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Venezuela to remove five zeroes from ailing currency
Reuters ^ | July 25, 2018 7:46 PM | Brian Ellsworth

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 nation’s 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 Maduro’s government and the mismanagement of the country’s existing national currency. …

(Excerpt) Read more at reuters.com ...


TOPICS: Business/Economy; Foreign Affairs; Government; News/Current Events
KEYWORDS: bolivar; communism; communismepicfail; cryptocurrency; depression; epicfail; hyperinflation; maduro; opec; petro; recession; socialismepicfail; venezuela
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1 posted on 07/25/2018 9:43:03 PM PDT by Olog-hai
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To: Olog-hai

Socialism is awesome.


2 posted on 07/25/2018 9:48:21 PM PDT by tinyowl (A is A)
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To: Olog-hai

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
Quarters bucks
Bucks - 5’s
And so on.

Yes kidding


3 posted on 07/25/2018 9:48:52 PM PDT by jcon40 (The other post before yours really nails it for me. I have been a DOithS / PC guy forever and alway)
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To: Olog-hai

Wow. That solved inflation. What’s next problem to tackle? /sarc


4 posted on 07/25/2018 9:49:51 PM PDT by Cowboy Bob ("Other People's Money" = The life blood of Liberalism)
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To: Olog-hai

Hmmm.... Is Hollywood aware of this situation?


5 posted on 07/25/2018 9:54:30 PM PDT by EnglishOnly (Fight all out to win OR get out now. .)
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To: Olog-hai
I have a friend from Venezuela and he tried to buy his mom the property next to hers so she could have a larger garden and the day he met with the owner of the property the value had dropped in half and he refused to sell.

He also said that people are using bitcoin to buy stuff.

6 posted on 07/25/2018 9:55:22 PM PDT by Slyfox (Not my circus, not my monkeys)
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To: Olog-hai

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.


7 posted on 07/25/2018 9:55:59 PM PDT by vette6387
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To: Cowboy Bob

> Wow. That solved inflation. What’s 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!


8 posted on 07/25/2018 9:56:36 PM PDT by Leaning Right (I have already previewed or do not wish to preview this composition.)
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To: Slyfox

Have you asked him why the Venezuelans haven’t killed Maduro yet?


9 posted on 07/25/2018 9:57:20 PM PDT by vette6387
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To: Olog-hai

Just think about how much more money they have now.


10 posted on 07/25/2018 9:59:31 PM PDT by cornfedcowboy
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To: Leaning Right

As we learned recently from the new ‘Rats, Venezuelans could get the unemployment down to near zero by each worker taking two jobs.


11 posted on 07/25/2018 10:00:23 PM PDT by C210N (Republicans sign check fronts; 'Rats sign check backs.)
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To: vette6387

Nope.


12 posted on 07/25/2018 10:02:55 PM PDT by Slyfox (Not my circus, not my monkeys)
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To: vette6387

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.


13 posted on 07/25/2018 10:04:25 PM PDT by pepsionice
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To: Olog-hai
"....since the 2014 crash of oil prices...."

Yeah, that's what did it. Not socialism.
14 posted on 07/25/2018 10:07:35 PM PDT by Telepathic Intruder
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To: cornfedcowboy

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!”


15 posted on 07/25/2018 10:11:10 PM PDT by 21twelve
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To: Leaning Right
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.

Genius! Pure, genius. :)

16 posted on 07/25/2018 10:26:57 PM PDT by Cowboy Bob ("Other People's Money" = The life blood of Liberalism)
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To: jcon40

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.


17 posted on 07/25/2018 10:27:39 PM PDT by kearnyirish2 (Affirmative action is economic warfare against white males (and therefore white families).)
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To: All

YEAH!!! That’ll fix everything.

Does Alexandra Occasio Cortez know about this brilliant economic miracle?


18 posted on 07/25/2018 10:38:34 PM PDT by LegendHasIt
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To: Olog-hai
according to the opposition-run Congress.

I didn't know about this, so I need to know more about it. Any help out there?

19 posted on 07/25/2018 10:41:03 PM PDT by Concentrate (ex-texan was right and Always Right was wrong, which is why we lost the election. Podesta the molest)
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To: jcon40
Inflation has been about 4x since 1978 (the year I started paying attention to money) and 25x since 1913 (the year the Federal Reserve was founded to give us a stable dollar < /s>). Even at 4x the penny should be eliminated as worthless and the dollar should be a coin with $5 on the bubble as to whether it should be a coin or bill). And bring back $500 bills because $100s are too heavy for serious criminals to carry around.
20 posted on 07/25/2018 10:51:48 PM PDT by KarlInOhio (I can't tell if we live in an Erostocracy (rule by sex) or an Eristocracy (rule by strife and chaos))
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