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Illusion or else?

Here are the comments from former Chavez Minister of Finance Tobias Nobrega on printing money. Tobias Nobrega was trying to justify that monetary liquidity is not too high, by saying that it was only 25% of GDP. Well, that may be true in a country with positive returns on savings, but when banks pay 6% and inflation is running at 15%, money is looking to get out, which is why the current large liquidity is pushing the swap or parallel market up. The size of GDP is irrelevant, in fact, the devaluation will simply shrink GDP and bring it down to the right size. - The Devil's Excrement web blog - 11/22

Petroleumworld 11 23 06

ISSUES....

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