International Monetary Fund said Monday.


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Venezuela's economic turmoil compares to Germany's after World War I and Zimbabwe's at the beginning of the last decade, said Alejandro Werner, head of the IMF's Western Hemisphere department.


"The collapse in economic activity, hyperinflation, and increasing deterioration ... will lead to intensifying spillover effects on neighboring countries," Werner wrote in a blog post.

The once wealthy oil-producing nation of Venezuela is in the grips of a five-year crisis that leaves many of its people struggling to find food and medicine, while driving masses across the border for relief into neighboring Colombia and Brazil.

Shortages in electricity, domestic water and public transportation plague millions of Venezuelans, who also confront high crime, the IMF noted.

If the prediction holds, Venezuela's economy will contract 50 percent over the last five years, Werner said, adding that it would be among the world's deepest economic falls in six decades.



Maduro won a second six-year term as president despite the deep economic and political problems in a May election that his leading challenger and many nations in the international community don't recognize as legitimate.

The IMF estimates Venezuela's economy could contract 18 percent this year, up from the 15 percent drop it predicted in April. This will be the third consecutive year of double-digit decline, the IMF said.

Werner said the projections are based on calculations prepared by IMF staff, but he warned that they have a degree of uncertainty greater than in other countries.

"An economy throwing you these numbers is very difficult to project," Werner said at a news conference. "Any changes between now and December may include significant changes."


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Spikegary
Junior Quiet
1  seeder  Spikegary    8 years ago

Socialism doesn't work.  Venezuela is proof.

 
 
 
epistte
Junior Participates
1.1  epistte  replied to  Spikegary @1    8 years ago

Who in the US has ever supported this brand fo socialism?

 
 
 
KDMichigan
Junior Quiet
1.1.1  KDMichigan  replied to  epistte @1.1    8 years ago
Who is the US has ever supported this brand fo socialism?

In 2002, 16 U.S. congressmen voiced their approval for Venezuelan Communist Dictator Hugo Chavez. Representatives Barney Frank, John Conyers (1), Chaka Fattah (2), Jan Schakowsky (3), Jose Serrano (4), and others complained in a letter to President Bush that the United States was not adequately protecting Dictator Chavez against a groundswell of internal opposition to his increasingly authoritarian rule -- an upsurge that might lead to his ouster.

As well as others.

 
 
 
KDMichigan
Junior Quiet
1.1.2  KDMichigan  replied to  KDMichigan @1.1.1    8 years ago

Senator Sanders declared: “These days, the American dream is more apt to be realized in South America, in places such as Ecuador, Venezuela and Argentina, where incomes are actually more equal today than they are in the land of Horatio Alger.”

 
 
 
Ozzwald
Professor Quiet
1.1.4  Ozzwald  replied to  KDMichigan @1.1.1    8 years ago
In 2002, 16 U.S. congressmen voiced their approval for....

You didn't answer her question.  Supporting a person is not the same as supporting a specific form of government. 

Trump supports Putin, does Trump support communism?  By your logic he does.

 
 
 
Ozzwald
Professor Quiet
1.1.5  Ozzwald  replied to  Have Opinion Will Travel @1.1.3    8 years ago
It's worth examining why so many left wing numbskulls ignorantly and openly promote such such incredibly malevolent figures as Che. 

It's worth examining why so many right wing teabaggers ignorantly and openly promote such such incredibly malevolent figures as Putin.

 
 
 
KDMichigan
Junior Quiet
1.1.7  KDMichigan  replied to  Ozzwald @1.1.4    8 years ago
Trump supports Putin, does Trump support communism?  By your logic he does.

hogwash.

Its funny how all these Socialist Democrats that touted Venezuela can now deny it.

Pepperidge farms remembers.

There was numerous members on FR that championed it but I have no proof so my words don't matter.

