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Venezuela Throws In The Towel On Hyperinflation: Will Print 200x Higher-Denominated Bills
Zero Hedge ^
| 10-27-16
| Tyler Durden
Posted on 10/27/2016 2:28:25 PM PDT by dynachrome
Venezuela’s government, slammed by hyperinflation has finally thrown in the towel, and is planning to issue new bills in December with larger denominations—up to 200 times higher than the current biggest bill, according to people familiar with the plans. The move marks an implicit acknowledgment by the government that skyrocketing prices have slashed the value of the currency
The new coins and notes will go up to 20,000 bolivars, according to people close to the central bank, the finance ministry, the country’s banks and bill suppliers. This would make the biggest note worth $15 on the black market.
And since by doing so the government will tacitly admit that it has lost control over prices, It will also create a self-fulfilling prophecy of even higher prices, sending the country's hyperinflation into overdrive.
(Excerpt) Read more at zerohedge.com ...
TOPICS: Business/Economy; Crime/Corruption; Foreign Affairs; News/Current Events
KEYWORDS: hyperinflation; venezuela; venezuelacrisis; walkingdeadeconomy
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Estimated inflation this year is 481%.
To: dynachrome
hyperinflation accelerates, the new bills will be obsolete by the time they are printed....
2
posted on
10/27/2016 2:31:04 PM PDT
by
Enchante
(Hillary's new campaign slogan: "Guilty as hell, free as a bird!! Laws are for peasants!")
To: dynachrome
Socialism will make you rich!
To: dynachrome
Wonder what school of economics their Finance Minister graduated from.
To: dynachrome
Wonder what school of economics their Finance Minister graduated from.
To: dynachrome
6
posted on
10/27/2016 2:31:40 PM PDT
by
blueunicorn6
("A crack shot and a good dancer")
To: dynachrome
7
posted on
10/27/2016 2:32:54 PM PDT
by
BenLurkin
(The above is not a statement of fact. It is either satire or opinion. Or both.)
To: dynachrome
Well, that’s one way or getting rid of state pension liabilities...
8
posted on
10/27/2016 2:33:25 PM PDT
by
2banana
(My common ground with terrorists - they want to die for islam and we want to kill them)
To: rovenstinez
One located in Zimbabwe most likely.
9
posted on
10/27/2016 2:33:34 PM PDT
by
Major Matt Mason
(Those that can, do, those that can't, work in the Beltway.)
To: dynachrome; SkyPilot; null and void; Diogenesis; Travis McGee
Coming to an America near you soon. Thanks Obama!! (all according to plan)
10
posted on
10/27/2016 2:33:39 PM PDT
by
SaveFerris
(Be a blessing to a stranger today for some have entertained angels unaware)
To: dynachrome
All those zeros get expensive after a while.
11
posted on
10/27/2016 2:34:11 PM PDT
by
Ken H
(Best election ever!)
To: dynachrome
actually, a decrease in the value of the currency has resulted in higher prices
the writer got it backwards
12
posted on
10/27/2016 2:34:38 PM PDT
by
Thibodeaux
(Exile Barack, Exile the Wookie, Exile Malia, Exile Shasha)
To: Billthedrill; dfwgator
Somebody give one of those to Dr. Evil!
13
posted on
10/27/2016 2:34:47 PM PDT
by
SaveFerris
(Be a blessing to a stranger today for some have entertained angels unaware)
To: dynachrome
14
posted on
10/27/2016 2:35:25 PM PDT
by
Dallas59
(Only a fool stumbles on things behind him.)
To: dynachrome
15
posted on
10/27/2016 2:35:40 PM PDT
by
Enchante
(Hillary's new campaign slogan: "Guilty as hell, free as a bird!! Laws are for peasants!")
To: dynachrome
16
posted on
10/27/2016 2:35:49 PM PDT
by
Rebel_Ace
(HITLER! There, Zero to Godwin in 5.2 seconds.)
To: 2banana
as a point of reality, it is the only way we will pay off a $20 trillion debt
17
posted on
10/27/2016 2:36:27 PM PDT
by
Thibodeaux
(Exile Barack, Exile the Wookie, Exile Malia, Exile Shasha)
To: dynachrome
This is where it turns to HYPER-inflation.
If they just call it “quantitative easing” or some such similar bureaucratic newspeak, it might be more easily accepted though.
18
posted on
10/27/2016 2:37:04 PM PDT
by
PGR88
To: dynachrome
Venezuela will have to go on the Dollar.
19
posted on
10/27/2016 2:37:04 PM PDT
by
Paladin2
(auto spelchk? BWAhaha2haaa.....I aint't likely fixin' nuttin'. Blame it on the Bossa Nova...)
To: rovenstinez; LucyT; Red Steel; rxsid; Fred Nerks
[Wonder what school of economics their Finance Minister graduated from.]
Wasn’t Barack Obama, Sr. a finance guy? Before he got drunk and crashed into a tree, I mean.
Just sayin’.
20
posted on
10/27/2016 2:37:05 PM PDT
by
SaveFerris
(Be a blessing to a stranger today for some have entertained angels unaware)
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