Posted on 11/27/2016 8:18:26 PM PST by detective
It’s not so easy to find someone who still uses a wallet in Venezuela, where inflation is expected to reach 720 percent this year and the biggest bill — 100 bolivars — is worth about 5 U.S. cents on the black market.
The currency has dropped dramatically in value as Venezuela’s oil-based economy has cratered and the government has frantically printed more money. Prices, meanwhile, are soaring. So Venezuelans must handle huge volumes of cash — so much that the bills don’t always fit in a standard wallet — with many people packing wads of currency in handbags, money belts or backpacks.
(Excerpt) Read more at washingtonpost.com ...
Some enterprising fellow could probably make a few bucks by selling boxes full of these banknotes on EBAY.
The shipping and handling would make it cost prohibitive.
So, print some REALLY big bills! Million bolivars! Billion bolivars! Problem Solved! Can’t stand complainers!!! /s ;)
Hey, wait a minute. Wasn’t there a story a while back where Venezuela was suffering from a toilet paper shortage?
Obviously capitalist propaganda against the socialist paradise of Venezuela.
Don’t think for one minute the Hillaristas would love to do this to America.
Of course they would.
That was their plan all along until God intervened in response to the outcry of his people.
There are other forms of *currency*.
Barter works, too.
This can be a real problem for the US. Venezuela is our third largest contributor of petroleum products we import. Their inflated dollar value will have a direct effect of the cost of their oil. So the pipeline to contribute more oil from our number one supplier, Canada, is now a really big issue to move us away from dependency of South American oil and their currency problem.
In my opinion, the US is easily capable of producing enough oil to maintain our needs, But it is also effective to use oil as a trading device to bail out nations that would not have enough worth to be able to feed their people leading to wars which are continually have been getting into. Hope Trump can get the Dakota access pipeline finished along with accomplishing the Keystone pipeline into the oil storage in Cushing, OK, and shipping capacity ultimately in Louisiana.
red
Yeh, so where is Sean Penn???!!!!
I think the toilet paper shortage is the least of their problems. They are way beyond that.
Oh is that the problem with Venezuela's economy? Thanks for the knowledge bomb, Paul Krugman Jr
I think that you failed to make the connection between not having toilet paper on one hand, and having worthless currency on the other. Kind of kill two birds with one stone.
How did you do in Venezuelan currency?
I was wiped out...
could have been Hillarynomics for us
I lived in Venezuela in the early 70s and the bolivar was tied to the US Dollar. We were paid in dollars from our USA companies but most of us keep our money in the local banks in Bolivars. We could convert them to dollars or transfer them to the USA as dollars at any time with no problem.
Then came Chavez and everything went to hell. “Ain’t” Socialism Great?
When I left Venezuela in 1973 the price of oil was 19 dollars in present day inflation adjusted dollars. Venezuela had a vibrant and expanding economy and the stores were filled with food and anything you wanted. Prices of oil rose even higher due to the arab oil embargo to about 50 dollars. At that point Venezuela was awash with revenue. Today oil is about 50 dollars using the same inflation adjusted prices.
Venezuela today is an economic basket case not due to the price of oil but because of Marxism. This happens every time with Marxism.
Krugman is a either a fool or a Marxist. I do not think he is a fool.
Them 100 Trillion notes from Zimbabwe are going for $60 now
Wish I would have bought some back when they were a buck
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