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In one day, the monthly minimum wage goes from $30 to $10 in Venezuela
Hyperinflation has already eaten the new salary increaseNovember 29, 2018
translated from Spanish
Pedro García Otero / November 29, 2018.- Three months and ten days after the implementation of the "Economic Recovery Program", the same had to be submitted to a "correction factor"; and although Nicolás Maduro talks about the fact that with the program launched on August 20, "Venezuela is going to stabilize the economy," the announcements made on Thursday show that the government is far behind hyperinflation. And that this one is going to run even harder.
Throughout his speech, in addition, Maduro has not mentioned two key factors of the economic recovery program announced in August: Not an allusion to fiscal discipline (on the contrary, food re-fuels the hyperinflationary bonfire) nor did he name the issue of the price of gasoline, currently given, and to which Maduro, three months ago, promised to put in international prices.
In addition, the president, who had spoken of "free fluctuation" and "market mechanisms" for the currency market, has again said that it is the "criminal dollar" responsible for "much of the damage of the economic war" , although it also made a very important correction in the price of the so-called "Dicom dollar", which has been distancing itself from the price of the currency in the parallel market, which marked the economy.
The most repeated phrase throughout the speech was "correction": And although he announced the "relatization" (actually slowdown) of inflation (a slowdown that is only seen in Miraflores, but that the president was useful for justify the figures presented to the IMF that speak of inflation of 860% for 2017), the truth is that prices are accelerating, and inflation estimated by banking this year is approximately 480,000%.
In short, Maduro's ads, which can be grouped into six major categories or codes, show that the Venezuelan economy is simply worse; that the Government has no interest in correcting itself, nor in correcting the mother of all the imbalances, which is the fiscal deficit and the inorganic emission of money; on the contrary, it reinforces and accelerates the dissolving effect of hyperinflation.
In addition, the ads seem aimed at winning the president something of good will for the January 10, date mentioned on several occasions throughout the radio and television in which he announced the "correction factor." A kind of "launch" of his next government, which, as is known, is being described as illegitimate by the Venezuelan opposition and a large part of the international community.
Throughout his speech, in addition, Maduro has not mentioned two key factors of the economic recovery program announced in August: Not an allusion to fiscal discipline (on the contrary, food re-fuels the hyperinflationary bonfire) nor did he name the issue of the price of gasoline, currently given, and to which Maduro, three months ago, promised to put in international prices.
In addition, the president, who had spoken of "free fluctuation" and "market mechanisms" for the currency market, has again said that it is the "criminal dollar" responsible for "much of the damage of the economic war" , although it also made a very important correction in the price of the so-called "Dicom dollar", which has been distancing itself from the price of the currency in the parallel market, which marked the economy.
The most repeated phrase throughout the speech was "correction": And although he announced the "relatization" (actually slowdown) of inflation (a slowdown that is only seen in Miraflores, but that the president was useful for justify the figures presented to the IMF that speak of inflation of 860% for 2017), the truth is that prices are accelerating, and inflation estimated by banking this year is approximately 480,000%.
In short, Maduro's ads, which can be grouped into six major categories or codes, show that the Venezuelan economy is simply worse; that the Government has no interest in correcting itself, nor in correcting the mother of all the imbalances, which is the fiscal deficit and the inorganic emission of money; on the contrary, it reinforces and accelerates the dissolving effect of hyperinflation.
In addition, the ads seem aimed at winning the president something of good will for the January 10, date mentioned on several occasions throughout the radio and television in which he announced the "correction factor." A kind of "launch" of his next government, which, as is known, is being described as illegitimate by the Venezuelan opposition and a large part of the international community.
-snip-
He assured that every day he receives "thousands of blessings from the Venezuelan people ..."
http://www.noticierodigital.com/2018/11/analisis-nd-al-programa-economico-maduro-ya-se-lo-comio-la-hiperinflacion/
Maduro has zero interest in correcting the economic tsunami Chavismo has created. In fact, he is doubling/tripling down on the stupid. Their only concern is staying in power and keeping The Revolution alive.
