Venezuela overnight bank rates hit 120%

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This appears to be because Chavez wants to take control of the central bank and is leaning on it to not make loans. While I applaud much of what Chavez has done, this is just dumb. Unless he wants hyperinflation.

Meanwhile, in the bizarro world of Wall Street, this bad news is being looked at as good news because it means the Fed might lower interest rates. I’m not sure who is crazier.