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Old 15-09-2014, 02:30   #21
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Originally Posted by TheSultanOfShoeVomit View Post
I'm sure Kael's LEGO men have the scars from several planned revolution
Lego? What have you been smoking clown?
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Old 28-04-2016, 02:56   #22
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Venezuela orders 2-day work week to save electricity

http://money.cnn.com/2016/04/27/news...day-work-week/
http://www.bbc.co.uk/news/world-latin-america-36145184




http://www.zerohedge.com/news/2016-0...rint-new-money


Looks like government debt does matter, just like it has mattered in all the other countries in history which went bankrupt.
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Old 28-04-2016, 03:00   #23
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Venezuela Doesn't Have Enough Money to Pay for Its Money

Last month, De La Rue, the world’s largest currency maker, sent a letter to the central bank complaining that it was owed $71 million and would inform its shareholders if the money were not forthcoming. The letter was leaked to a Venezuelan news website and confirmed by Bloomberg News.

“It’s an unprecedented case in history that a country with such high inflation cannot get new bills,” said Jose Guerra, an opposition law maker and former director of economic research at the central bank. Late last year, the central bank ordered more than 10 billion bank notes, surpassing the 7.6 billion the U.S. Federal Reserve requested this year for an economy many times the size of Venezuela’s.
World’s Highest Inflation

The currency crisis sheds light on the magnitude of the country’s financial woes and its limited ability to remedy them as oil -- the mainstay of its economy -- continues to flatline. Venezuela’s inflation, the world’s highest, is expected to rise this year to close to 500 percent, according to the International Monetary Fund.

The first signs of the currency shortage date back to 2014 when the government began increasing shipments of bank notes as wallet-busting wads of cash were already needed for simple transactions. Venezuelans spend hours waiting in line for consumer staples, lining up first at banks and cash machines, often carrying the loot in backpacks and gym bags to pay for dinner out.

Ahead of the 2015 congressional elections, the central bank tapped the U.K.’s De La Rue, France’s Oberthur Fiduciaire and Germany’s Giesecke & Devrient to bring in some 2.6 billion notes, according to bank documents and people familiar with the deals. Before the delivery was completed, the bank approached the companies directly for more.

De La Rue took the lion’s share of the 3-billion-note order and enlisted the Ottawa-based Canadian Bank Note Company to ensure it could meet a tight end-of-year deadline.
Sniper Cover

The cash arrived in dozens of 747 jets and chartered planes. Under cover of security forces and snipers, it was transferred to armored caravans where it was spirited to the central bank in dead of night.

While the cash was still arriving -- at times, multiple planeloads a day -- authorities set their sights on the year ahead. In late 2015, the central bank more than tripled its original order, offering tenders for some 10.2 billion bank notes, according to industry sources.

But currency companies were worried. According to company documents, De La Rue began experiencing delays in payment as early as June. Similarly, the bank was slow to pay Giesecke & Devrient and Oberthur Fiduciaire. So when the tender was offered, the government only received about 3.3 billion in bids, bank documents show.

“Initially, your eyes grow as big as dish plates," said one person familiar with matter. “An order big enough to fill your factory for a year, but do you want to completely expose yourself to a country as risky as Venezuela?”

Further complicating matters is the sheer amount of bills needed for basic transactions. Venezuela’s largest bill, the 100-bolivar note, today barely pays for a loose cigarette at a street kiosk.
Uncharted Territory

As early as 2013, the central bank commissioned studies for 200 and 500 bolivar notes, former monetary officials say. Despite repeated assurances, no new denominations have been ordered, pushing Venezuela into uncharted territory by its refusal to produce larger bills while not fully paying providers.

Companies are backing away. With its traditional partners now unenthusiastic about taking on new business, the central bank is in negotiations with others, including Russia’s Goznack, and has a contract with Boston-based Crane Currency, according to documents and industry sources.

Steve Hanke, a professor of applied economics at Johns Hopkins University, who has studied hyperinflation for decades, says that to maintain faith in the currency when prices spiral, governments often add zeros to bank notes rather than flood the market.

“It’s a very bad sign to see people running around with wheelbarrows full of money to buy a hot dog,” he said. “Even the cash economy starts breaking down."
http://www.bloomberg.com/news/articl...ation-explodes
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Old 28-04-2016, 06:57   #24
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Originally Posted by Enoch Powell View Post
Venezuela orders 2-day work week to save electricity

http://money.cnn.com/2016/04/27/news...day-work-week/
http://www.bbc.co.uk/news/world-latin-america-36145184




http://www.zerohedge.com/news/2016-0...rint-new-money


Looks like government debt does matter, just like it has mattered in all the other countries in history which went bankrupt.
No one has said government debt doesn't matter, just that you don't understand it.
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Old 28-04-2016, 09:13   #25
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IF I HAVE 10 POUNDS AND SPENT 20 POUNDS IM IN DEBT AND HAVE TO BORROW. IF I DO THIS FOREVER IT WILL COLLAPSE. THE CARTEL'S HOUSE OF CARDS PINGU SCHEME PROPPED UP BY THE BILLABONG GROUP WILL FALL. ITS A MATHEMATIC CERTAINTY. DEBT = MC2.
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Old 28-04-2016, 09:30   #26
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Venezuela is fucked - I met a girl in Ecuador who'd just come from there - she showed me a pic of fucking STACKS of money she had to get from the black market and carry around with her just to meet her basic needs
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Old 28-04-2016, 10:12   #27
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According to modern monetary theory, "monetarily sovereign government is the monopoly supplier of its currency and can issue currency of any denomination in physical or non-physical forms. As such the government has an unlimited capacity to pay for the things it wishes to purchase and to fulfill promised future payments, and has an unlimited ability to provide funds to the other sectors. Thus, insolvency and bankruptcy of this government is not possible. It can always pay".
https://en.wikipedia.org/wiki/Modern_Monetary_Theory

Venezuela presents a crystal clear real world example of modern monetary theory being wrong. The ability to print your own money might mean you never run out of money, but the money ends up being worthless, or to all intents and purposes worthless.
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Old 28-04-2016, 10:42   #28
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UNDER REQUEST THIS IS NOW AN SB THREAD SO NO MORE JOKES AND SPAM, STARTING NOW.

LOL VISAGE IS A COCK.

OK STARTING NOW.

------------------------------------------------------------
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Old 28-04-2016, 10:45   #29
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Old 28-04-2016, 10:45   #30
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Venezuela is fucked - I met a girl in Ecuador who'd just come from there - she showed me a pic of fucking STACKS of money she had to get from the black market and carry around with her just to meet her basic needs
there was a pic in one of the articles with someone pushing a wheelbarrow full of stacks of notes, exactly like in Weimar Germany. It might seem comical to some, but obviously the human aspect of that must be devastating and it is going to cause incredible suffering.
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