Venezuelans Rush Stores After Forced Price Cuts


Venezuelan President Nicolás Maduro sparked a frenzy in that country over the weekend after demanding prices be slashed in electronics stores.


He accused retailers of hiking up prices to undercut his authority. In a move to win over popular support, Maduro took control of the stores and forced businesses to sell at rock-bottom prices.

The president accused stores of waging an “economic war,” reported the BBC. "We're doing this for the good of the nation," he said.

To keep crowds calm, Maduro deployed tens of thousands of militiamen to help security forces control the swelling crowds.

The Venezuelan economy is in turmoil, as inflation has soared and the U.S. dollar has climbed to nine times its actual value on the black market.

Venezuelans and onlookers are concerned about more than just low-priced plasma TVs.

"The reality isn't that the economy is not improving because of high prices of appliances. Where is the reality? It is milk, sugar, cooking oil, everyday food, which is every day getting more expensive,” said Robert Cox, a shopper in Venezuela.


This week Maduro’s government is extending its reach to businesses that sell clothes, shoes and automobiles, reported the Associated Press.

See more on "AMERICA with Jorge Ramos" Tuesday at 8 p.m. ET.

Geneva Sands is a Washington, D.C.-based producer/editor focused on national affairs and politics. Egg creams, Raleigh and pie are three of her favorite things.