Ok. I'm Officially.....

[Sigma_Orionis]

Scared Shitless.

We’re Gonna Party Like It’s 1989 (UPDATED)

One thing is for sure: keep walking down this path and you can only reach its logical llegadero: dollar expenditures far outstripping income, no liquid dollars left in reserves, no one willing to lend you more. February 1989.

Chavismo has always sustained itself on the fiction that the adjustment package of 1989 was an ideological choice rather than an arithmetic imperative. Welcome to the bajadita, bitches.

[SciFiFisher]

I would tell you to be afraid...very afraid. But I think you already are.

[Sigma_Orionis]

Now you know why nobody in his right mind would elect a nutjob like Ron Paul.

Turns out that for all his left wing rethoric, our late not lamented idiot decided that almost 75% of our international reserves had to be held in gold.

"Venezuela’s international reserves have fallen 23% [year-to-date] to their lowest level since 2004," writes Rodriguez in a note to clients. "A close look at the data reveals that almost the totality of the decline in reserves can be explained by gold prices falling from their peak in [the third quarter of 2012]."

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