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Devaluation

Who Is Devaluing and Why?

(archive)

Jacinto Dávila, writing for leftist website Rebelión, examines the Venezuelan government’s recent overhaul of the country’s currency control system.

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Large May Day Marches in Venezuela as Workers’ Law Comes into Effect

President Nicolas Maduro in the pro-government May Day march in Caracas today (AVN)

Today both pro-government and opposition supporters held large marches in Caracas, as well as smaller ones around the country, to mark International Workers Day. While government supporters celebrated a minimum wage increase and the labour law, opponents of the government demanded a “fair wage”.

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Venezuela's Devaluation Doom-mongers

Venezuela has changed the fixed exchange rate from 4.30 bolivars to the dollar to 6.30 bolivars to the dollar (Jorge Silva/Reute

Venezuela's recent devaluation has sparked quite a bit of discussion in the international press. The Venezuelan opposition has naturally framed it as desperate move to head off inevitable economic collapse.

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Venezuela: Notes on the Monetary Measures

(archive)

No devaluation is socially neutral, because of the dragging effect, where what Marx said is verified: all traders are potential speculators.

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Bolivarian Venezuela at the crossroads, Part 3: The Venezuelan economy: in transition towards socialism

The capitalist sector is growing faster than the public sector and is still predominant in Venezuela’s economy despite the nationalizations.

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Venezuela’s Chavez Announces Currency Devaluation, Two-Tiered Exchange Rate

Venezuelan President Hugo Chavez during his address to the nation, Friday (YKVE Mundial)

Venezuelan President Hugo Chavez announced a devaluation of the official exchange rate of the bolivar currency and the creation of a second rate denominated the “oil bolivar” for non-essential imports, in a nationally televised address on Friday.

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