In Emjae's Mind

Since my elementary school days, I have been highly devoted in studying mathematics. With my interest in numbers, I started taking math-related courses in college. Especially since 2017, I have been watching the value of currencies fall in relation to the U.S. dollar, like what economist Steve Hanke does every day. I track the countries worst affected by inflation during the past year. In July 2017, I started looking at Venezuela's currency, the bolivar. While the official exchange rate was maintained by the government at 10 bolivars per dollar at the time, the black market value of the U.S. dollar was estimated at over 8000 bolivars (not a typo!), and the money supply was in the tens of trillions of bolivars. This shows that price controls in a multiple exchange rate regime causes serious problems for the economy. Just three months later, the price of $1 has reached 40,000 bolivars, and by the end of 2017, it was over 100,000 bolivars along with the continued, exorbitant growth of...

Since Thursday afternoon (four days ago at time of publication), Venezuela has been facing a power outage. So far, it has killed 19 hospital patients (modern hospitals rely on electricity for patients to survive for longer). Thus, the situation in hospitals in Venezuela looks more like the nineteenth century, when hospital patients were unlikely to survive a visit. In the early morning hours, there was an explosion of a transformer in Caracas, as a result of lack of government care and maintenance. If it were privately owned, they would fix it quickly. A nationalized industry means that the government decides on who will receive the benefits instead of the private owners. Nationalizing industries is for losers. For example, PDVSA is nationalized, but it is in big trouble. The only way to save PDVSA is to privatize  it. Big government bureaucrats rely on corruption rather than efficiency. State-run industries are too inefficient, let alone government control of the private secto...

It continues from the previous post  here . 72 hrs sin servicio eléctrico en gran parte de Venezuela! Cómo te sientes @NicolasMaduro luego de batir récord? Vencedor? Vas a responderle y pagarle a los venezolanos todo el daño que la corrupción y la incapacidad de tú régimen les ha hecho? La gente quiere SOLUCIONES YA! — Henrique Capriles R. (@hcapriles) March 10, 2019 It has been 72 hours without electric service in much of Venezuela! How do you feel @NicolasMaduro after you beat the record? Winner? Are you going to answer and pay the Venezuelan people all the damage that the corruption and the inability of your regime has done to them? People want solutions now! It has been three days since Venezuela has been without electricity service. Protests are taking place somewhere, with lootings and burning of objects. Since the blackout began, fifteen dialysis patients died. Modern hospitals rely on electricity so that the patients can survive for longer. Hospitals are clos...

The electricity service has been out in Venezuela since 48 hours ago, and it has not been fully restored to everyone. Electricity was briefly restored, until a new power outage occurred. The western states are still without power for 48 consecutive hours. This is a continuation of my previous post . The Venezuelan government (Maduro) continues to spread conspiracy theories about why the power outage occurred. They claimed that it was a sabotage made by the American government. Not so. A hydroelectric dam that provided electricity to the majority of Venezuela failed, leaving over 30 million citizens without electricity. This is why government control of any sector (it is socialism) fails all the time! The socialist PSUV has been ruling Venezuela for over a decade. Meanwhile, the opposition still could not think of a platform after a rally in Caracas earlier today. Big government is all about control of the people through regulations, stiff taxes, gun control, wealth control, and ...

Venezuelans have been facing a power outage nationwide for 24 consecutive hours. Thanks, Maduro for your socialist policies that ruined the nation and the economy. Nationalization (government takeover) of the private sector is for losers. With every part of the industry nationalized, they are falling apart because people have no choice. You can have a big government or personal freedom, but NOT both at the same time; they are mutually exclusive. ALERT: Reports of a complete power outage all across #Venezuela at this moment. 18 of 23 states & the capital district are currently facing complete blackouts. Main airport also without power & backup generators have failed. #MaduroRegime is a complete disaster. — Marco Rubio (@marcorubio) March 7, 2019 Here are some photos of Caracas without power (to see buildings a camera with a very wide aperture is needed)     Because of the power outage, people could not go to work, and children were unable to go to sch...

These are the monetary statistics for the week ending January 25, 2019, with data from the Central Bank of Venezuela. Summary : Monetary liquidity rose by 361 billion VES, or 31.23% versus last week, the largest weekly percentage increase on record. Meanwhile, the monetary base expanded by 32.6% during the same period. The amount of cash in circulation increased by 16.41% and represents 9.21% of the central bank's monetary liquidity. All figures below are in sovereign bolivars (VES) Due to rounding, values may not sum up to the corresponding figure. Surplus bank reserves by day January 21: 13,483,540,815 January 22: 259,755,300,721 January 23: 262,024,370,862 January 24: 270,042,005,094 January 25: 269,193,427,386 Monetary liquidity (M2): 1,517,663,067,400 from coins and banknotes: 98,417,664,479 from deposits at sight: 1,262,086,100,895 from transferable savings deposits: 150,572,816,476 near money: 6,586,4...

These are the prices of the eight products taken in Petare, Venezuela on the fourth week of 2019. By Ángel Alvarado. Prices in Venezuelan currency. Cooking oil: 3500 Sugar (kilogram): 2500 Rice (kilogram): 3500 Meat: 10,500 Coffee: 8000 White cheese: 12,000 Flour: 2200 Thirty eggs: 10,000 Total basket value: 52,200 (an increase of 22% compared to last week)

These are the prices of the eight products taken in Petare, Venezuela on the third week of 2019. By Ángel Alvarado. Prices in Venezuelan currency. Cooking oil: 3000 Sugar (kilogram): 2400 Rice (kilogram): 3000 Meat: 7900 Coffee: 7000 White cheese: 9000 Flour: 2000 Thirty eggs: 9000 Total basket value: 43,300 (an increase of 106% compared to last week) Alvarado describes this as a semana explosiva  (an explosive week)

These are the prices of the eight products taken in Petare, Venezuela on the second week of 2019. By Ángel Alvarado. Prices in Venezuelan currency. Cooking oil: 2000 Sugar (kilogram): 1500 Rice (kilogram): 1000 Meat: 4000 Coffee: 2800 White cheese: 4000 Flour: 1100 Thirty eggs: 5200 Total basket value: 21,700 (an increase of 24% compared to last week) More than one month at the new minimum wage needed to buy basket

These are the prices of the eight products taken in Petare, Venezuela on the first week of 2019. By Ángel Alvarado. Prices in Venezuelan currency. Cooking oil: 1700 Sugar (kilogram): 1300 Rice (kilogram): 950 Meat: 2700 Coffee: 2600 White cheese: 3700 Flour: 950 Thirty eggs: 3600 Total basket value: 17,500 (an increase of 8% compared to last week)