News for hackers. Stuff that matters.

A comment on Venezuela devalues the bolivar by 95% and pegs it to ‘oil-linked’ cryptocurrency. Parent comment

Re:Venezuela devalues the bolivar by 95% and pegs it to ‘oil... by wonthegame on Monday August 20, 2018 @04:28PM (#17803645)
So, the order matters. Chavez simply just took it and redistributed whereas Norways started as state owned?

Chavez took it because the oil execs were messing with the economy as a form of protest against taxes. A move that was highly controversial.

[ Parent | on HN ]
Re:Venezuela devalues the bolivar by 95% and pegs it to ‘oil... by atombender on Monday August 20, 2018 @09:20PM (#17805955)
The situation with PDVSA was more complicated than that [1].

As for Norway, to avoid the Dutch disease they made several crucial decisions [2] early on, one of them being to encourage the development of a healthy, competitive private oil/gas sector while still retaining the majority of revenue and oil fields. They also funneled the profits into the now-famous sovereign wealth fund.

[1] https://foreignpolicy.com/2018/07/16/how-venezuela-struck-it...

[2] https://www.ft.com/content/99680a04-92a0-11de-b63b-00144feab...

[ Parent | on HN ]