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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
 Posted - 01/22/2008 : 16:50:49
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You have to read between the lines for this one...
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Chavez Revives Historic Coin in Campaign to Reduce Inflation
If you read the article you will see that it leaves out a very important detail that only a forum member would be able to figure out......
"During the 1940s and through the 1960s,"
Venezuela coins,
WERE SILVER!
Venezuelian coins were .835 silver, which isn't too bad, since some nations in Europe had .835 silver coins too.
A little detail everyone seemed to overlook.
They think a clad coin named after an honest coin is going to cure their inflation woes? And you thought the spinmeisters in this nation were bad.
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Edited by - pencilvanian on 01/22/2008 16:52:50 |
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 01/23/2008 : 08:34:29
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Once faith in a fiat currency is lost it is hard to recover it. Mexico did it right. When they came out with the new Peso, they included gold and silver in some of the coins. Later they stopped making the gold and silver coins, but they made them just long enough to get people to gain faith in the new fiat currency. Now they are free to inflate away until the next crisis...
Chavez are you paying attention? You may have to spend a little now so that you can steal more later.  |
Edited by - horgad on 01/23/2008 08:35:27 |
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fiatboy
Administrator
912 Posts |
Posted - 01/23/2008 : 11:31:13
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| When Chavez was a kid, he was very fond of coins---not really a numismatic interest, per se, but more of a nationalistic/idealistic/greedy kind of interest. Anyway, now that he is older and has power, he's nostalgiac for the coin of his childhood. Hence, the nueva locha. |
"Bart, it's not about how many stocks you have, it's about how much copper wire you can get out of the building." --- Homer Simpson |
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Venezuela fighting inflation with blanks
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