Duck Rodgers
Well-Known Member
Thought this was a pretty cool way of using the political structure of the world to your advantage:
https://world.time.com/2014/01/23/v...ols-propels-those-with-connections/?hpt=hp_t3
https://world.time.com/2014/01/23/v...ols-propels-those-with-connections/?hpt=hp_t3
Vinny is in the middle of a whirlwind trip. He began in Caracas ten days ago, has already passed through New York, Chicago, Kansas City, Dallas, Indianapolis and Los Angeles and is about to board a flight from Miami to Milan and onto Madrid. The 28-year-old personal trainer will be there for around 36 hours before continuing his journey on to London, Johannesburg, Doha, Tokyo, Dallas, Lima and finally Caracas again in just over a week’s time. The entire trip — all 16 flights — cost him just $600.
The reason: currency controls, brought in by Hugo Chávez in 2003, which severely limit the amount of foreign currency that Venezuelans are legally able to purchase from the government. Under the official exchange rate, one dollar buys 6.3 Bolívares, the local currency here named for Latin American independence hero Simón Bolívar. But the controls have created a black market on which greenbacks sell for more than 10 times as much. This week, authorities brought in a second exchange rate (essentially, a devaluation of just over 40 percent, though the government calls use of the d-word “enemy spin”) in an attempt to curb economic distortions. But economists are doubtful that the move will satiate the high demand for dollars.