Video: Venezuela’s Maduro urges calm as his imposition of “fair” retail prices doesn’t work out so well

posted at 1:51 pm on November 13, 2013 by Erika Johnsen

In his ongoing attempt to shore up his suffering public support ahead of the municipal elections looming in December, Venezuelan leader Nicolas Maduro declared last week that the government was temporarily taking over a popular chain of electronics stores in order to put an end to the type of seedy price-gouging and business speculation that are obviously causing Venezuela’s many shortages of consumer goods and more than 50 percent annual inflation rate. More price controls and government intervention are just the ticket, he maintained, for ensuring “fair” and accessible prices for all Venezuelans — so what could possibly go wrong?

Well… (h/t ZeroHedge):

The looting and violence, obviously, are absolutely not the result of the perverse incentives the government is putting in place, Maduro claims, but rather are the work of nefarious opposition-planted instigators. Via the AP:

Maduro, in a nationally televised address, charged that opposition agitators had infiltrated the long lines that have formed in several cities and were trying to stir up violence. He said he was deploying tens of thousands of volunteer civilian militiamen to assist security forces in crowd control.

“Be calm, these products will stay where they are,” Maduro said, adding that under no circumstances would he allow companies to gouge consumers again. “There’s no need to sleep outside store doors. Nobody should despair. Nobody should get anxious.” …

This week the government is expanding its crackdown to businesses selling clothes, shoes and automobiles, all of which have seen prices shoot up in tandem with a sharp drop in Venezuela’s bolivar currency on the illegal black market. …

Among those waiting since Saturday night in a five-block-long line outside the JVG electronics shop in eastern Caracas was Robert Cox. Cox said he opposes the government, and disagrees with the abrupt way Maduro slashed prices, but he added that couldn’t afford to let pass by the opportunity to restock his home the latest appliances.

“If I weren’t here, someone else would be,” he said.

Economics is hard.


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Basic economics is hard.

LOLZ!

OmahaConservative on November 13, 2013 at 1:54 PM

stoic patriot in depression and denial….

dentarthurdent on November 13, 2013 at 1:56 PM

Maybe this is why the trolls have been so quiet lately? There all down in Venezuela advising Maduro?

NotCoach on November 13, 2013 at 1:57 PM

Substitute medicine and bandages for the electronics, and you have the future of Obama and his healthcare system.

BobMbx on November 13, 2013 at 1:57 PM

So if price fixing for products didn’t work, maybe he should just try setting a higher minimum wage so everyone can afford whatever they want to buy.
It works sooooo well here, doesn’t it?

dentarthurdent on November 13, 2013 at 1:58 PM

Every time you hear Elizabeth Warren give a speech, replace the word “fatcats” with “opposition agitators.” Probably will sound exactly like an address by Maduro.

DarthBrooks on November 13, 2013 at 1:59 PM

Indistinguishable from American democrats.

Murphy9 on November 13, 2013 at 1:59 PM

I hope the Venezuelans put his head on a pike and put it on the Key Bridge into Georgetown.

blammm on November 13, 2013 at 1:59 PM

He needs to fly Peanut Carter down their to pimp it as free and fair just like Peanut’s dirt-napping buddy Oooo-go.

viking01 on November 13, 2013 at 1:59 PM

The looting and violence, obviously, are absolutely not the result of the perverse incentives the government is putting in place, Maduro claims, but rather are the work of nefarious opposition-planted instigators.

Maduro, like all leftists assumes that because he does it, so does everyone else.

Flange on November 13, 2013 at 1:59 PM

Have they started lining up business owners at the stadiums for mortar and machine gun practice yet?
That will be next.

dentarthurdent on November 13, 2013 at 2:01 PM

the government was temporarily taking over a popular chain of electronics stores

If O’Barky was running ‘em they’d soon be called “Worst Buy.”

viking01 on November 13, 2013 at 2:01 PM

All is well!

22044 on November 13, 2013 at 2:02 PM

That clip is appalling. At 1:40, one woman is yelling “Ladrones! Ladrones!”, which means thieves. I’m not sure what the fellow says to quiet her.

Throat Wobbler Mangrove on November 13, 2013 at 2:04 PM

What i missed the black friday sale?

anikol on November 13, 2013 at 2:05 PM

Venezuela is an oil rich nation run by fools, period.

