Venezuela

President Nicolas Maduro said on Sunday he wanted CNN out of Venezuela, accusing the network of spreading fake news. “CNN does not need to put its nose in Venezuela … I want CNN well away from here” Maduro said adding that they misrepresent the truth and meddle in issues that are none of its concern. Zero Hedge reports “CNN, do not get into the affairs of Venezuelans. I want CNN well away from here. Outside of Venezuela. Do not put your nose in Venezuela,” said Maduro during a political statement. Quoted by Fox News, Maduro made the comment after blaming the U.S.

Submitted by Charles Hugh-Smith via OfTwoMinds blog,

Neocolonial "capitalist paradise" or crony "socialist paradise": the net result is the same: expropriation and impoverishment.

Yesterday I noted that not all assets will make it through the inevitable financial re-set. ( Which Assets Are Most Likely to Survive the Inevitable "System Re-Set"?)

Submitted by Antony Davies and James Harrigan via InsideSources.com,

Blaming Venezuela’s spiraling inflation on “economic war and mafia attacks,” Hugo Chavez’s successor, socialist President Nicolas Maduro has raised the nation’s minimum wage for the fifth time in a year. The whopping 50 percent wage hike raises the monthly wage to between $12 and $60, in U.S. terms, depending on whether one goes by the state-controlled or the more accurate black-market exchange rate.

With (hyper)inflation expected to hit 1,660% this year and 2,880% next, Venezuela's President Maduro hiked the minimum wage another 50% on Sunday, the fifth increase in the past year (for a total annualized increase of 536%), to help shield workers from 'economic war'.

As Reuters reports, the measure puts the minimum monthly salary at 40,683 bolivars - about $60 at the weakest exchange level under the state's currency controls, or $12 at the black market rate.

Submitted by Anthony Mueller via The Mises Institute,