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How Venezuela’s socialist dream collapsed into a nightmare

149 posts in this topic

50 minutes ago, Lawrence said:

Not likely. The people there have zero power over their officials. What a terrible and sad situation that is.

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Hyperinflation is taking hold now, and shopkeepers are weighing piles of cash instead of counting them.

http://www.bloomberg.com/news/articles/2016-10-31/tired-of-counting-piles-of-cash-venezuelans-start-weighing-them

Once one of the world’s strongest currencies, the bolivar has been reduced to a nuisance. Basic purchases require hundreds of bills. Shoppers shove piles of them into gym bags before venturing into crime-plagued streets and shopkeepers stash thousands in boxes and overflowing drawers. In the absence of official data, economists are left to guess what the inflation rate is. Estimates for this year range from 200 percent to 1,500 percent.

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With inflation now at 40,000%, Maduro has unveiled a new currency called the "sovereign bolivar" which is pegged to a cryptocurrency that doesn't trade and which industry sources are calling a scam. 

He also announced a 3,000 percent increase in the minimum wage.

That will really help. 

https://www.cnbc.com/2018/08/20/venezuela-is-pegging-its-economic-recovery-to-a-cryptocurrency--thats-widely-considered-a-scam.html

Edited by fan_since79

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7 minutes ago, UndertheHalo said:

I wonder if an economy being almost entirely dependent one one thing (oil) might have anything to do with this.  It’s weird how all this spiraled out of control when oil prices dropped massively. 

It’s part of it

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4 minutes ago, mtangelsfan said:

Oil prices have evened out.  It is their corrupt government 

I don’t disagree at all and I said that above.  The oil thing is a significant factor among many. 

Edited by UndertheHalo

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