SC.Charlie on November 13, 2013 at 2:05 PM

The laws of economics and human nature are inviolable.

Despite all the lessens and examples, the totalitarians still refuse to learn. They still believe that if they wish it, it will be so regardless of reality.

Athos on November 13, 2013 at 2:06 PM

That clip is appalling. At 1:40, one woman is yelling “Ladrones! Ladrones!”, which means thieves. I’m not sure what the fellow says to quiet her.

Throat Wobbler Mangrove on November 13, 2013 at 2:04 PM

How do you say “firing squad” in Spanish?

dentarthurdent on November 13, 2013 at 2:07 PM

Obama just figured out how to win the 2014 elections.

El_Terrible on November 13, 2013 at 2:08 PM

The laws of economics and human nature are inviolable.

Despite all the lessens and examples, the totalitarians still refuse to learn. They still believe that if they wish it, it will be so regardless of reality.

Athos on November 13, 2013 at 2:06 PM

0bumble and stoic patriot hardest hit…

dentarthurdent on November 13, 2013 at 2:09 PM

The looting and violence, obviously, are absolutely not the result of the perverse incentives the government is putting in place, Maduro claims, but rather are the work of nefarious opposition-planted instigators.

This is classic, Commie – and, thus, Obama:

Article 58

OhEssYouCowboys on November 13, 2013 at 2:09 PM

Madura and Obama would do well in any faculty lounge of an “Ivy League” institution.

alanstern on November 13, 2013 at 2:10 PM

At about 1:30-35, someone says, “this is the venezuela that we want, this is the venezuela that we want”

El_Terrible on November 13, 2013 at 2:13 PM

“If I weren’t here, someone else would be,” he said.

Smart man. Where is the economist that was on here yesterday insisting that raising the minimum wage was good for creating jobs and boosting the economy? Venezuela needs his help.

Johnnyreb on November 13, 2013 at 2:15 PM

“There’s no need to sleep outside store doors. Nobody should despair. Nobody should get anxious.” …

A Chip Diller moment, if there ever was one.

iurockhead on November 13, 2013 at 2:17 PM

They arrest reporters who attempt to cover the economic problems there. They even arrested a Miami Herald reporter. They arrested and beat the photographers who tried to film the free revolutionary leg of pork give away riot.

Blake on November 13, 2013 at 2:17 PM

Thanks “Chip” Maduro

NickelAndDime on November 13, 2013 at 2:18 PM

Smart man. Where is the economist that was on here yesterday insisting that raising the minimum wage was good for creating jobs and boosting the economy? Venezuela needs his help.

Johnnyreb on November 13, 2013 at 2:15 PM

Astonerii and I went back and forth with him (stoic patriot) last night. I gave up after awhile – real life things to do, but it likes like the other 2 kept going til midnight or so – so I’d guess he’ll be coming in a little late.

dentarthurdent on November 13, 2013 at 2:19 PM

but it likes looks like the other 2 kept going til midnight or so – so I’d guess he’ll be coming in a little late.

dentarthurdent on November 13, 2013 at 2:19 PM

my keyboard is misspelling words again….

dentarthurdent on November 13, 2013 at 2:22 PM

Those who keep saying “it could never happen here” should really be paying attention.

I mean if this was even being reported in the media that is.

KMC1 on November 13, 2013 at 2:22 PM

Astonerii and I went back and forth with him (stoic patriot) last night. I gave up after awhile – real life things to do, but it likes like the other 2 kept going til midnight or so – so I’d guess he’ll be coming in a little late.

dentarthurdent on November 13, 2013 at 2:19 PM

thanks, he still owes me answers to the inflation questions we were talking about.

Johnnyreb on November 13, 2013 at 2:24 PM

my keyboard is misspelling words again….

dentarthurdent on November 13, 2013 at 2:22 PM

It’s the NSA causing trouble.

viking01 on November 13, 2013 at 2:24 PM

Evidently the Economic Wizard hasn’t thought about what’s going to happen when products are no longer available.

Or has he found a way to purchase an item for $10, then sell it for $8 and still cover all of his costs?

GarandFan on November 13, 2013 at 2:25 PM

Whatever.

