Venezuela on $5 a day. Just like the old book:
Of course, it might be a little bit...dated.
Posted on 12/02/2016 11:29:15 AM PST by C19fan
Venezuela has run out of cash. Not metaphorically, mind you: The country literally doesn’t have enough cash to go around.
Two weeks ago, facing an acute shortage of paper money, bank regulators capped cash withdrawals at 10,000 Venezuelan bolivars per day — about $5.25.
As I write this, following an almighty rout on the black market, those same 10,000 bolivars are worth less than half that much: $2.17. (By the time you read this, the real number’s likely lower.)
(Excerpt) Read more at washingtonpost.com ...
Ain’t socialism grand.
Silly country just start printing more of it
It’s what happens when socialists run out of other peoples money to waste.
Now? Nobody cares, especially now that modern petroleum extraction technology has suddenly made the continental USA a huge producer of oil and especially natural gas. We now have such a surplus of natural gas that much of it is being used to make motor and eventually gasoline, of all things! As such, people aren't going to miss Venezuela petroleum exports--it's now South America's problem, not ours.
This is why I have junk silver.
What we would have been if they won the white house. See socialism will work with them this time. Pfft!
Another article by Bloomberg.com indicated that to get that $5.27 of currency required 6 stops at ATM's
and the account holder had gotten hacked, and account stolen
an due to the government restriction on how much money could be removed at any one time required the six stops at ATM's.
Bernie for President ...of Venezuela (a Socialist's dream government ) !
Cottages with lakefront are optional !
So how is the US Government and the Federal Reserve getting away with it?
I guess if you have US dollars you are in the best situation? Seems like there would be a unbelievable demand at the border cities to get US dollars.
In th comments, some are saying that Venezuela is not socialism.
When socialism fails, the defenders of socialism claim:
It is not really socialism.
Because, in their concept socialism cannot fail. If it fails, it is not socialism.
Circular reasoning, based on false assumptions about reality.
So how is the US Government and the Federal Reserve getting away with it?
My best guess is that we are the safest place on the planet, so the rest of the world is supporting us by sending their assests here for safekeeping.
No one that I know or have read has a good answer to that question.
Venezuela on $5 a day. Just like the old book:
Of course, it might be a little bit...dated.
The US is getting away with it because it has reserve currency status, guaranteed by the petrodollar.
It is losing that status - which means that the dollar is going to crash like Hillary on 911.
The U.S. might keep the status now.
And that coupled with the fact that we have almost literally no industrial capacity for civilian or domestic goods outside of short-life WalMart plasticrap and fast food, it’s gonna be a long hard fall because there’s nothing we can really go back to.
A couple old folks I talk to say they hope we go back to being a majority agricultural and small-town nation and stay there to avoid this happening again. Not sure what to say to that but our current setup is undeniably headed for a trainwreck.
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