Venezuela's Chavez Bans Private Brokerages From Trading Currency

Venezuela's President Hugo Chavez signed a law Tuesday that bans private brokerages from trading the country's bolivar currency or public sector dollar-denominated debt.

The bill, which had been approved by parliament and only required the president's signature, restricts brokerages to trading local stocks and securities issued by the private sector, Reuters reported.

"With this we are leaving behind the rot of capitalism," Chavez said. "Venezuelans can now save, but not save in the rotten brokerages of the bourgeoisie that take the money to the United States."

The move could wipe out many private brokerages, as the local stock exchange averaged less than $500,000 dollars a day in trading last year.

Venezuela is suffering from high inflation, which Chavez blames on capitalist speculators.


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imme534333

Venezuela's President Hugo Chavez can not afford to allow free men to set the price of thier products and customers to negotiate. Government control is only in the best interest of the people because people can not decide for themselves what is best for them.

August 18 2010 at 12:14 PM Report abuse +4 rate up rate down Reply
imme534333

Find an exception to these evil facts about Capitalism and you will be pointing out an instanse of Government interferance. So it isn't true Capitalism

August 18 2010 at 12:09 PM Report abuse +1 rate up rate down Reply
imme534333

Capitalism is evil because prices only go up when there is a change of tecnology--such as computers in communucation. Then prices restart thier downward trend again.

August 18 2010 at 12:05 PM Report abuse -1 rate up rate down Reply
imme534333

Capitalism is evil--Under Capitalism the convienience of the worker takes second place to the wants and needs of the customer

August 18 2010 at 11:40 AM Report abuse rate up rate down Reply
imme534333

Capitalism is evil because the quality of the products and services always goes higher to match the expectain of the customer

August 18 2010 at 11:38 AM Report abuse -1 rate up rate down Reply
imme534333

Capitalism is evil because the free compitition between produces always pushes the prices down .

August 18 2010 at 11:35 AM Report abuse rate up rate down Reply
boowah

Chavez said it all when he coined the phrase..."The rot of capitalism" We will never again prosper in America unless we give it up also! It's predicated on greed, and greed is what caused our downfall! We need more government intervention, not less! Wealth shifting was exposed as evil under Reagan.

August 18 2010 at 10:11 AM Report abuse -1 rate up rate down Reply
jkennedy806

High inflation, blaming capitalist speculators?? Do You Think??? Keeping their money in their own country -- not allowing other countries to take money out of the country & else where to other foreign countries. Wow that sounds self promoting -- maybe we should try it. What would happen if all the money in the US had to stay here in the US? Wow what a novel idea? And I don't like this guy.

August 18 2010 at 10:08 AM Report abuse rate up rate down Reply