We’ve got our own tin-pot dictator to worry about.

Pork-Chop on November 13, 2013 at 2:26 PM

I’ll PayPal $9.99 to the first that can overdub the video with White Wedding.

Tsar of Earth on November 13, 2013 at 2:27 PM

Cox said he opposes the government, and disagrees with the abrupt way Maduro slashed prices, but he added that couldn’t afford to let pass by the opportunity to restock his home the latest appliances.

Lesson for Dems: People will always, always act in their best economic interests. Example: Obamacare.

BacaDog on November 13, 2013 at 2:31 PM

“If you like your stereos, you can keep your stereos! Period!”

BacaDog on November 13, 2013 at 2:32 PM

Even if the riots had not occured, once you’ve given away all the invantory on the shelves why would you think the owners of the store would order any more? Or did he think there was enough product on hand to get him through the election?

tommyboy on November 13, 2013 at 2:32 PM

“It’s just…. good business”
Cutler Beckett

dentarthurdent on November 13, 2013 at 2:33 PM

thanks, he still owes me answers to the inflation questions we were talking about.

Johnnyreb on November 13, 2013 at 2:24 PM

He never could answer anything with a straight answer – just academic garbage full of economics words.
He demonstrated very clearly that he really doesn’t understand the real world.

dentarthurdent on November 13, 2013 at 2:34 PM

So what happens when nobody pays for anything?

docflash on November 13, 2013 at 2:35 PM

It’s the NSA causing trouble.

viking01 on November 13, 2013 at 2:24 PM

Well that’s a relief.
I was afraid if my keyboard was doing that on its own, my guns are probably out shooting people while I’m at work….

dentarthurdent on November 13, 2013 at 2:36 PM

Did I read correctly? Price-gouging is responsible for shortages of consumer goods? Huh?

High prices cause shortages?

More like price controls do so. Economic idiots…just like our home-grown dems!

freedomfirst on November 13, 2013 at 2:38 PM

Even if the riots had not occured, once you’ve given away all the invantory on the shelves why would you think the owners of the store would order any more? Or did he think there was enough product on hand to get him through the election?

tommyboy on November 13, 2013 at 2:32 PM

They don’t think that far ahead. Look for more shortages across the board.

El_Terrible on November 13, 2013 at 2:38 PM

I really wish I could outlaw the use of the word “fair”. It’s vague, subjective, and regularly abused by Socialists to justify their confiscatory schemes. Whatever usefulness the word once had was destroyed by Leftists long ago.

Socratease on November 13, 2013 at 2:38 PM

That’s weird. People here camp out just for the privilege of buying the latest electronic gadget and paying the highest price possible.

jdpaz on November 13, 2013 at 2:42 PM

I really wish I could outlaw the use of the word “fair”. It’s vague, subjective, and regularly abused by Socialists to justify their confiscatory schemes. Whatever usefulness the word once had was destroyed by Leftists long ago.

Socratease on November 13, 2013 at 2:38 PM

Also “reasonable” and “common sense”.
The way the Dems use all of those words, it’s clear they really have no common sense, and they are most definitely not reasonable or fair.
Good place for the old “I do not think that word means what you think it means…”

dentarthurdent on November 13, 2013 at 2:42 PM

That’s weird. People here camp out just for the privilege of buying the latest electronic gadget and paying the highest price possible.

jdpaz on November 13, 2013 at 2:42 PM

And I think we all know who those people are…
….dude… I hear you can get a new iphone if you sign up for some brosurance…. righteous….

dentarthurdent on November 13, 2013 at 2:44 PM

I really wish I could outlaw the use of the word “fair”.

I had a boss who used to say, “If your looking for “fair” then go to that thing they have every August with the carnival rides and animal displays.”

tommyboy on November 13, 2013 at 2:48 PM

He said he was deploying tens of thousands of volunteer civilian militiamen to assist security forces in crowd control.

Remember this? http://www.americanthinker.com/blog/2013/10/remember_obamas_civilian_national_security_force.html#ixzz2kYaiBPek

Is Obama planning to have a Civilian Security Force in addition to the military? “We cannot continue to rely on our military in order to achieve the national security objectives we’ve set. We’ve got to have a civilian national security force that’s just as powerful, just as strong, just as well-funded.”

