23 November 2011

VENEZUELA / CHINA : 25 Nov.UPDATE: New Price Controls Sets Off Panic Buying/Hoarding; Beijing Loans Hugo $4 Billion More For Oil /Iron Ore.

                                           LINK CHANGE: BLOOMBERG

     With annual inflation raging at an est. 27%...President Hugo Chavez has frozen the prices of 18 consumer products...including fruit juice, mineral water, toilet paper, detergent, soap and shampoo...many from multinationals like Colgate and Pepsi-Cola.
     Another 15,000 products may also have their prices frozen.
     The 22 Nov. freeze has set off a buying and hoarding spree...with supermarket shelves cleared of the goods.
     Chavez says that he wants to "protect people from capitalism".
     "The market has...become a perverse mechanism where the big monopolies, the big trans-nationals and the bourgeoisie dominate and ransack the people," he said.
     Cooking oils and rice are have been regulated since 2003.

    AND: China will loan Chavez another $4bn...to improve oil output, electrical generation and increase aluminum and iron ore production.
      Beijing has loaned Chavez $32bn in loans for 410,000 bbls of oil...daily.