What is happening and what will happen in Venezuela.
The "coexistence" of the new and old monetary cone, the subsidy and rationing of gasoline, and the Petro as an accounting unit.
"I prepared this economic recovery plan myself", - Nicolás Maduro
With that phrase we open a debate; How a person who does not have university studies assures that he prepared a plan to recover the economy of the country with the highest inflation in the world, the lowest wages in the continent, a shortage of basic products unique in its history, and a GDP in freefall?
It's a bit weird, but that's Venezuela.
On Monday, the president of Venezuela, released a series of economic announcements, meaningless and that will surely take the country "straight to the precipice". (if it is not already)
These are the ads:
- The "coexistence" of the new and old monetary cone.
- The subsidy and rationing of gasoline.
- The Petro as an accounting unit.
These new economic measures have generated much confusion and fear in Venezuelans,
Maduro's decision to take gasoline at international prices, give a subsidy to fuel for the population that has the census of the country registered, as well as the establishment of a bimonetary system in which the Sovereign Bolivar and the Petro Cryptomeda will coexist, were rejected by analysts and businessmen warning that the measures could accelerate inflation and aggravate the living conditions of the population.
"I think that even for those who know about economics, what Maduro announced yesterday is not very clear. It seems that the economic plan is a combination of what they did in Brazil with the Royal Plan with strong tendencies to Robert Mugabe, because it is certainly talking about two units of accounts such as the Petro and the sovereign bolivar, and on the other hand it is threatening the private sector again that if prices increase, they will regret it. The first thing to do is to stabilize and attack the fiscal deficit, something that Maduro has not made any reference to."- Econ. Luis Oliveros.
Price of gasoline
In relation to the subsidy of gasoline, the State is forcing Venezuelans to register their vehicles in the Carnet de la Patria, to achieve an "indirect rationing."
"I already created a system of direct subsidy of gasoline and all hydrocarbons to the people of Venezuela and to public transport, but (the fuel) has to be placed at the international price so that the smuggling is over. Thank God we have the country's card for these direct subsidy processes. I have approved the direct subsidy to all private, public, cars, vans."- Nicolas Maduro.
According to the Minister of Land Transport, the subsidy will be as it has been selling the issue of the bonds with the national identity card, you register your car and depending on the storage capacity of the State you will deposit one (1) tank per month of gas.
The president wants to place the prices of gasoline at international prices, but it is unknown what those prices will be and if the default conversion rate (DICOM) will increase.
"I believe that the current situation requires an increase in the price of gasoline due to the fiscal issue; However, I think we should also talk about direct subsidies but not tied to political blackmail."- Econ Luis Oliveros.
With what you pay for the liter of fuel you can not buy half a dozen eggs that are worth more than a dollar on the black market.
Recall that the current price of gasoline in Venezuela is the cheapest in the world with a value of USD 0.01 to fill a tank of 52 liters; with the new increase a tank like that could cost USD 40 at the official exchange rate of the Dicom dollar.
Source
The Petro as an accounting unit.
The announcement with less common sense was that the state oil company PDVSA will use the Petro as an accounting unit, the Sovereign Bolivar will be anchored to the Petro and the Central Bank of Venezuela will have to fix the official figure of the operation and anchoring of the Sovereign Bolivar with the Petro, which will be the referential and accounting value for Petróleos de Venezuela (PDVSA).
«Starting next Monday, Venezuela will have a second accounting unit based on the price, the value of Petro. It will be a second accounting unit of the Republic and will begin to operate as a mandatory accounting unit of our oil industry PDVSA. "- Nicolas Maduro
This makes very little sense, because according to the government, the price of the petroleum is equivalent to one barrel of oil, but the White Paper of the petroleum says that the market value will be in Bolivares, that is, the Bolivar is based on something that is supports in the Bolivar. The Bolivar will be supported by something that nobody accepts, something that does not exist.
The "coexistence" of monetary cones.
The president said that both the Bolivar Fuerte currently circulating and the new Sovereign Bolivar, will circulate at the same time, a situation that has already confused the population.
"Here what is going to happen is that the tickets that circulate at present can be used with the new ones. Here the problem is that people have to be very aware of the difference of the tickets. By removing zeros from many of the notes, they will have a decimal value, that will help to exact the prices, but it can generate confusion. "- Nicolás Maduro.
That is to say that from August 20 a person needs to buy a product that costs Bs 5,010,000, which is equivalent to Bs.S 50.10, it can be canceled with a 50 sovereign bolivars bill and a current 10,000 bolivars bill , something confusing for the majority of the population that only received socialist education in the missions or simply did not receive any type of education.
"The current bill of 1,000 bolivars will be 0.01 Bs.S, that of 2,000, 0.02 Bs.S; the 5,000 will be 0.05 Bs.S; the one of 10,000, 0.10 Bs.S; the 20,000, 0.20 Bs.S and the 100,000 bolivars, 1 Bs.S."- Calixto Ortega. President BCV.
