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Nairaland Forum / Nairaland / General / Politics / Foreign Affairs / Venezuelan Bolivar - What Can It Buy You? (37343 Views)
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Re: Venezuelan Bolivar - What Can It Buy You? by Adetaiwoo: 4:25pm On Aug 21, 2018 |
Venezuela is a pariah state. They along with Castro's Cuba have been the leading light in standing against overbearing USA. Therefore the whole situation is a setup. [color=#990000][/color] |
Re: Venezuelan Bolivar - What Can It Buy You? by tiredoflife(m): 4:27pm On Aug 21, 2018 |
mrjaydee: It doesn't make it any cheap cos u enter with date kind money Yes petrol since na govt cap that one but for every other thing na d equivalent after u don change ur dollars to their money u go buy 1 Like |
Re: Venezuelan Bolivar - What Can It Buy You? by LordAdam16: 4:31pm On Aug 21, 2018 |
EgunMogaji: List the improvements. I no know why boys never kidnap you sef. Na from away una go dey rzn lyk id*ots! As if that's how the working countries run. Na Ogun go kee all of una wen dey support this mallam from diaspora wen dey spoil things for hia! The f**l don go medical trip jor return which day, I'm sure that's part of the "vast improvements" you see on each trip. -Lord |
Re: Venezuelan Bolivar - What Can It Buy You? by grandstar(m): 4:46pm On Aug 21, 2018 |
LordAdam16:Which is better? To sell gasoline almost for free or at market determined prices? |
Re: Venezuelan Bolivar - What Can It Buy You? by Kolping: 5:04pm On Aug 21, 2018 |
The end result of Socialism...beware! |
Re: Venezuelan Bolivar - What Can It Buy You? by Nobody: 5:09pm On Aug 21, 2018 |
Worse than ZIMBABWE |
Re: Venezuelan Bolivar - What Can It Buy You? by LordAdam16: 5:17pm On Aug 21, 2018 |
grandstar: Neither is better. It all depends on the overall state of the economy and policy direction. Gasoline is almost free in Saudi Arabia; in fact water is more expensive than gas. But Saudi Arabia has over $200b in a sovereign wealth fund (note not reserves) for a population that's about the size of Venezuala's (30 or so million). In a country like Nigeria with over 200 million people, it simply wouldn't work; as we sell less oil than states like Saudi Arabia with 6-7 times less population. Venezuela's position is complicated by the fact that socialism is done by the government to buy support from the poor, not necessarily like in the Scandinavia where it is done because it allows virtually everybody to live above the poverty line. In 2016, Venezuelan's minimum wage was equivalent to less than $2/mo (when exchanged in the black market). Many things there are fixed, from exchange rate to prices of most commodities. That's bad, but what's worse is that Chavez and later Maduro expropriated hundreds of functional companies and shared it to incompetent and inexperienced cronies. Here we're just dealing with only DISCOs and we're complaining. Think about the impact wrt hundreds of companies in multiple sectors in a country of only 30m people. Add in the usual developing country corruption and the fact that the country is effectively now a totalitarian state (a democracy only in name); and you've got a recipe for unimaginable disaster. Which is why inflation is currently at 1 MILLION PERCENT. It's easy for people to just select parts of the crisis and say, eh it's just the drop in oil price. That doesn't even cover 10% of it. The worse part is that Maduro has a firm control over the country, the bottom 60% of the country is dependent on the government to survive. Imagine where the government has to send water in trucks to towns for their use. No cash in ATMs in some towns. Like Buhari, Maduro has propped himself up as the defender of the poor and he has demonized the opposition with divide and rule tactic (he's said one half is corrupt like our PDP, and the other half wants to throw the country into civil war like our IPOB). Exchange Buhari for Maduro in either countries and you wouldn't notice any difference. Maduro, like Chavez, even goes as far as blaming the US and phantom imperialists for waging economic war on Venezuela. Then they'd poke the US and when the US responds, they'd use that as propaganda evidence. Thankfully for us, we have a capitalist economy, most of the intra-national trade is not run by companies owned by incompetent political jobbers, and totalitarianism is still a dream for the Buhari administration (which is why we should be thankful to Saraki for quelling that Buhari's power for excessive executive power). Venezuela is a political and economic nightmare. -Lord 1 Like 3 Shares |