2 replies
= new reply since forum marked as read
= new reply since forum marked as read
Venezuela’s Maduro to Increase Minimum Wage 150% by December
Published 30 November 2018 (3 hours 29 minutes ago)
The increase is a result of the increase in the value of Venezuela's cryptocurrency, the Petro.
https://www.telesurenglish.net/news/Venezuelas-Maduro-to-Increase-Minimum-Wage-150-by-December-20181130-0008.html
Only in ChavismoLand can hyperinflation be spun to indicate an appreciation in value to something that doesn't exist. Inflation this month is over 200% in Venezuela. Expected to top 1,000,000% by years end.
And the Carnet de la Patria (aka Chavismo Loyalty Card) is only given to good Chavistas, not the poor or otherwise destitute.
You will also note that TeleSur articles have no byline (like RT, Sputnik), suggesting nobody wants to take credit for such epic and unbiased news reporting.
Published 30 November 2018 (3 hours 29 minutes ago)
The increase is a result of the increase in the value of Venezuela's cryptocurrency, the Petro.
Venezuelan President Nicolas Maduro announced Thursday a series of economic initiatives as part of the Salary and Social Protection Plan for Venezuelans, including wage and pension increases.
The salaries of Venezuelan workers are now tied to the value of the cryptocurrency, Petro, which began circulation Aug. 20 as one of the first measures in Venezuela’s Economic Recovery Plan. The sovereign bolivar, which replaced the bolivar, is anchored to the Petro.
The cryptocurrency’s value has increased, President Maduro said, making the new minimum wage 4,500 sovereign bolivares (half a Petro) starting December 1. In August, one Petro was equivalent to 3,600 sovereign bolivares, now its value has more than doubled, reaching 9,000 sovereign bolivares.
The conversion to a new currency served "to stabilize and change the monetary and financial life of the country in a radical manner," Maduro said in August.
Pensioners will also benefit from the increase in the minimum wage, which has gone from 1,800 to 4,500 bolivares. President Maduro also announced they will receive a Christmas bonus worth one minimum wage.
All Venezuelans who have the Carnet de la Patria (Homeland Card) will receive a Christmas bonus of 2,000 sovereign bolivares.
These economic measures are part of an initiative to fight back against the economic and financial sanctions targeting Venezuela promoted by the United States and endorsed by the European Union as well as regional right-wing allies.
Maduro said in August that the sanctions have "kidnapped USD$1.4 billion" from the Venezuelan economy.
The salaries of Venezuelan workers are now tied to the value of the cryptocurrency, Petro, which began circulation Aug. 20 as one of the first measures in Venezuela’s Economic Recovery Plan. The sovereign bolivar, which replaced the bolivar, is anchored to the Petro.
The cryptocurrency’s value has increased, President Maduro said, making the new minimum wage 4,500 sovereign bolivares (half a Petro) starting December 1. In August, one Petro was equivalent to 3,600 sovereign bolivares, now its value has more than doubled, reaching 9,000 sovereign bolivares.
The conversion to a new currency served "to stabilize and change the monetary and financial life of the country in a radical manner," Maduro said in August.
Pensioners will also benefit from the increase in the minimum wage, which has gone from 1,800 to 4,500 bolivares. President Maduro also announced they will receive a Christmas bonus worth one minimum wage.
All Venezuelans who have the Carnet de la Patria (Homeland Card) will receive a Christmas bonus of 2,000 sovereign bolivares.
These economic measures are part of an initiative to fight back against the economic and financial sanctions targeting Venezuela promoted by the United States and endorsed by the European Union as well as regional right-wing allies.
Maduro said in August that the sanctions have "kidnapped USD$1.4 billion" from the Venezuelan economy.
https://www.telesurenglish.net/news/Venezuelas-Maduro-to-Increase-Minimum-Wage-150-by-December-20181130-0008.html
Only in ChavismoLand can hyperinflation be spun to indicate an appreciation in value to something that doesn't exist. Inflation this month is over 200% in Venezuela. Expected to top 1,000,000% by years end.
And the Carnet de la Patria (aka Chavismo Loyalty Card) is only given to good Chavistas, not the poor or otherwise destitute.
You will also note that TeleSur articles have no byline (like RT, Sputnik), suggesting nobody wants to take credit for such epic and unbiased news reporting.