Preparing for December Elections

Slow Motion Coup in Venezuela

In the run up to the December 8 municipal elections the campaign of speculation, hoarding, profiteering, overpricing and sabotage of the economy has intensified. The Venezuelan government of President Maduro has denounced that there is a “slow motion coup” being implemented. The year on year inflation rate has reached 74% and the scarcity index is at a record level of 22%.

In the last few days the Bolivarian government has taken a series of measures to check on the prices at which a wide range of goods are being sold and forced businesses to adjust their prices. In many cases government inspectors found overpricing of 1,000% or more.

Businesses import goods with dollars they receive from the government at regulated prices and then mark them up for sale at prices calculated on the basis of the black market exchange rate. The government has denounced this as robbery against the consumers.

The government has also taken measures to fight against hoarding, discovering, once again, warehouses full of goods (from food to electronics) which are scarce in the shops. Once seized, they have been sold at regular prices.
Dozens of businessmen have been arrested pending trial as a result of these actions.

These measures have been received with enthusiasm by the Venezuelan people as they have made products available at normal prices.

from Hands Off Venezuela

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