Successful @amigoponc, "economic projects without a foothold..."
It all sounds terribly confusing and like you're not even getting closer to solutions for your people and country. I feel like every day you can wake up to news that totally undermines the way you were handling things like how much you'll pay for gasoline - what was true last week is totally the opposite the next.
It's always the people with lesser education who pay the most - money is already confusing right now and the way bills are handled is something I've never heard of before - scammers might abuse people and exploit through 'misunderstandings'.
I wish you would see some changes in a way that feels like 'light at the end of the tunnel' soon <3
Hello Rossane, yes these new measures have us all seeing for the sides, baffled ... The price of the $ increased 15% in 7 days, we are sinking and nothing that we get a life preserver.
Thanks for your good wishes, a big hug cheese friend
We all wait for that light at the end of the tunnel, the country sinks due to the incapacity of a few. It is a terrible situation.
As @soyrosa says - this is all very confusing. It can't be easy to live there.
It's important that you write these articles. The world needs to know what is happening.
Thank you for this well researched post x
@princessmewmew Hi I feel pity how people express about the goverment, they say Maduro is a stupid man, that he doesn´t know anything about politics, but the real thing is that USA is helping to the economic disaster with measures that don´t help at all to the recuperation, there are people that are close minded and don´t give a confidence vote to what they are trying to do, he is working with people that have gone to the university, we had in the fourth republic very prepare presidents and they didn´t do anyhing good for the country, they sold the country to the northamerican, Alberto doesn´t know anything about those years, he wasn´t born by that time. We need positive people, the president is going to give more information about the new plan for the nation, they don´t let him talk when they are saying horrible things that don´t help at all. If the new measures don´t function, the people are going to finish the Chavismo, the same people who put him there are the same people who are going to destroy this goverment. We need more positivism, it is true about the magnicide, the oposition is filtering bad people to the country, and I know why I am saying this, please don´t think i am chavista nor oposition, I try to look for the truth whereever it is, I know that they have some people that have commitied bad things but they have good people trying to do the best they can. Venezuelans are tired of this situation I can say that we have suffered this situation and we need more prayers and less criticism. Take care
Greetings partner, it hurts that I could not grow in the great fourth republic, but I had to grow up in this garbage called Chavismo and I think if you had grown up in this misery I would be thinking just like me.
Because no matter how hard you work, NEVER read, NEEEVEER, I can buy a house or an apartment to form my family.
Your comments are from a Chavista person, how can you give a vote of confidence to such madness?
Sectorize gasoline? To use the petro THING THAT DOES NOT EXIST as currency? Please, this has brought about that the parallel dollar reaches 6,200,000 and sure tomorrow it will reach millions per dollar.
With regard to the United States, so much that you complain but I read that you have gone and enjoyed the best country in the world hahaha. Double moral greetings.
@albertocotua hola hermano, te hablo en español para que me entiendas mejor, yo me juego mi país sin ser chavista, ni quema gente, ni mata presidentes, lamento que hayan venezolanos que no saben ni lo que quieren, quieren un carro último modelo, una casa en lecherías y una billetera llena de dolares, mis ideales no son chavistas, viví en Inglaterra y por cierto para ese entonces governaba el socialismo y me gustó su modelo, era bueno, había respeto entre todas las partes y hoy por hoy tengo ideales muy diferentes. Deseo que mí país sea el mejor país del mundo, quizás la oposición sea la culpable de que estemos como estamos, nunca tuvieron un plan de gobierno, son guarimberos, creo que los venezolanos se merecen respeto, no importa quién gobierne el otro debe respetar. Si fuera chavista merezco tu respeto, al menos que tú estes del lado de los crímenes de odio, el mismo pueblo que puso el chavismo en el poder lo quitará si no funciona esta locura, ten un poco más de paciencia, yo también quiero escoger algo bueno, solo que yo he vivído más que tú y he tenido mis experiencias en materia política y puedo comparar diferentes modelo, yo también tengo hijos que desean lo mismo que tú y quiero que ellos vivan un mejor mundo con Maduro o sin él. Sé feliz
Epale amiga, para comenzar es goBierno, le entendí perfectamente y le respondí al pie de la letra.
JAMÁS te falte el respeto.
Claramente es chavista, sus comentarios son de una persona comunista que simplemente no quiere a su país. Que usted sea mayor no quiere decir que sepa más de política que yo, porque para su información bastante he leído y bastante he estudiado para poder comprender que es lo que está pasando. Le puedo decir algo, este gobierno de mierda tiene la culpa de TODO lo que ha pasado porque es su plan, el plan de todos los comunistas, eso no es algo nuevo, los libros y la historia lo dice EL COMUNISMO ES MUERTE.
