Hugo Update

One of Robin's students told her that in Venezuela there are billboards up announcing a forthcoming new currency, the "new bolivar" and that some denominations thereof will bear Hugo's likeness. I could confirm the new currency part here (coming in early 2008!), but not the "Hugo on the cover" part, though given his marathon TV and radio shows, it certainly seems plausible.

It's the old Latin American Classic Currency Caper, knock a few zeros off the end (only three in this case), rename it, and hope inflation will somehow go away. From the above link:

Justifying the measure, Chavez argued that the country's strong economic growth of recent years, which has been fueled by high oil prices, has made Venezuela "a world economic power," and that it was psychologically damaging for $1 to be worth so many bolivars.

The new currency would simplify transactions, improve efficiency, generate confidence and rein in inflation, he said.

The official exchange rate for the bolivar now is around 2100 to the dollar (but on the street, the market price is more like 4000 to the dollar).


Hugo: to know him is to love him