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Venezuelan Economic Crisis Pictured 

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  #1  
Old 08-24-2018, 01:07 PM
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Venezuelan Economic Crisis Pictured

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IN VENEZUELA, the money is worth less than toilet paper.
Stunning photographs captured by Reuters have highlighted the reality of hyperinflation in the socialist dictatorship, where enormous stacks of nearly worthless bolivars are required to purchase basic goods.

On Monday, Venezuela slashed five zeros from its currency with the release of the new “sovereign bolivar”, equivalent to 100,000 old bolivars.

The government also announced a 3000 per cent increase to the minimum wage, tax increases, and a plan to peg the currency to the petro, a state-backed cryptocurrency widely considered to be a scam.

On Tuesday, Venezuela’s central bank devalued the bolivar by 96 per cent, setting a new exchange rate of 68.65 sovereign bolivars to the euro, from the previous rate of 2.48 sovereign bolivars to the euro.

Economist and hyperinflation expert Professor Steve Hanke from Johns Hopkins University said removing zeros from the currency would have no effect.

“They’ve exchanged 100,000 old bolivars for one new ‘sovereign’ bolivar, (but) the value is roughly the same, one cent in US dollar terms,” he told the BBC.

“Yesterday the inflation rate was 61,500 per cent on an annual basis, today it has surged up to 65,500 per cent, so clearly nothing has changed.”

Prof Hanke said the currency was “in a death spiral and things will get worse”.

“How much worse and how much longer it lasts no one knows,” he said. “You cannot forecast the duration and the course of hyperinflations.”

Venezuela’s current hyperinflation crisis is “rather modest” by historical standards, he said, ranking 23 out of 55 on record.

The worst was Hungary in 1946, where the daily inflation rate was 207 per cent. Zimbabwe in 2008 was the second worst, with prices doubling every 24 hours. Yugoslavia in 1994, where monthly inflation came in at 313 million per cent, was third.

Prof Hanke said the only way out was to ditch the bolivar altogether and replace it with the US dollar. “We did in this 2001 in Ecuador when I was adviser to the Finance Minister,” he said.

“The sucre, the local currency, was collapsing, inflation was surging. We just got rid of the sucre and replaced it with the dollar. Everything within a few hours calmed down.”

In reality, he added, “spontaneous dollarisation” had already occurred in Venezuela. “The bolivar is essentially irrelevant,” he said. “Everything is calculated in the unit of account, which is the US dollar.”

Since 2014, an estimated 2.2 million Venezuelans have fled the country to escape the economic crisis. The International Monetary Fund predicts inflation in Venezuela will hit one million per cent by the end of the year.
Source: news.com.au

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Old 08-24-2018, 01:59 PM
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Re: Venezuelan Economic Crisis Pictured


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Old 08-24-2018, 09:59 PM
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Re: Venezuelan Economic Crisis Pictured

<sarcasm>



Ah...so then....it's the fault of the US.

I knew it!


Impeach.

Impeach.



<sarcasm>

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Old 10-10-2018, 02:55 PM
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Re: Venezuelan Economic Crisis Pictured

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Originally Posted by TheVrist View Post

Socialism isn't communism, jackass.

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Old 10-10-2018, 08:23 PM
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Re: Venezuelan Economic Crisis Pictured

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Originally Posted by Morgasmgasm View Post
Socialism isn't communism, jackass.
Some people are too stupid to tell the difference. Fire departments, Libraries, Police departments, hospitals are all socialist. And they all work.
Same thing with health care. EVERY type of insurance works fine, and HAS been working fine since the 1600's, but Republicans are certain that health insurance could never work. I can't retire and have to go to work each day because Republicans took away my health care.

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Old 10-11-2018, 09:41 AM
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Re: Venezuelan Economic Crisis Pictured

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Originally Posted by William May View Post
Some people are too stupid to tell the difference. Fire departments, Libraries, Police departments, hospitals are all socialist. And they all work.
Same thing with health care. EVERY type of insurance works fine, and HAS been working fine since the 1600's, but Republicans are certain that health insurance could never work. I can't retire and have to go to work each day because Republicans took away my health care.
Before Obamacare, I paid 75 bucks a month for insurance for my entire family. I now pay 400 a month for the same insurance. Must have been those damn Republicans, oh wait.....

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Old 10-11-2018, 12:50 PM
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Re: Venezuelan Economic Crisis Pictured

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Originally Posted by Morgasmgasm View Post
Socialism isn't communism, jackass.
Socialism with Marxist values is, and those values are already present, even in capitalist societies, dumbass.

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Old 10-11-2018, 12:53 PM
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Re: Venezuelan Economic Crisis Pictured

Quote:
Originally Posted by William May View Post
Some people are too stupid to tell the difference. Fire departments, Libraries, Police departments, hospitals are all socialist. And they all work.
Same thing with health care. EVERY type of insurance works fine, and HAS been working fine since the 1600's, but Republicans are certain that health insurance could never work. I can't retire and have to go to work each day because Republicans took away my health care.
Some people are too stupid to tell the difference between social programs and socialist policies.

The only thing we have realistically socialist is social security, and anyone, even with a gender studies degree, can see how corrupt that has become.

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