Posted on 12/01/2016 10:52:14 AM PST by C19fan
Venezuela's bolivar currency tumbled past the psychological barrier of 4,000 per dollar on the black market on Wednesday, racking up a 10 percent depreciation since Monday and fueling concerns about the crisis-stricken OPEC nation's economy.
The black market rate has weakened 62 percent this month amid Soviet-style product shortages and a crippling recession that have become the norm in Venezuela's steadily unraveling socialist economy.
(Excerpt) Read more at reuters.com ...
Right now on DolarToday, the Bolivar is falling like a rock. Just a week ago, it hit 3,000 to the dollar. Today, it’s over 4,500.
Castro and Hugo Still Dead!
I give up
what is the exchange rate?
thanks
Rocky
Oh, NOW they're concerned! LOL
When you find the national currency available for bottom-end use beside the toilet, you know your socialist model just isn’t working out.
In effect, Venezuela has no currency. Their collectivist corruptocrats have destroyed it.
I have read about societies where nearly all social and civil trust is gone, yet vacuums still tend to get filled.
I wonder how Venezuelans are transacting daily life now? using US Dollars? Gold? Barter?
Here is a social-sciences experiment reaching its conclusion. I wish every Ivy League university would send their entire social-sciences graduate students to Venezuela to really learn what they BS about on paper.
Yes to all three. This guy who runs Dolar Today must be running as hard as he can just to keep up. These guys tried to shut him down in court. Suit dismissed.
It's a classic lesson for anyone who wants to learn why command economies don't work. Not a single one of Bernie's people believe a word of it, though.
Hyper-inflation is generally a precursor to war. The collapse of a currency is similarly a causal factor. With no tangible source to tie their currency to, the value can plummet due to any political/economic/social factor.
Venezuela will be in a civil war within the year, or possibly a local war with a neighboring state.
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