Re: Venezuelan Bolivar - What Can It Buy You? by Kolping: 5:29pm On Aug 21, 2018 |
Re: Venezuelan Bolivar - What Can It Buy You? by Nobody: 5:31pm On Aug 21, 2018 |
LordAdam16: No! |
Re: Venezuelan Bolivar - What Can It Buy You? by Kolping: 5:33pm On Aug 21, 2018 |
Re: Venezuelan Bolivar - What Can It Buy You? by mybestlove(m): 5:42pm On Aug 21, 2018 |
This is APCs dream for Nigeria |
Re: Venezuelan Bolivar - What Can It Buy You? by Kolping: 5:44pm On Aug 21, 2018 |
Socialism is a death sentence. It is the worst socio-economic system to exist. https://www.youtube.com/watch?v=PY27TBAFqBE https://www.youtube.com/watch?v=bKhR9i5CGkA https://www.youtube.com/watch?v=MvF_D4tVfYU |
Re: Venezuelan Bolivar - What Can It Buy You? by Kolping: 6:04pm On Aug 21, 2018 |
"Trouble with socialism is sooner or later you run out of other people's money." -Margaret Thatcher 2 Likes 1 Share |
Re: Venezuelan Bolivar - What Can It Buy You? by Gerrard59(m): 6:29pm On Aug 21, 2018 |
Kolping: Knowing economics has never been this good. RIP to the Iron Lady. 3 Likes |
Re: Venezuelan Bolivar - What Can It Buy You? by banio: 6:55pm On Aug 21, 2018 |
Every child in the con3 is a mathematician. |
Re: Venezuelan Bolivar - What Can It Buy You? by kenx1(m): 7:33pm On Aug 21, 2018 |
How come our country is the poorest n d world |
Re: Venezuelan Bolivar - What Can It Buy You? by DorianD(m): 7:44pm On Aug 21, 2018 |
lol....I once picked a foreign currency at Dubai Intl airport (10,000 Banque Du Liban), Only for the exchange guy at Abuja tell me it's worth 960 naira��� |
Re: Venezuelan Bolivar - What Can It Buy You? by BruncleZuma: 7:46pm On Aug 21, 2018 |
Miyachi: Most cryptos are backed by fiat currencies and using a volatile commodity like oil was just going to be a crazy gamble. |
Re: Venezuelan Bolivar - What Can It Buy You? by Kolping: 7:50pm On Aug 21, 2018 |
It's quite simple. No country becomes rich or developed by selling raw materials such as oil, coal, cocoa etc. As long as Nigeria is not industrialized, i.e. turning raw materials into manufactured products, Nigeria will remain poor. No amount of prayer or glib talk like "things will get better" will change that. It is unfortunate that the Nigerian educational system (and maybe other countries too) does not prepare students to think and find out the truth behind how economies work etc. Read books like "21 Things They Don't Tell You About Capitalism" by Cambridge academic, Ha-Joon Chang. One of his other books is "Kicking Away the Ladder: Development Strategy in Historical Perspective" - read Chapter 1: Introduction, How did the Rich Countries Really Become Rich? Until the 17th century, Britain was a poor and backward country dependent on raw wool exports to the Low Countries (or what are the Netherlands and Belgium today). The start of the turn around for Britain started in the 15th century when King Henry VII tried to change this by implementing various schemes to promote ‘import substitution’ in woollen manufacturing, protecting woollen textile producers, taxing raw wool exports, and poaching skilled workers from the Low Countries. Britain adopted free trade only in the 1860s, when its industrial superiority became unquestionable. kenx1: 2 Likes |
Re: Venezuelan Bolivar - What Can It Buy You? by roomus(m): 8:46pm On Aug 21, 2018 |
Exactly wat we have been telling dem..but some don't see that PDP nearly turned us to Venezuela.. Dudeweedlmao: 1 Like |
Re: Venezuelan Bolivar - What Can It Buy You? by Iamzik: 9:55pm On Aug 21, 2018 |
EgunMogaji: You don't live in Nigeria but you can see vast improvement. Well done sir |
Re: Venezuelan Bolivar - What Can It Buy You? by Nobody: 10:01pm On Aug 21, 2018 |
Iamzik: So it’s only people living in Nigeria that can notice improvements? |
Re: Venezuelan Bolivar - What Can It Buy You? by Nobody: 10:07pm On Aug 21, 2018 |
For the miserable and close minded ones amongst us “The boiling frog is a fable describing a frog being slowly boiled alive. The premise is that if a frog is put suddenly into boiling water, it will jump out, but if the frog is put in tepid water which is then brought to a boil slowly, it will not perceive the danger and will be cooked to death.” 1 Like