“We cannot continue to rely only on our military in order to achieve the national security objectives that we’ve set,” Obama said. “We’ve got to have a civilian national security force that’s just as powerful, just as strong, just as well-funded.”

That plank in the future president’s platform was quickly removed, but evidently not discarded. It seems that it was merely safely tucked away until a more opportune time.

http://www.americanthinker.com/blog/2013/10/remember_obamas_civilian_national_security_force.html

Marcola on November 13, 2013 at 2:50 PM

Marcola on November 13, 2013 at 2:50 PM

The SS NPS appeared to be trying out for the job last month.

dentarthurdent on November 13, 2013 at 2:52 PM

I had a boss who used to say, “If your looking for “fair” then go to that thing they have every August with the carnival rides and animal displays.”

tommyboy on November 13, 2013 at 2:48 PM

Ya, I should have gotten the hint when they stopped paying me, then moved my desk to the back of the room, then down to the basement….

dentarthurdent on November 13, 2013 at 2:54 PM

Venezuela The USA is an oil rich nation run by fools, period.

SC.Charlie on November 13, 2013 at 2:05 PM

FIXORD!!

jukin3 on November 13, 2013 at 2:58 PM

The thing about socialists is that they eventually run out of other people’s TVs…
(And Clothes and cars…)

Skywise on November 13, 2013 at 2:59 PM

I can’t blame everyone no matter if they agree or not getting what they can because this will be the last time those items are offered for sale.

1. Buy TV for $500 from manufacturer.
2. Government makes you sell for $100.
3. No more TVs for sale.

jukin3 on November 13, 2013 at 3:04 PM

Coming soon to a Best Buy near you, care of our own lovable Presidente.

jnelchef on November 13, 2013 at 3:09 PM

Next week he’ll pass out a Spanish version of the Whip Inflation Now button to the entire population.

RSbrewer on November 13, 2013 at 3:10 PM

jukin3 on November 13, 2013 at 3:04 PM

I’ve got a batch of Bill Engvall “I’m stupid” signs for sale – $1 each or 2 for $5.
Any takers?
Calling all trolls? Libtard trolls? Need a sign?

dentarthurdent on November 13, 2013 at 3:13 PM

Great HL!

wyntre9 on November 13, 2013 at 3:15 PM

A picture perfect example of what happens when an inexperienced gov’t head tries to intervene. Nothing good can come from it, ala community organizer!

rjoco1 on November 13, 2013 at 3:20 PM

Half the countries in SA are now run by ex terrorists.

Blake on November 13, 2013 at 3:24 PM

So, when the bread and circuses run out, what then? Venezuela has got to be close to complete meltdown.

WitchDoctor on November 13, 2013 at 3:27 PM

As long as Maduro has the army on his side, nothing is going to happen. He and the other leftys will never give up power and that includes election fraud.

Blake on November 13, 2013 at 3:32 PM

Elections in Chile on 11/17 and the predictions are that the country will be taking a hard left — again.

Blake on November 13, 2013 at 3:37 PM

So, when the bread and circuses run out, what then? Venezuela has got to be close to complete meltdown.

WitchDoctor on November 13, 2013 at 3:27 PM

As long as Maduro has the army on his side, nothing is going to happen. He and the other leftys will never give up power and that includes election fraud.

Blake on November 13, 2013 at 3:32 PM

How do you say “kristallnacht” in Spanish?

dentarthurdent on November 13, 2013 at 3:41 PM

Obama would do this if he could. He’s go full Marxist on us. Remember “Cash for Clunkers”.

Paul-Cincy on November 13, 2013 at 3:42 PM

Not drawing a comparison of policies or logic between Venezuela and the US (yet), but that video above doesn’t look much different than what you see on Black Friday here.

ptcamn on November 13, 2013 at 3:51 PM

Obama would do this if he could. He’s go full Marxist on us. Remember “Cash for Clunkers”.

Paul-Cincy on November 13, 2013 at 3:42 PM

SS NPS and the barrycades….
You KNOW they’re just itchin for a new assignment….

dentarthurdent on November 13, 2013 at 3:52 PM

Somewhere, Ayn Rand is laughing.

