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Shouting “buy, buy, the world is going to die,” Venezuelans went on a frantic shopping spree on Saturday following a sharp currency devaluation that is expected to drive up prices.

President Hugo Chavez announced a dual system for the fixed rate bolivar Friday night while much of the country was watching a baseball game.

“Venezuelans’ standard of living has been devalued,” said Antonio Ledezma, Caracas’ opposition mayor.

The currency was devalued from an official rate of 2150 Bolivars to the dollar to 4300 Bolivars to the dollar . The black market rate is about double the official rate. Reuters, ABC

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