Price Controls, Hugo Chavez, and Venezuelan Poverty


Suverans2's picture
    The fact that the government’s central bank has doubled the money supply over the past four years has nothing to do with prices going up, according to Chavez. “The law of supply and demand is a lie. These are not arbitrary measures. They are necessary.”

Maybe Hugo needs to consult with Evangelina.

    "Evangelina Guerra, standing in line to get into the Dulcinea market in Caracas, said, “This is more regulation on top of regulation, and what we have is sky-high inflation and a lack of products.”"

But, only if Evangelina understands that "inflation" is defined as "a persistent decline in the purchasing power of money, caused by an increase in available currency and credit beyond the proportion of available goods and services". (Source: 2010 American Heritage Dictionary of the English Language)