MichaelGabriel on November 13, 2013 at 4:18 PM

my keyboard is misspelling words again….

dentarthurdent on November 13, 2013 at 2:22 PM

It’s the NSA causing trouble.

viking01 on November 13, 2013 at 2:24 PM

I see Government Bell has expanded its offerings to internet services :-P

Steve Eggleston on November 13, 2013 at 4:40 PM

So, when the bread and circuses run out, what then? Venezuela has got to be close to complete meltdown.

WitchDoctor on November 13, 2013 at 3:27 PM

Most likely the next phase of the Communist state’s lifecycle – brutal repression.

Steve Eggleston on November 13, 2013 at 4:41 PM

But socialism is such a cool idea! Wait, let’s try it one more time– it’s bound to work this time!

morganfrost on November 13, 2013 at 4:55 PM

The “good” news is the specific conditions in Venezuela can’t happen here. Of course, that won’t stop the Occupiers from pushing their ideological allies in power to a similar course of action.

It is an interplay between price controls and a fixed-by-government official exchange rate that is ignored by virtually everybody. A post at The Devil’s Excrement explains in detail the concept of arbitrage and how it applies to Venezuela. The Cliff’s Notes’ version:

- The government sets an artificially-low exchange rate between its currency and currencies used in international trade.
- An entity (either government or business) imports goods using foreign currency bought at the official exchange rate.
- That entity turns around and sells the good at the going black-market exchange rate, which in the case of the Bolivar-to-US Dollar exchange rate, is somewhere over 800% of the official exchange rate.

Like any good bad proto-Communist government, the Chavezistas have shifted from tolerating their cronies profit from that arbitrage to wanting it all for themselves.

Steve Eggleston on November 13, 2013 at 5:01 PM

Crap. My iPad3 just croaked. Please Mr. Obammie, nationalize Apple so I can get my new iPad3 for $25. Pretty please?

NOMOBO on November 13, 2013 at 5:05 PM

Did I read correctly? Price-gouging is responsible for shortages of consumer goods? Huh?

High prices cause shortages?

freedomfirst on November 13, 2013 at 2:38 PM

I caught that too. How does fewer people buying a product cause a shortage?

Sockpuppet Politic on November 13, 2013 at 5:08 PM

I caught that too. How does fewer people buying a product cause a shortage?

Sockpuppet Politic on November 13, 2013 at 5:08 PM

I’m sure stoic patriot can explain that, since he did such a wonderful job yesterday on how raising the minimum wage is a great deal for everyone.

dentarthurdent on November 13, 2013 at 5:21 PM

That Damn TEA Party!

Another Drew on November 13, 2013 at 5:43 PM

Very orderly looting…impressive.

Dr. ZhivBlago on November 13, 2013 at 5:57 PM

How do you say “firing squad” in Spanish?

dentarthurdent on November 13, 2013 at 2:07 PM

and

How do you say “kristallnacht” in Spanish?

dentarthurdent on November 13, 2013 at 3:41 PM

Surprisingly, in the Spanish dialect used here [Latin American variants of Spanish are not always mutually intelligible] it comes out as the same phrase:

¡Sí, se puede!

Subotai Bahadur on November 13, 2013 at 6:00 PM

Good Catholics.

CWchangedhisNicagain on November 13, 2013 at 6:02 PM

Yes we need Stoic’s take….wwhwwhaaawbaahwahahaha

What a doofus.

CWchangedhisNicagain on November 13, 2013 at 6:03 PM

Yep. Venezuela = Zimbabwe on the Carribean
is still holding strong.

Tengo dos palabras para el Presidente – No Más!

dissent555 on November 13, 2013 at 6:09 PM

Maduro better imprison enough nerds to do warranty work. Those TVs will have to last a long time and rolling brownouts play hell with circuit boards.

Laurence on November 13, 2013 at 6:15 PM

Price gouging, “substandard plans” – it’s all the same dead-end government control of the marketplace.

paul1149 on November 13, 2013 at 6:15 PM

Substitute medicine and bandages for the electronics, and you have the future of Obama and his healthcare system.

BobMbx on November 13, 2013 at 1:57 PM

If you READ at the Upton and Landreiu bills, you will find the Venezuala Plan is being pushed through congress THIS WEEK by the RULING ELITES in our government!

Freddy on November 13, 2013 at 6:51 PM