Shortage-hit Venezuelans scratch heads over complex devaluation

Venezuelans puzzled over the impact of a complicated currency devaluation and fretted that dire product shortages in the OPEC nation's recession-hit economy would not go away. President Nicolas Maduro's socialist government this week launched a 70 percent devaluation via a new "free floating" currency system known as Simadi, the third of three-tier exchange controls created by his predecessor Hugo Chavez. "They're doing this because they don't have any money," said a man who gave his name only as Felix, and who said he was 83. "This is not going to solve the problem," said Felix as he stood in a senior citizens' line with about 50 other people to buy rice and coffee at a Caracas supermarket. "We're going to keep waiting in line to buy anything we need. More…