By Rand Paul
Obama acts as though we no longer have a Constitution
Venezuela's government announced Friday that it is devaluing the country's currency, a long-anticipated change expected to push up prices in the heavily import-reliant economy.
Opposition groups in Venezuela are warning that billions of dollars in Chinese loans are driving the state oil company toward bankruptcy.
Planning and Finance Minister Jorge Giordani said the new rate will take effect Wednesday, after the two-day holiday of Carnival.
Chavez's socialist revolution: Venezuela announces currency devaluation →
He said the old rate would still be allowed for some transactions that already were approved by the state currency agency.
Chavez's socialist revolution: Venezuela announces currency devaluation →
