M.I.Wakefield
2018-08-02 12:49:06 UTC
In socialist Venezuela, the U.S. dollar becomes king
This week, for instance, the price of a dozen eggs topped 2.6 million
bolívares — equal to two weeks’ pay at the minimum wage. But for a
Venezuelan who can exchange dollars at the black market rate, those same
eggs are a relative bargain, costing only 60 cents.
[...]
This week at a ruling party convention, Maduro admitted that “the productive
models we have tried have failed and the responsibility is ours, it’s mine.”
Last week, he announced “new economic measures,” including eliminating five
zeros from the bolívar — a currency whose largest bill is now 100,000.
But experts predict that such remedies will have little effect and that
Venezuela’s hyperinflationary spiral will worsen.
[It certainly worked out great in Zimbabwe]
https://www.washingtonpost.com/world/in-socialist-venezuela-the-us-dollar-becomes-king/2018/08/01/7af16482-9442-11e8-818b-e9b7348cd87d_story.html?noredirect=on&utm_term=.78e92afa4a12
This week, for instance, the price of a dozen eggs topped 2.6 million
bolívares — equal to two weeks’ pay at the minimum wage. But for a
Venezuelan who can exchange dollars at the black market rate, those same
eggs are a relative bargain, costing only 60 cents.
[...]
This week at a ruling party convention, Maduro admitted that “the productive
models we have tried have failed and the responsibility is ours, it’s mine.”
Last week, he announced “new economic measures,” including eliminating five
zeros from the bolívar — a currency whose largest bill is now 100,000.
But experts predict that such remedies will have little effect and that
Venezuela’s hyperinflationary spiral will worsen.
[It certainly worked out great in Zimbabwe]
https://www.washingtonpost.com/world/in-socialist-venezuela-the-us-dollar-becomes-king/2018/08/01/7af16482-9442-11e8-818b-e9b7348cd87d_story.html?noredirect=on&utm_term=.78e92afa4a12