Tuesday, May 27, 2008

The Debts of the Lenders: Venezuelan Economics

Surging prices have more than doubled the value of oil in the past year. That hasn't put food on the table. Price-controlled staples are often in short supply. Beef production declined last year even as consumer demand surged. Venezuelans are buying new cars as investments. A currency black market is thriving. Inflation hit an annualized 29 percent in April.