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24 January 2013
VENEZUELA : Caracas Plans Crackdown On Clunker Car Inflation Hedge.
With annual inflation of over 20% for over a decade...Venezuelans have relied on used and new cars...to keep ahead of the curve.
Instead of losing value...when a car is driven off a Caracas lot...it's value surges.
An analyst there reports...'Cars gain value instead of depreciating because of a supply and demand crisis. In Venezuela we buy cars to protect our wealth.'
Now...the Chavista congress has proposed a law that fixes prices for used and new cars at 2009 levels.
Venezuela has the world's 3rd highest inflation rate.
A new devaluation of the currency has been predicted by many observers...but the uncertain condition of President Hugo Chavez's health...has delayed many monetary policies.