It's mad in Venezuala. Sharp price increases have led to widespread looting - a sign of things to come in the West? The govt announced an increase in the minimum wage but supermarkets in response doubled their prices. Money supplied increased in 2017 by over 1000%. Massive cash injection in the light of worsening economic crisis leads inevitably to the hyperinflation we are witnessing. Of course the Venezualan government is now able to pay its creditors! Rampant corruption, rising inflation and continued scarcities will not be solved by launching an oil backed crypto.
I could talk for hours about this subject. It's so sad and such a dark side of humanity. Every time my phone rings I have a panic attack because I think it's going to be bad news from my family living there.
Thank you @davidhay, great insights. I completely agree with your position about Petro, as a Venezuelan I would advise everybody to stay away from it , it's a high risk investment and at the same time you are financially supporting a dictatorship. actually I would like to provide additional details about the current situation in the country, hope you don't mind:
About the economy: in the following articles you can see part of the decline of the Bolivar (Venezuela's currency) unfortunately it only covers from Jun 2014 to Dec 2017, but the story goes further back, just to give you an idea, in 2002 you could buy a brand new Opel Astra (European car) for 14.000.000, at today's exchange rate (233.351,14 VEF x 1 USD) and after removing three zeros from the denomination of the currency in 2008 that would be worth about 6 cents USD
Severe shortage of food and medicines: every basic product is scarce in Venezuela in the case of medicines 85% can't be found and in the case of food a greatly distorted black market serves a few at the expense of the population:
Thank you for adding this. It so important to have real Venezuelans tell their side of the story. Stay strong my friend, I wish you the best for the future.
Senate Hearing
While the hearing could have been a lot worse, I’m afraid that we may be duped. A televised hearing is an opportunity for politicians to show off their skills and “wise demeanor”. These people are actors and can play to the audience. Their true face comes out behind closed doors, far from millions of eyes that can see their deviousness.
Make no mistake, the true mandate of the SEC is to serve Wall Street, not main street. Their very existence is based on legitimizing ways for their masters to fleece the little guy. (Think High Frequency Trading).
Keep a keen eye on what they do, not what they say.
These are the foxes telling the kitchens they are here to help.
I've been following @davidhay for a while on youtube and I must say I appreciate you posting a bit more than just the video alone. Lot's of youtubers just post their video and are only interested i making some extra cash out of it.
Keep up the good work! Really appreciate learning from you.
David, thanks for your insight and for bringing up Venezuela's situation in such a candid way. You did a better job summarizing the situation than many mainstream media outlets .
Also, the more I watch your videos, the more I feel aligned with your way of thinking and approach towards finances. Keep up the excellent work.
It's mad in Venezuala. Sharp price increases have led to widespread looting - a sign of things to come in the West? The govt announced an increase in the minimum wage but supermarkets in response doubled their prices. Money supplied increased in 2017 by over 1000%. Massive cash injection in the light of worsening economic crisis leads inevitably to the hyperinflation we are witnessing. Of course the Venezualan government is now able to pay its creditors! Rampant corruption, rising inflation and continued scarcities will not be solved by launching an oil backed crypto.
I could talk for hours about this subject. It's so sad and such a dark side of humanity. Every time my phone rings I have a panic attack because I think it's going to be bad news from my family living there.
It's sad...
Thank you @davidhay, great insights. I completely agree with your position about Petro, as a Venezuelan I would advise everybody to stay away from it , it's a high risk investment and at the same time you are financially supporting a dictatorship. actually I would like to provide additional details about the current situation in the country, hope you don't mind:
http://sites.krieger.jhu.edu/iae/research-programs/special-topics-venezuela/
https://www.cato.org/research/troubled-currencies?tab=venezuela
http://www.nytimes.com/2007/03/18/world/americas/18venezuela.html
https://news.bitcoin.com/why-venezuelas-new-national-cryptocurrency-el-petro-will-fail/
https://www.npr.org/2018/02/01/582469305/venezuelas-health-care-system-ready-to-collapse-amid-economic-crisis
https://www.pbs.org/newshour/show/venezuelans-suffer-deadly-scarcity-food-medicine
https://www.reuters.com/article/us-venezuela-children/venezuelas-unrest-food-scarcity-take-psychological-toll-on-children-idUSKBN1CA1BI
Massive migrations, and violations to human rights: there are many different reports on this (mostly in Spanish) some of them mention up to 3 million people have left the country in the past few years:
https://www.bloomberg.com/news/articles/2017-10-05/once-latin-america-s-wealthiest-venezuelans-flee-economic-crisis
http://www.dw.com/en/could-there-be-a-venezuelan-refugee-crisis/a-41384421
https://www.hrw.org/blog-feed/venezuelas-crisis
https://www.cfr.org/backgrounder/venezuela-crisis
Highest criminality rates in the world: In Venezuela the homicide rate for 2017 was 89 per 100.000 habitant, with Caracas at the top of the list as the most violent city in Latin America
https://www.insightcrime.org/news/analysis/2017-homicide-round-up/
https://www.insightcrime.org/news/brief/latin-america-dominates-world-50-deadliest-cities/
Thank you for adding this. It so important to have real Venezuelans tell their side of the story. Stay strong my friend, I wish you the best for the future.
Senate Hearing
While the hearing could have been a lot worse, I’m afraid that we may be duped. A televised hearing is an opportunity for politicians to show off their skills and “wise demeanor”. These people are actors and can play to the audience. Their true face comes out behind closed doors, far from millions of eyes that can see their deviousness.
Make no mistake, the true mandate of the SEC is to serve Wall Street, not main street. Their very existence is based on legitimizing ways for their masters to fleece the little guy. (Think High Frequency Trading).
Keep a keen eye on what they do, not what they say.
These are the foxes telling the kitchens they are here to help.
Currently we are in double digits all across top 100. Time to get hyped? :D
I've been following @davidhay for a while on youtube and I must say I appreciate you posting a bit more than just the video alone. Lot's of youtubers just post their video and are only interested i making some extra cash out of it.
Keep up the good work! Really appreciate learning from you.
Just like me :( 1:41
I'm still hodling though and I am very optimistic in the long run!
David, thanks for your insight and for bringing up Venezuela's situation in such a candid way. You did a better job summarizing the situation than many mainstream media outlets .
Also, the more I watch your videos, the more I feel aligned with your way of thinking and approach towards finances. Keep up the excellent work.
I hope all in Venezuela will be alive and well.
It's obviously fighting over their oil.
David, can you talk about Credits coin? It looks promising ICO. Thanks.
👍