 
 
 
KDMichigan
Junior Quiet
1.1.8  KDMichigan  replied to  Ozzwald @1.1.4    8 years ago
Actor Sean Penn met with Hugo Chavez on numerous occasions, describing him as a “fascinating guy” who did “incredible things for the 80% of the people that are very poor there.”
After Chávez’s death in 2013, Penn said that the “United States lost a friend it never knew it had” while “poor people around the world lost a champion.”

Film director Oliver Stone was such a fan of Chávez and the rise Latin American socialism that he made a film about it, entitled South of the Border. In the film, he conducted interviews with the continent’s left-wing leaders, including Chávez, Cuba’s Raúl Castro, Argentina’s Cristina Fernández de Kirchner, and Bolivia’s Evo Morales.
Chávez received the film so well that he joined Stone for its premiere at the 2009 Venice Film Festival, describing him as “a genius of cinema.”“I mourn a great hero to the majority of his people and those who struggle throughout the world for a place,” Stone said after Chávez’s death. “Hated by the entrenched classes, Hugo Chávez will live forever in history.”

Civil rights activist Jesse Jackson visited Caracas in 2005 to apologize for remarks by TV evangelist Pat Robertson in which he called for Chávez’s assassination.
Addressing the Venezuelan parliament, Jackson said there was no evidence that Venezuela posed a threat to the United States, while praising Chávez for his “focus on foreign debt, debt relief, and free and fair trade to overcome years of structural disorder, unnecessary military spending, [and] land reform.”
After Chávez’s death, Jackson also offered a prayer at his funeral while celebrating his socialist legacy.
“Hugo fed the hungry. He lifted the poor. He raised their hopes. He helped them realize their dreams. And, so, today we do mourn, because we’ve lost a lot. But we have a lot left – a stable government, an orderly transition,” he said.

Unlike others in Hollywood, filmmaker Michael Moore did not share a close relationship with Chávez. However, the pair did meet at the 2009 Venice Film Festival and, after Chávez’s death, Moore praised him for “eliminating 75 percent of extreme poverty” while “[providing] free health and education for all.”

he leader of the British Labour Party Jeremy Corbyn, currently standing to be the country’s next prime minister, was an avid supporter of Hugo Chávez and the Venezuelan regime.
Following his death in 2013, Corbyn thanked Chávez for allegedly insuring “that the poor matter and wealth can be shared,” adding he had made “massive contributions to Venezuela and the world.”

The economist Joseph Stiglitz, a recipient of a Nobel Laureate, praised Hugo Chávez’s socialist policies whilst on a visit to Caracas in 2007.
Speaking at a World Economic Forum, Stiglitz said: “Venezuelan President Hugo Chavez appears to have had success in bringing health and education to the people in the poor neighbourhoods of Caracas.”“It is not only important to have sustainable growth, but to ensure the best distribution of economic growth, for the benefit of all citizens.”
In the run-up to last year’s presidential election, Stiglitz served as an advisor to Hillary Clinton’s unsuccessful campaign on economic and trade issues.

“He was not only my friend, he was my brother,” Glover said after Chávez’s death. “It’s difficult for a leader like him to exist in these times. His vision for humanity and the world can only be compared to that of leaders like Nelson Mandela. He was a great man and I cried when he died.”
In 2014, Glover also gave a speech next to Nicolas Maduro, asking him to “to continue [Chavez’s] vision of a participatory democracy, one involving all citizens,” while calling his government “the stewards of this democracy.”

Does that answer the question?

 
 
 
Ozzwald
Professor Quiet
1.1.9  Ozzwald  replied to  KDMichigan @1.1.8    8 years ago
Does that answer the question?

Nope, you're still avoiding the question.  But thanks for playing.

 
 
 
96WS6
Junior Silent
1.1.10  96WS6  replied to  epistte @1.1    8 years ago

In addition to the list KD provided, Here's a few more, most support Sanders too.

