Socialism is to economics as creationism is to biology.
Venezuela’s currency is dying
[Venezuela] has the world's largest oil reserves, but has still managed to have the world's worst-performing economy. The International Monetary Fund estimates that its gross domestic product will end up shrinking 10 percent this year, and its inflation rate will reach 720 percent. Nor is this expected to get any better any time soon. Inflation is supposed to get up to 2,200 percent next year, and 3,000 percent the one after that.
This has been the result of a government that has spent more than it could borrow, and has borrowed more than it could probably pay back. The problem was that the Chavista regime bungled the state-owned oil company so badly that it didn't have enough money even when crude prices were high, and really doesn't now that they're low. So it's printed what it's needed instead, setting off what is currently the world's worst inflation. Which, according to black market rates, made Venezuela's currency, the bolivar, lose 99.1 percent of its value between the start of 2012 and the start of this October. In the last month, though, that's picked up to the point that the bolivar is now worth 99.4 percent less than it was five years ago.... Or, to put it in more practical terms, it now takes so many bolivars to buy even the most basic goods that storeowners are starting to save time by weighing money rather than counting it.
https://www.washingtonpost.com/news/won ... -is-dying/
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