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Re: Venezuelan Bolivar - What Can It Buy You? by Iamzik: 10:11pm On Aug 21, 2018 |
EgunMogaji: Noticing from afar is different from experiencing the "improvement" first hand. I'm sure you agree with that |
Re: Venezuelan Bolivar - What Can It Buy You? by Nobody: 10:19pm On Aug 21, 2018 |
Iamzik: I disagree. An educated person who is in control of his faculties should be able to tell positive difference between time periods but in the same sphere. I have my opinion, you have yours. Nigeria is absolutely improving. Is it fast? Is it bringing everyone along? Is it bringing everyone along at the same space? |
Re: Venezuelan Bolivar - What Can It Buy You? by Kfed4ril(m): 10:20pm On Aug 21, 2018 |
Leonidas8: What normally causes this kind of over inflation ?? |
Re: Venezuelan Bolivar - What Can It Buy You? by Iamzik: 10:22pm On Aug 21, 2018 |
EgunMogaji: Bros no need to be overly academic. He who wears the shoe knows best where it pinches. Noticeable improvements yet you have not returned to the country. You can't be more catholic than the Pope sir |
Re: Venezuelan Bolivar - What Can It Buy You? by Kolping: 10:28pm On Aug 21, 2018 |
It is quite strange but I have noticed that once you've lived in Nigeria for a long time, you tend to think that things that happen in the country is what should be normal in a society. In 2018, nearly 60 years after independence, and nearly 20 years of democratically elected governments, not ONE major city, including Lagos and Abuja has pipe-borne water to residential homes. I have not read any plan by the Federal Government or state government to make that happen. Electricity was discovered more than 100 years ago but in Nigeria there is no plan to ensure 24 hours electricity supply to homes. Gas flaring in the Niger Delta has been going on for decades, yet there is no plan to have gas supplies to homes in cities and towns across Nigeria. Now Nigeria is the country with the largest number of poor people in the world while China has lifted 800 million people (4 times Nigeria's population) out of poverty since 1980. China lifted an average of 13.9 million people out of poverty each year from 2012 to 2016. I could go on about infrastructure (trains, bridges, etc) but as they say in China - a picture (or video) is worth a thousand words. Imagine traveling from London to Edinburgh in 2 hours at 350 km per hour for just 20 pounds. Yet the Nigerian government is paying millions or billions for outdated train technology from China and second-hand train carriages from Canada. https://www.youtube.com/watch?v=GxDUFHasJNg&index=3&list=PLt-M8o1W_GdTw_YQnKxEVWiPBAXSKII_p |
Re: Venezuelan Bolivar - What Can It Buy You? by Leonidas8(m): 10:37pm On Aug 21, 2018 |
Hyperinflation starts when a country's government begins printing money to pay for its spending. As it increases the money supply , prices rise as in regular inflation . An increase in the money supply is one of the two causes of inflation . The other is demand-pull inflation . It occurs when a surge in demand outstrips supply, sending prices higher. But, instead of tightening the money supply to stop inflation, the government keeps printing more. With too much currency sloshing around, prices skyrocket. Once consumers realize what is happening, they expect continued inflation. They buy more now to avoid paying a higher price later. That excessive demand aggravates inflation. It's even worse if they stockpile goods and create shortages. @Kfed4ril https://www.thebalance.com/what-is-hyperinflation-definition-causes-and-examples-3306097 1 Like |
Re: Venezuelan Bolivar - What Can It Buy You? by Ugosample(m): 10:44pm On Aug 21, 2018 |
LordAdam16: gbam |
Re: Venezuelan Bolivar - What Can It Buy You? by Nobody: 11:04pm On Aug 21, 2018 |
Iamzik: “Ask Not What Your Country Can Do For You" - John F Kennedy. I continue to be proud of Nigeria and President Buhari. |
Re: Venezuelan Bolivar - What Can It Buy You? by Iamzik: 11:20pm On Aug 21, 2018 |
EgunMogaji: I applaud your ability to quote John Kennedy. You must realize that John Kennedy did not run away from American to write that quote abroad. It's easy to sit afar and buy government propaganda hook line and sinker. You can't tell how good Nigeria feels better than a Nigerian living in Nigeria. Kiss the truth bro |
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