Venezuelan president Nicolas Maduro passed legislationto regulate the price of new and used cars in an effort to rein in inflation.
The law states that the price of used cars can’t surpass that of new cars and that breaking the law could earn perpetrators jail time.
But some argue that the law will only make problems worse.
Dennis Gartman, editor and publisher of The Gartman Letter says, “at least the now deceased President Hugo Chavez Frias was both entertaining and brilliant. …The gentleman who has followed him is simply an idiot.” From Gartman:
“We know this every day for several times each day he comes up with some new, idiotic left-wing policy that only a socialist could love and put forth. Yesterday, President Maduro issued a decree controlling the price of new and second-hand cars. New cars are currently all but impossible to find due to import restrictions he’s imposed and due to the fact that automobile manufacturers are unwilling to send cars to the country fearing expropriation by the government. Hence, Venezuelans now have to pay very high prices for used cars, with the price for used cars already there in Venezuela leaping above the “list price for new cars.”
“…According to the new decree, the citizens of Venezuela will be “Expressly forbidden to speculate on the prices of second-hand vehicles as though they were new…” and those who break the new law will face jail sentences of six to 12 years.
“The President’s office said last evening that there will be more details today when the decree is official published in the nation’s newspapers; however what we found most fascinating and modest sadly comical was that this is the 625th such decree since he took office April 19th of this year. He’s making an aver age of 2.7 decrees/day.”
If Gartman’s disdain for Maduro wasn’t evident enough, here’s his final word on the Venezuelan president and his latest decree: “Such is the life of an idiot, socialist despot, making life for his people more and more difficult by the hour. Lunacy has no bounds.”
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