Venezuela Launches First Nuke In Currency Wars, Devalues Currency By 46%

The currency wars have started. Venezuela has just devalued their currency by 46%. Here is the story by Tyler Durden at zerohedge.com. Tyler is considered one of the most influential financial writers in the world. Argentina froze supermarket prices last week for two months as their currency is collapsing. People say Obama has a  plan to collapse the dollar in order to pay off the Govt’s debt on the cheap. Gold is good. Stuart Wilde www.stuartwilde.com

Submitted by Tyler Durden on 02/08/2013 18:03 -05

While the rest of the developed world is scrambling here and there, politely prodding its central bankers to destroy their relative currencies, all the while naming said devaluation assorted names, “quantitative easing” being the most popular, here comes Venezuela and shows the banana republics of the developed world what lobbing a nuclear bomb into a currency war knife fight looks like:

• VENEZUELA DEVALUES FROM 4.30 TO 6.30 BOLIVARS
• VENEZUELA NEW CURRENCY BODY TO MANAGE DOLLAR INFLOWS
• CARACAS CONSUMER PRICES ROSE 3.3% IN JAN.

And that, ladies and gents of Caracas, is how you just lost 46% of your purchasing power, unless of course your fiat was in gold and silver, which just jumped by about 46%. And, in case there is confusion, this is in process, and coming soon to every “developed world” banana republic near you.

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