So sad.
But, the people there voted this abomination into power.
It should be a warning to others about the dangers of socialism. It won’t, but it should.
I am sure our socialist airhead politician celebrity would say, “Venezuela just made everyone like, five times richer! Socialism works!” The media would report this as profound wisdom. The Democrats would write it into their platform.
That’s why the Germans (after WW 1) always ordered 2 cups of coffee at once. They beat the price increase on 2nd cup that way.
They should sell vacation packages for those who want the Weimar Republic experience.
They tried doing that in Weimar Germany when the reichsmark became worthless due to hyperinflation.
They had to curb spending and introduce a new currency to get that under control.
In Venezuela, the government never seems to run out of money even though it can’t buy anything and you can’t buy anything anyway under socialism.
I’ve looked at a few historical cases of hyperinflation, and outside of the ones caused mainly by war, it seems that economic policies which hurt economic productivity, and then price controls play a major role.
The historical solution seems to be backing the currency temporarily along with market pricing and policies that promote productivity.
Well, that should fix the problem. Socialism really DOES work. /s
Cutting zeroes. Well that’ll fix it. Or maybe have the UN declare there’s no such thing as inflation.
And this is the paradise our own home grown lefties want for all of us.
So that means what used to be worth $000000 will now be worth only $0.
And THIS is why Central banks want to rid themselves of cash.
They wouldn’t have to bother printing. It’s done with a push of a button.
After the faux assassination attempt a major purge of opposition leaders has been on going.
Here is the bottom line that the story isn’t telling us — money is useless in Venezuela anymore. It is no longer a means of exchange or value. The country has collapsed back into a barter economy and has pretty much ground to a halt. They are already moving to the next phase of mass emigration and death. That is what Socialism does — it is like a nuclear bomb going off and turning the area where it is implemented into a wasteland where no one can live.
Won’t fix a thing, as any idiot knows except the idiots in Venezuela.
Inflation is caused by the government. Venezuela is trying to put out the fire that they caused with gasoline.
Socialism has no reverse gear.
So when they create a hole, all they know is to keep digging.