So, we are on June 5th and May inflation numbers are not out. It is not idle to remind the reader that when Chavez was alive sometimes, when convenient, the Central Bank was able to post inflation numbers for the month BEFORE that month was over....
Thus we need to read foreign outlets to know what is really going on. El Clarin reports on a Barclay's study that says that May inflation is 6%, the annual rate becoming thus 35,1% while the economic contraction may reach 9,7%.
Why? Because the regime through Mision Vivienda to reelect Chavez spent all its income and borrowed heavily and now it is out of dollars for production and the economy is collapsing. That simple. The massive expenditures for a spectacular, and spectacularly inefficient, housing program has all but bankrupted the country and now we cannot even wipe our asses.
And you know what is really scary? The regime seems not to understand. Since they had to call for municipal elections in December, there are already signs of increasing spending for electoral purposes... You may start speculating on next year inflation.....
Thus we need to read foreign outlets to know what is really going on. El Clarin reports on a Barclay's study that says that May inflation is 6%, the annual rate becoming thus 35,1% while the economic contraction may reach 9,7%.
Why? Because the regime through Mision Vivienda to reelect Chavez spent all its income and borrowed heavily and now it is out of dollars for production and the economy is collapsing. That simple. The massive expenditures for a spectacular, and spectacularly inefficient, housing program has all but bankrupted the country and now we cannot even wipe our asses.
And you know what is really scary? The regime seems not to understand. Since they had to call for municipal elections in December, there are already signs of increasing spending for electoral purposes... You may start speculating on next year inflation.....