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Economy

FiveThirtyEight Gets it Wrong on Venezuela

FiveThirtyEight.com features Venezuelan economy

Nate Silver, who became famous for his use of polling data to accurately project U.S. elections, launched a new blog – FiveThirtyEight.com last month.  It’s been off to a rough start, Paul Krugman wrote soon after its launch, “[S]loppy and casual opining with a bit of data used, as the old saying goes, the way a drunkard uses a lamppost — for support, not illumination.” I leave it to the reader to decide whether the FiveThirtyEight article on March 17 by Dorothy Kronick on Venezuela fits this description.

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Interview with Mark Weisbrot: Will Venezuela's New Floating Exchange Rate Curb Inflation?

Will Venezuela's New Floating Exchange Rate Curb Inflation?

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Venezuela’s Black Market Dollar Plummets on News of New Exchange Rate Mechanism

(CEPR)

While most of the news from Venezuela has been focused on protests, something that is probably more important for the future of the country has taken place. The black market value of the dollar has plummeted by one-third in the past three weeks.

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Venezuelan Central Bank Opens Dollar Trade as New Exchange System Introduced

On Monday the Venezuelan bolivar sold for an average of 51.86 bolivars to the dollar, according to data from the Central Bank’

On Monday morning Venezuela’s new SICAD II exchange rate system came into force, which authorities argue has helped to lower the value of the dollar on the black market.

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The Decalogue of a Neoliberal Economist

(archive)

Venezuelan economist Simón Andrés Zuñiga responds to the neoliberal critics of Venezuela’s economic model and the problems it faces.

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Venezuelan Central Bank Reports “Significant Deceleration” in Inflation

Ramirez has stated that Sicad II has already strengthened the bolivar on the black market, before it's even operating. (AVN

Venezuela's central bank has reported a slowdown in inflation, while vice-president of the economy Rafael Ramirez has claimed the country's latest currency exchange system has already decreased the value of the dollar on the black market – before it's even operational.

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Venezuela: The Left, Context, Prices and the Market

Roland Denis

How shall we put today’s revolutionary left in Venezuela into context?

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Venezuela's New Currency Exchange System Based on “Supply and Demand”

Currency controls have been in place in Venezuela since 2003 (Venezuelanalaysis)

A third currency exchange system has been introduced in Venezuela in efforts to stabilise the value of the bolivar, called Sicad II, which will facilitate daily currency auctions at prices determined by “supply and demand”, according to Vice President for the Economic Area Rafael Ramirez.

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Protesters’ Vandalism Hits Venezuela's Public Purse

Environmental ministry offices on Monday (Ministry of Environment)

Millions of dollars worth of damages to public property may have been caused by a wave of violence across Venezuela, according to government sources.

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Real News/Wilpert Part 2: Why is Inflation So High in Venezuela?

Caracas (Gloria Rodríguez)

Attempting to build socialism surrounded by a global capitalist economy and being reliant on oil revenues, Venezuela is struggling to find a solution to capital flight and exchange rate problems 

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