Venezuela Gives Businesses Until Monday to Comply with "Fair Prices Act" or Face State Takeover

There will be no goods at all on shelves of any stores in Venezuela if the president follows through with his latest warning.

Via translation from El Economista, please consider Maduro Threatens to Expropriate Businesses for Violation of Fair Prices Act.

The president of Venezuela, Nicolas Maduro, has threatened to expropriate businesses that do not comply with the new Fair Prices Act. "I have called for self-regulation of products and prices. 'll Give businesses until Monday to comply. Come Monday, if I find companies violating the Law of Fair Prices I'll take more radical measures," Maduro warned.

"Do not underestimate sectors of the bourgeoisie on whether to expropriate. You will discover on Monday we are going to apply more drastic measures," added the Venezuelan president, who was quoted by the newspaper La Truth.

Maduro also reported Tuesday the arrest of a businessman on the border with Colombia. Maduro assured the businessman will face the maximum sentence of 14 years in prison for trafficking in consumer products.

For additional details please see my January 25 post Venezuela Enacts "Law of Fair Prices" Banning Profits Over 30%, with 10-Year Imprisonment for Hoarding.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com