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 ...
They will kill you and possibly eat you for the wallet before they go for the currency.
The Vietnamese dong is worth less than .005 US cent. The largest bill, however is 500,000 dong.Actually the largest in normal circulation is 100k. Women go to market carrying their currency in their hand in a mixed up wad or, if they have a lot to purchase, in a plastic bag. Children all have money; they carry around half a dozen bills but can’t really buy much of anything with them. The government tries to keep the currency stable and inflation since the 90s is in large part due to the North Korean $100USD bills that flood SEA. Stability at a previously highly inflated level makes the currency not worth stealing and there is almost no theft of currency at all. People joke about what will happen when the government runs out of its store of zeros.
The Vietnamese dong is worth less than .005 US cent. The largest bill, however is 500,000 dong.Actually the largest in normal circulation is 100k. Women go to market carrying their currency in their hand in a mixed up wad or, if they have a lot to purchase, in a plastic bag. Children all have money; they carry around half a dozen bills but can’t really buy much of anything with them. The government tries to keep the currency stable and inflation since the 90s is in large part due to the North Korean $100USD bills that flood SEA. Stability at a previously highly inflated level makes the currency not worth stealing and there is almost no theft of currency at all. People joke about what will happen when the government runs out of its store of zeros.
In Weimar Germany prices would change in restaurants WHILE YOU ATE. Imagine that?
I have a 100,000 Mark note from that time; not worth much because they made so many of them...
My father was a union lithographer (printer), he used to work at the American Banknote Company in the Bronx. They printed stock certificates, and currency for many Latin American countries, which either did not have the capability or did not trust their own nationals. (As far as I know there was never any fraud attached to them, press runs and plates were as carefully monitored as at the U.S. Bureau of Engraving and Printing.) Banknotes don’t come cheap. I would be surprised if they can print a decent banknote for 5¢. Once it costs more to print currency than it is worth, you hit a tipping point, and hyperinflation sets in, quickly. The Venezuelan bolívar is doomed.
To the reparations movement.
“Here’s a hundred trillion Zimbabwe note, untainted by the white man. Divide it amongst yourselves. Case closed.”
Jimmy Carter certified Hugo’s election. Thank you Jimmy.
That is one good use for Venezuelan “money.”
Viva el Socialismo!
I remember having seen them. Things get lost in the generational changes. Things that didn't seem to be important just got chucked when someone died.
Our fiat money is in the early stages of disrepair. In the 1950s, as a paperboy, every week my coins from a dime on up were in coin silver. I got half dollars regularly. For high school graduation, I was given seventeen silver dollar coins. All the pennies were copper metal, except for the 1943 zinc-plated steel ones.
Now, thge pennies are copper-plated zinc coins, dimes and above are all some kind of nickel alloy, and what they would buy, now costs 10 to twenty times more. And it's getting worse. The value of wages upon which my Social Security Income is based is dropping very fast relative to the wages that current retirees have been making upon which their SSI is based, thus devaluimg even the work that I did twenty years ago relative to the monetary credit accumulated by a recent retiree. I wonder how much farther we have to go to reach where Venezuela is now? Hmmmm.
LOLOLOL!!! 100%...
Well, I don’t think they’re hard to find; they did print A LOT of them...
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