Venezuelans scramble to survive as merchants demand dollars

Discussion in 'US and World News' started by Stephen, Dec 26, 2017.

  1. Stephen

    Stephen Administrator Staff Member

    https://ca.news.yahoo.com/venezuelans-scramble-survive-merchants-demand-dollars-130623023.html

    Venezuelans scramble to survive as merchants demand dollars

    CARACAS/CIUDAD GUAYANA, Venezuela (Reuters) - There was no way Jose Ramon Garcia, a food transporter in Venezuela, could afford new tires for his van at $350 each.

    Whether he opted to pay in U.S. currency or in the devalued local bolivar currency at the equivalent black market price, Garcia would have had to save up for years.

    Though used to expensive repairs, this one was too much and put him out of business. "Repairs cost an arm and a leg in Venezuela," said the now-unemployed 42-year-old Garcia, who has a wife and two children to support in the southern city of Guayana.

    "There's no point keeping bolivars."

    For a decade and a half, strict exchange controls have severely limited access to dollars. A black market in hard currency has spread in response, and as once-sky-high oil revenue runs dry, Venezuela's economy is in free-fall.

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    Socialism works well until you run out of paper and ink to print money. :eek:

    Americans can observe with Venezuela what Barack Obama, Hillary Clinton and the Democratic Party wish to bring to our country. Let us never allow them to do that.
     

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