  • PRESIDENT OBAMA
  • MICHAEL MOORE
  • DON KING
  • NOAM CHOMSKY
  • MARK WEISBROT
  • JEREMY CORBRYN
  • JOSEPH STIGLITZ 
  •   SEAN PENN
  • OLIVER STONE
  • DANNY GLOVER
  • COURTNEY LOVE
  • GREGORY MEEKS
  • NAOMI CAMPBELL

 
 
 
KDMichigan
Junior Quiet
1.1.11  KDMichigan  replied to  Ozzwald @1.1.9    8 years ago
Nope

Of course it doesn't.

I had some time to waste hence my response to you.

I knew you were being obtuse before I responded to you and ,"SHOCKER", no matter what I said you would still play the same lame game.

So yes you are welcome for the attention, now you can trot on. 

 
 
 
96WS6
Junior Silent
1.1.12  96WS6  replied to  Ozzwald @1.1.4    8 years ago
Supporting a person is not the same as supporting a specific form of government. 

What the heck is that supposed to mean?   You think they just thought he was a nice guy?  LMFAO!  Never mind he is starving millions.....and I thought it was the Celebrities that were clueless...   

 
 
 
96WS6
Junior Silent
1.1.13  96WS6  replied to  KDMichigan @1.1.8    8 years ago

Missed this one.  LOL

 
 
 
Jasper2529
Professor Quiet
1.1.14  Jasper2529  replied to  epistte @1.1    8 years ago
Who in the US has ever supported this brand fo socialism?

It takes time, epistte. As the article states ...

The once wealthy oil-producing nation of Venezuela is in the grips of a five-year crisis

It is well-known that left-wing radicals such as Bernie Sanders, Elizabeth Warren, Alexandria Ocasio-Cortez and others approve of a Socialist agenda that advocates lifetime government dependency.

 
 
 
epistte
Junior Participates
1.1.15  epistte  replied to  Jasper2529 @1.1.14    8 years ago
It takes time, epistte. As the article states ...

When was the last time that you heard a liberal or (gasp) a progressive use Venezuela as an economic model of where we want the country to move?  I'd ask you if Venezuela is a nordic country, but given the lacking geography education in the US that might not be a good question. Venezuala is not a model of a mixed market socialist economy. 

 
 
 
epistte
Junior Participates
1.1.16  epistte  replied to  KDMichigan @1.1.1    8 years ago

George Bush tried to remove Hugo Chavez is a US backed coup in 2002.  Those votes were in opposition to the coup. 

The failed coup in Venezuela was closely tied to senior officials in the US government, The Observer has established. They have long histories in the 'dirty wars' of the 1980s, and links to death squads working in Central America at that time.

Washington's involvement in the turbulent events that briefly removed left-wing leader Hugo Chavez from power last weekend resurrects fears about US ambitions in the hemisphere.

It also also deepens doubts about policy in the region being made by appointees to the Bush administration, all of whom owe their careers to serving in the dirty wars under President Reagan.

One of them, Elliot Abrams, who gave a nod to the attempted Venezuelan coup, has a conviction for misleading Congress over the infamous Iran-Contra affair.

The Bush administration has tried to distance itself from the coup. It immediately endorsed the new government under businessman Pedro Carmona. But the coup was sent dramatically into reverse after 48 hours.
 
 
 
Jasper2529
Professor Quiet
2  Jasper2529    8 years ago
The once wealthy oil-producing nation of Venezuela is in the grips of a five-year crisis that leaves many of its people struggling to find food and medicine, while driving masses across the border for relief into neighboring Colombia and Brazil.

Shortages in electricity, domestic water and public transportation plague millions of Venezuelans, who also confront high crime, the IMF noted.

If the prediction holds, Venezuela's economy will contract 50 percent over the last five years, Werner said, adding that it would be among the world's deepest economic falls in six decades.

---------------

"The trouble with Socialism is that eventually you run out of other people's money." ~ Margaret Thatcher

 
 

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