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Venezuela is the new Zimbabwe

ZZZZZ

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#1
Ain't Central Banking "wonderful?" :bombs 7:

Venezuela’s Hyperinflation Is Breaking Deli Scales
The price of a kilogram of ham is just too long.
By
Patricia Laya
March 14, 2018, 5:00 AM MST
Editor’s Note: There are few places as chaotic or dangerous as Venezuela. “Life in Caracas” is a new series of short stories that seeks to capture the surreal quality of living in a land in total disarray.

“We don’t have any.”

Living in Venezuela, you get used to hearing that, but the story behind the missing ham was different. It’s not that supermarket managers were having trouble finding enough to sell—the typical cause of shortages ravaging the country—they had decided to stop ordering it. The reason: After years of hyperinflation, the price is too long.

The store’s deli scales run to only six digits. And ham, my Whatsapp food-hunting community tells me, is retailing nowadays for about 1,480,000 bolivars per kilogram. It didn’t matter that I wanted only a few hundred milligrams. The cost was, at this market at least, incalculable.

A similar dynamic is impeding the use of credit and debit cards. The price of a set of sheets (33,541,963), a pair of Adidas sneakers (10,500,000) or even a slice of lasagna (401,450) can’t fit on the screens of older card machines; the solution is to split one purchase into several transactions. Even the invoice printers that many businesses use for reports to tax authorities are running out of space.

A customer pays for candy with a credit card at a stand in Caracas, Venezuela on Dec. 6, 2017. Even using a credit card has become a nuisance for what was once one of the world’s strongest currencies.
Photographer: Carlos Becerra/Bloomberg

It would seem to be only a matter of time before the Maduro regime opts to reset the value of the currency to ease these logistical headaches. It’s been 10 years since officials first tried such a move, lopping off three zeros and rebranding it “the strong bolivar.”

That strength didn’t last long. As the government cranked up printing presses to finance extravagant spending plans with fresh cash, inflation soared. There are no official figures but, by all accounts, prices are rising faster than ever. Bloomberg’s gauge, the Cafe Con Leche Index, estimates that inflation has been running at an annualized pace of more than 82,000 percent over the past three months.

Back at the supermarket, the clerk told me they’re trying to fix the scale so they know how much to charge. They’d better add a whole lot of digits.

https://www.bloomberg.com/view/arti...rtility-rates-lowers-risks-of-mass-starvation
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ZZZZZ

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March 23, 2018
Hilarious: Venezuela to eliminate 3 zeroes from currency to combat 'economic persecution'
By Rick Moran
Venezuela's hyperinflation is driving the government loony tunes. That's the only explanation I can think of why the government of Nicolas Maduro has decided to lop off three zeroes from its currency, the Bolivar, to fight, he says, "economic persecution" from Columbia.
Business Standard:

"I have decided to reduce three zeros of the currency and take out of circulation the current bills and put into circulation new bills," Maduro said on Thursday during a broadcast on state channel VTV.​
The President said that this new monetary denomination, which replaces the one he established in January 2017, will help the government fight the "economic war of financial persecution", which he claimed was masterminded by Colombian President Juan Manuel Santos with the help of Venezuelan opposition leader Julio Borges, Efe news reported.​
"That war is directed from Colombia, personally directed by Santos, advised by Borges," he said, while also accusing them of "stealing" the country's oil money.
However, 500 bolivars, the new maximum denomination of the country's bills, amount to only $0.01, according to the official exchange rate of 43,980 bolivars per one dollar.​
Sounds like you need a wheelbarrod full of money to purchase a shopping basket full of groceries.

According to the President, this measure represents "the defence of the bolivar" and that these new bills will be known as "sovereign bolivar".​
"There are those who propose to dollarise the Republic, no, Venezuela will not be a colony of the dollar, we will defend the Petro (the new Venezuelan cryptocurrency), we will defend the monetary, economic and financial sovereignty of the country," he said.​
Venezuela's new set of monetary denomination will consist of two coins, one of 0.50 cents of a bolivar ($0.00001) and the other of one bolivar ($0.00002).​
Aren't socialists funny? They live in a world where they think they can proclaim a stable currency simply by removing some offending zeroes on the bills. What this does, of course, is devalue the currency even more, which will only serve to make things worse.

There are enough simple minded dolts in Venezuela who will swallow this nonsense as truth, so Maduro is in no trouble politically. But in a country where the government controls the electoral machinery and puts opposition politicians in jail, he wouldn't care much if he was.

https://www.americanthinker.com/blo..._currency_to_combat_economic_persecution.html
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FunnyMoney

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The Venezuelan leaders today are the same as the Americans and all of them, it's just Venezuela is currently in the dog house of TPTB.

The leaders there are saying that they must stand against the globalists and protect their own systems and retain control over their own wealth and money.

They talk a good talk, but that again is NOT the WHOLE truth being delivered. Those sound great, but a cyrpto-currency doesn't place the nations wealth into the free market system where it can't be stolen, it is just another controlled currency.

Until a leader explains that wealth must be stored in the system itself by making the money honest, then they're just pretending to be for their people and are really just trying to become the next dictator, or remain as such.

The herd needs to drink from a growing and increasing river where the flow of money has real value and increases in value. Drinking from a river where the real value is always going down and heading for drought will always create tons of problems for those who rely on it and drink from it daily.
 

nickndfl

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Who was it in here that thought buying the Venezuelan crypto was a good idea?