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Edition: U.S. Article Comments (1) Save Email Print Reprints Most Popular Most Shared Russia offers olive branch as NATO joins parade | Video 2:11pm EDT U.S. says Pakistani Taliban behind bomb attempt | Video 3:26pm EDT Tsunami warning lifted after 7.4 quake in Indonesia 3:23am EDT Obama makes rare comment about dollar on Russian TV 08 May 2010 Oil spill alarm rises after containment dome setback | Video 4:36pm EDT Oil at $65 a barrel may sound alarm bells for OPEC 08 May 2010 Ash cloud closes 19 Spanish airports, could spread | Video 08 May 2010 U.S. drone missiles kill nine in Pakistan 5:36am EDT Study finds what makes calorie-burning "brown fat" 06 May 2010 UPDATE 1-US regulators eye curbs to slow stock price drops 08 May 2010 Tsunami warning lifted after 7.4 quake in Indonesia 3:23am EDT The Science of Success 27 Apr 2010 Russia offers olive branch as NATO joins parade | Video 2:11pm EDT Pakistanis pose as Indians after NY bomb scare 07 May 2010 U.S. stock markets will shed gains swiftly: Prechter 07 May 2010 Qatar investor buys UK department store Harrods | Video 08 May 2010 Los reguladores de EEUU investigan el desplome de Wall Street 07 May 2010 Study finds what makes calorie-burning "brown fat" 06 May 2010 Iran hangs five members of Kurdish "terrorist" group 4:35am EDT U.S. says Pakistani Taliban behind bomb attempt | Video 3:26pm EDT Chavez threatens "bourgeoisie" for economic woes Andrew Cawthorne CARACAS Sun May 9, 2010 2:56pm EDT CARACAS (Reuters) - Venezuelan President Hugo Chavez is promising tough measures against "bourgeois" speculators whom he blames for the OPEC member nation's runaway inflation and ever-weaker bolivar currency. World "We need to stop this right now. The bourgeoisie do not listen to appeals to their conscience. Let's act with a firm hand," the fiery socialist told his Cabinet late on Saturday, in a familiar response to times of economic difficulty. "We need to smash speculation." Already in recession and forecast to be the only nation in Latin America with negative growth in 2010, Venezuela's economy had more bad news this week with the highest monthly inflation, 5.2 percent, in years. Fuelling the price rises and causing distortions throughout the economy, the U.S. dollar touched 8.0 bolivars on the free-floating parallel market. That was nearly double the main official rate of 4.3 bolivars and triple the government's 2.6 level for essential imports. Chavez, who calls himself a Marxist and has made a political career out of attacking Venezuela's traditional elite, said his economic team and intelligence services would give him a list of speculators and hoarders by Monday. Then short-term and medium-term measures would be announced, he said. Dozens of butchers were arrested last week, accused of hiking their prices illegally. Chavez accused the rich of taking advantage of a recent rise in the minimum wage and also seeking to cause him problems before a September legislative election. "I warn them: we are not going to be pushed around," he said. "We make an effort to raise salaries ... then immediately the capitalists raise everything, food, transport, clothes. They're trying to cause problems and we won't allow it." "BURNING" RESERVES Venezuela's April inflation spike appears to be a delayed reaction to the impact of a January devaluation. Stern warnings against retailers and the nationalization of a supermarket chain on price-gouging charges chilled price rises in the first two months after the devaluation. Wall Street analysts say Chavez's incompetent handling of the economy -- rather than unscrupulous speculations -- is to blame, with incoherent monetary policies and an anti-business environment that has crushed productivity and investment. "Inflation pressures are likely to remain high and the risk of a currency crisis is rising by the day," said Goldman Sachs analyst Alberto Ramos, adding that Venezuela was now under growing pressure to issue more debt despite official denials. Chavez also lambasted speculation on the free-floating, or parallel, currency market, saying state currency board CADIVI was releasing billions of dollars at the official rates. Businessmen say, however, that access to dollars at 4.3 or 2.6 bolivars is severely restricted -- and rife with corruption -- meaning about half of imports rely on obtaining foreign currency on the parallel market. The Central Bank's issuance of more than $450 million in so-called "exchange bonds" since January has failed in its stated aim of strengthening the bolivar's parallel rate. "Even if you, Nelson, burn all the international reserves, we won't get the parallel dollar down," Chavez told his Central Bank President Nelson Merentes. "Because the bourgeoisie and those in charge of the trading houses, the private banks and so on, they know everything, they've been involved in this all their lives, they have international connections." Speculation of impending government measures to control the parallel market, and visits by officials to some trading houses last week, were a factor in strengthening the dollar further to its record level on Thursday and Friday. Chavez, who has cast himself as Latin America's heir to Cuba's Fidel Castro as the main critic of Washington-led "imperialism," said capitalism was bringing down Europe and the United States "but here we have to stop it in time." (Additional reporting by Eyanir Chinea; Editing by Eric Beech) World Comments See All Comments (1) | Post Comment May 09, 2010 4:22pm EDT When Allende briefly attained power in Chile Fidel Castro supposedly gave him some advice, along the lines of “whatever you do, try to do it in a way that does not cause a mass exodus of your productive middle class”. The departure of such people really hurt the Cuban economy, along of course with the other things. Chavez is choosing to ignore history and is doing his best to alienate the productive leaders. Just look at what is happening, he talks about bringing “the elite” to heel, and one has images of robber barons being subdued, but in fact it is the average butcher shop that is being put out of business. Horrible to watch, as if the world needed to see another example of a failure of socialisim and marxisim. AmericaninCan1 Report As Abusive See All Comments (1) Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Analyst Research Mobile Newsletters RSS Podcasts Widgets Your View Labs Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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