@albertocotua no soy comunista y no pienso como tu. a. Yo solo he dado comentarios generales conforme a la verdad, ni me meto con los chavistas ni con la oposición cada quien que viva lo que desea. Y SI AMO MI PAIS, NO LO DESTRUYO, Y TENGO ESPERANZAS EN UN MUNDO MEJOR Y LO TENDRÉ, CON PETRO, DOLORES, LIBRAS Y LO QUE SEA, SERÁ ASÍ
Lo que ha repetido es lo que dice VTV, solo la he leído decir que la culpa es de la oposición en un país donde no existe oposición, un país con un gobierno totalitario, con el control absoluto de cada persona, si compra, si no compra, si sale, si entra, TODO! Si tanto sabe de modelos políticos, debería saber de lo que hablo.
Se nota que quiere al país, apoyando a esta gente que en 20 años lo único que ha hecho es robar, matar, someter y cuando todo le sale mal (siempre) culpan a otros.
Saludos.
@albertocotua gracias por la opinión que tienes de alguien que no conoces, mi trabajo no me permite ver televisión, además yo solo tengo familia y trabajo que atender, no malgasto mi tiempo en tonterías, los chavistas no me dan de comer, yo no espero harina para hacer tacos, yo la compró al precio que la encuentre en la calle, para eso en casa trabajamos muy duro para que no nos falte el pan de cada día, doy gracias a Dios que metemos los pies debajo de la mesa las tres comidas del día. A mi edad aprendemos a reconocer una verdad donde esté, si los chavistas dicen algo bueno lo reconozco, si dicen algo malo lo rechazo, así debe ser con las religiones, reconocer lo bueno donde se encuentre, odio el fanatismo, sabes yo soy una mujer muy preparada tambien fui a la universidad y leo y trabajo bastante. Sabes no me ofendes llamándome chavista, a mi me resbala eso, en la vida hay que aprender mucha sabiduría, he luchado mucho para no llenarme de odio, quiero que sepas que entiendo yu odio, mis hijos son todos profesionales y desearan tener la vida que tu también deseas, uno no está en Venezuela, vive en Mexico desde hace tiempo y se fue porque no soportaban este comunismo, los otros dicen que mueren aquí, trabajan como odontólogos, otro es ingeniero en Telecomunicaciones y ha hecho muy buen camino en el mundo de las criptomonedas, otro es ingeniero electrónico y sigues los pasos de su padre quien ha hecho muy buen camino en la industria automotriz y yo soy matemático, e historiadora de apellidos, como ves no necesitamos involucrarnos en problemas, nos apoyamos en todo y somos muy unidos, somos una familia feliz aún en medio de dificultades. Sigue luchando por tus ideales y no mires alrededor, ten una mente firme y llenate de fe para que logres las cosas que deseas.
And beware, I am saying it as OPPOSITOR to any COMMUNIST and AUTHORITARY government in the world ...
It is so, if for us it is confusing, what will remain for the rest of the world? Thanks for commenting partner.
One thing is to tell it and another is to live it, the situation in the country is terrible. Thank you for worry @princessmewmew
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Thanks @princessmewmew for Resteen to this post @albertocotua, Venezuela is serious, and with these measures we sink deeper into a black hole that I do not see any way out, the government does not care about the country or its citizens if one day they decide to leave and venezuela will be in ruins and only we who are here because many have gone to other countries we have to get up among the ruins
The only thing that remains is to ask God to give us the strength to continue to endure because now it is missing and it is not that I have no hope but that I see no way out anywhere only people who speak and speak but do nothing
@jennimorillo hopes are the last we must miss, animo mujeres no debemos desesperarnos, tengan fe Dios no abandona a sus hijos, oren mucho
That I do every day pray and my son left and my daughter has little left also to leave Venezuela, as a mother hurts a lot but God does not abandon me and every day I thank him
Greetings partner, thank you for your comment.
This is the problem with all fiat currencies. The government...any government can dictate it's value with just one statement.
The Petro may be the answer. I don't know as I haven't looked at the white paper...yet.
Good luck and keep posting.
The petro does not exist and how are we going to anchor the Bolivar to the petro if the petro holds the Bolivar? Greetings, thanks for your comment!
I said that the Petro,
Having read this below I can see why there is a problem with the Petro
https://en.wikipedia.org/wiki/Petro_(cryptocurrency)
Petro (cryptocurrency)
The petro, or petromoneda, launched in February 2018, is a cryptocurrency developed by the government of Venezuela. Announced in December 2017, it is claimed to be backed by the country's oil and mineral reserves, and it is intended to supplement Venezuela's plummeting bolívar fuerte currency, purportedly as a means of circumventing U.S. sanctions and accessing international financing.
There is no much difference between Maduro your president and Buhari Nigeria President concerning bad economy policy. These guys don't seems to know what they're doing. Well done @albertocotua
Yes and in Nigeria there is a lot of wealth in terms of minerals, as here in Venezuela.
It's a pity that many people still support this government with their meaningless measures and without a future for Venezuelans.