Skip to comments.Venezuela to remove five zeroes from ailing currency
Posted on 07/25/2018 9:43:03 PM PDT by Olog-hai
Venezuela will remove five zeroes from the bolivar currency rather than the three zeroes originally planned, President Nicolas Maduro said on Wednesday, in an effort to keep up with inflation projected to reach 1 million percent this year.
The OPEC nations economy has been steadily collapsing since the 2014 crash of oil prices left it unable to maintain its socialist economic system that for years provided lavish subsidies while enforcing strict price controls.
Annual inflation in June topped 46,000 percent, according to the opposition-run Congress. The IMF said this week it could hit seven digits this year, putting it on par with the crises of Zimbabwe in the 2000s and Germany in the 1920s.
The monetary reconversion will start on Aug. 20, Maduro said in a televised broadcast, showing new bills that are to be released next month.
He said the overhaul would tie the bolivar to the recently launched state-backed cryptocurrency called the petro, without offering details. Cryptocurrency experts have said the petro suffers from a lack of credibility because of a lack of confidence in Maduros government and the mismanagement of the countrys existing national currency.
(Excerpt) Read more at reuters.com ...
Socialism is awesome.
Who stoops any more for a penny ?
Time we adapt our currency too
Make pennies worth a nickel
A nickel worth a dime
A dime a quarter
Bucks - 5s
And so on.
Wow. That solved inflation. What’s next problem to tackle? /sarc
Hmmm.... Is Hollywood aware of this situation?
He also said that people are using bitcoin to buy stuff.
Venezuela is the prime example of how easy it is to “embrace socialism/Marxism, and how extremely difficult it is to get rid of. Dictators don’t relinquish power unless it done at the point of a gun. And it’s why the 2A is vital.
> Wow. That solved inflation. Whats next problem to tackle? /sarc <
Maybe they could tackle Venezuela’s high unemployment rate. Simply define every adult in the country as a “full-time worker”. Then the unemployment rate would drop to zero.
Viva el Socialismo!
Have you asked him why the Venezuelans haven’t killed Maduro yet?
Just think about how much more money they have now.
As we learned recently from the new ‘Rats, Venezuelans could get the unemployment down to near zero by each worker taking two jobs.
You would think that thousands are lined up to terminate Maduro. The problem is...once he goes...who comes in next? And if they are as big an idiot as him...it’s not solving much of anything.
The whole structure of economic balances is dissolved. Just getting some local store a supply of toilet paper to sell....is practically impossible now. If you did show up with a pick-up load of toilet paper, the pricing would probably be $20 for a six-pack of paper, and it’d be sold out in a matter of ten minutes.
The damage done here....would take years to fix.
Maybe I’m thinking about it wrong. But wouldn’t it be like going to bed with $100,000, and waking up with just $1?
Of course that house for $100,000 is also now selling for $1.
Wasn’t that a joke - something like “I love inflation. I always wanted to smoke a $25 cigar!”
Genius! Pure, genius. :)
We’re not far from that; Canada has already gone that route. They don’t make pennies anymore, and their dollars (and two dollars) are coins only. I see more and more small businesses here dropping the penny already, and as I understand it, it costs more than one cent to make each one.
YEAH!!! That’ll fix everything.
Does Alexandra Occasio Cortez know about this brilliant economic miracle?
I didn't know about this, so I need to know more about it. Any help out there?
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