Venezuela's President Chavez warns price 'speculators'

[DiscoStu]

Maybe you could move to Venezuela and become his economic advisor. I bet he'd even let you keep a load of assault rifles at your house

[AtW]

Venezuela's President, Hugo Chavez, has said troops will seize control of any business that raise prices in response to the devaluation of its currency.

He said there was no reason for prices to go up, and speculators' businesses would be handed over to the workers.

Venezuelans have rushed to the shops to buy imported goods before the bolivar's devaluation comes into effect.

Mr Chavez says devaluing the bolivar by at least 17% will boost competitiveness and reduce dependence on imports.

But critics say it will fuel inflation, which has already risen to 25%

More here: http://news.bbc.co.uk/1/hi/business/8451056.stm

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Retail level typically follows wholesale prices - in this case price change is unavoidable if many costs are linked to exchange rate that changed.

Funny that Mr Chavez did not have anything against dirty oil spekulants who were pushing price of stuff he exports higher and higher