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  1. Join Date
    Sep 2003
    Posts
    21,876
    #921
    That's populist socialism for you... giving handouts to keep the masses "happy" at the cost of the economy.

    Quote Originally Posted by heavenlee View Post
    Speaking of Venezuela. Seems the government there has turned to cryptocurrency to solve inflation woes. Inside the bluster and lies of Petro, Venezuela'''s cryptocurrency scam | WIRED UK


    "Inside the bluster and lies of Petro, Venezuela's cryptocurrency scam

    Venezuela’s latest economic wheeze: a currency backed by a cryptocurrency backed by petroleum. To put it bluntly: it’s a scam on top of another scam"

    "The International Monetary Fund recently forecast that Venezuela’s economy will shrink about 18 per cent this year, while inflation is set to surge to one million per cent. Two months ago, the annual rate of inflation stood at 40,000 per cent. People are scared; more than 400,000 Venezuelans have already crossed the border into the neighbouring Ecuador, trying to escape their home’s crumbling economy. Brazil has also seen a surge in illegal immigration."

  2. Join Date
    Apr 2014
    Posts
    5,246
    #922
    This is just sad. Sana di magtuloy tuloy ang PH.

    https://ichef.bbci.co.uk/news/410/cp...bbdcc1d69a.jpg

    How Venezuela's crisis developed and drove out millions of people - BBC News


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  3. Join Date
    Nov 2005
    Posts
    34,875
    #923
    Again, rising food prices are know to topple governments

    governments will try to prevent it at all cost

    all populist leaders react the same to rising prices

    subsidies and price controls -- to pacify the masses

    but subsidies increase govt debt

    govt increases borrowing

    govt raises taxes

    -

    price controls lead to shortages

    so who does the govt go after?

    businesses

    -

    why do you need to follow markets?

    you look for signs

    for what?

    to know when to get your capital out of the country before the govt imposes capital controls

    get it?

    capital controls?

    as things deteriorate, the local currency's value will keep falling

    tendency is people will convert local currency to dollars to preserve value

    strong demand for dollars = dollar scarcity

    as dollar reserves fall to dangerous levels the govt will limit the amount of dollars you can withdraw
    Last edited by uls; August 24th, 2018 at 01:09 PM.

  4. Join Date
    Oct 2017
    Posts
    3,219
    #924
    ^ TL;DR

    We are royally f*cked by our government.

    Samahan pa natin ng mga uneducated people na nagsasabi high inlfation is better kasi mas mataas yung absolute value. LOL

    I am beginning to think dapat mga educated lang pwede bumoto sa next election eh.

  5. Join Date
    Sep 2003
    Posts
    21,876
    #925
    Quote Originally Posted by chronicle View Post
    This is just sad. Sana di magtuloy tuloy ang PH.

    https://ichef.bbci.co.uk/news/410/cp...bbdcc1d69a.jpg

    How Venezuela's crisis developed and drove out millions of people - BBC News


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    From the envy of South America...

    As electricity fails, desperate Venezuelans buy spoiled meat | Fox News

    MARACAIBO, Venezuela In a city once called the Saudi Arabia of Venezuela for its vast oil wealth, residents of Maracaibo now line up to buy spoiled meat as refrigerators fail amid nine months of rolling power outages that recently got worse.

    Some people fall ill eating the rotten beef, but at bargain prices, it's the only way they can afford protein as the country's crisis hits bottom.

    Today, the bridge's lights no longer shine and broken down oil platforms span the lake with downwind shores soaked in oil. The once-posh shopping centers have fallen into ruin and the international businesses have packed up and left.

    For the last nine months Maracaibo's residents have endured rolling blackouts. Things turned dire Aug. 10 when a fire destroyed a main powerline supplying the city of 1.5 million people.

  6. Join Date
    Apr 2014
    Posts
    5,246
    #926
    Namomonitor ba kung gaano karami ang nagpapapalit ng dollar ngayon?

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  7. Join Date
    Nov 2005
    Posts
    34,875
    #927
    as inflation rises / local currency weakens, the central bank will:

    1. sell dollars to defend the currency (but this will deplete dollar reserves)

    2. raise interest rates (but this raises borrowing cost which slows down the economy)

    if the central bank doesn't do anything, inflation goes higher, the local currency keeps falling

    damn if you do damn if you don't

    - - - - - - - - - - - - - - - - - - - - - -

    Quote Originally Posted by chronicle View Post
    Namomonitor ba kung gaano karami ang nagpapapalit ng dollar ngayon?

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    just look at the exchange rate

    look at govt data on inflation, balance of payments etc

  8. Join Date
    Nov 2010
    Posts
    21,675
    #928
    If the gov't is serious in figjting inflation. Hulihin nila mga smugglers at rice hoarders. Sila naman talaga dahilan bakit ganyan na lang presyo ng bigas. Wala kita gobyerno sa diskarte nila eh. Tapos price manipulation pa nangyayari. Inutil lang talaga gov't na ito kasi dami nila mga kaibigang smugglers. Number 1 na anak niya.

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  9. Join Date
    Apr 2014
    Posts
    5,246
    #929
    Quote Originally Posted by BlancNoir View Post
    I am beginning to think dapat mga educated lang pwede bumoto sa next election eh.
    Tax ranking system would be great If you pay more tax, then your vote counts as 10 or more.

    If you dont pay tax, then it only counts as .10.

    Pretty sure, this will also solve the tax evaders issue since they want control over the policies.


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  10. Join Date
    Nov 2005
    Posts
    34,875
    #930
    heard that rice is smuggled from malaysia to the southern provinces kaya nasanay mga tao sa cheap rice

    no farmer and legit rice trader can compete with smuggled rice coz it's so cheap

    so there's no legit rice there

    then bigla nawala ang smuggled rice

    kaya nagka rice shortage

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Philippine Economy Talk