It is racist to use the term black-market, and instead it is more appropriate to use terms like white, dirty or illegal dollar market.

May 15, 2010 (Hamsayeh.Net) - Venezuelan government plans to curb illegal activities by money speculators which have caused devaluation of bolivar against US dollar.

The country’s President Hugo Chavez warned moneychangers of an impending crack down on their illegal activities at any time. Venezuelan currency bolivar has lost a lot of its value to US dollar in recent months. Oil rich Venezuela imports consumer products from overseas making the economy vulnerable to speculative operations.

Chavez said he is going to close down brokerage and financial houses because their illegal function is hurting the economy. On Friday small raids were carried out on some smaller moneychangers and street dealers in the capital city Caracas.

‘The first raids should be starting, money changing houses, illegal dollar sales where they say they sell gold, we are battling a mafia...I said before, we are going to give them the mother of all blows,’ Chavez announced.

The Venezuelan President labeled those activities as ’white-market’ instead of the usual term black-market. He correctly addressed that it is racist to use the term black-market, and instead recommended the use of more appropriate terms like white, dirty or illegal dollar market.