Posted on 12/11/2016 4:58:26 PM PST by dynachrome
Venezuela, mired in an economic crisis and facing the world's highest inflation, will pull its largest bill, worth two U.S. cents on the black market, from circulation this week ahead of introducing new higher-value notes, President Nicolas Maduro said on Sunday.
The surprise move, announced by Maduro during an hours-long speech, is likely to worsen a cash crunch in Venezuela. Maduro said the 100-bolivar bill will be taken out of circulation on Wednesday and Venezuelans will have 10 days after that to exchange those notes at the central bank.
Critics slammed the move, which Maduro said was needed to combat contraband of the bills at the volatile Colombia-Venezuela border, as economically nonsensical, adding there would be no way to swap all the 100-bolivar bills in circulation in the time the president has allotted.
Central bank data showed that in November, there were more than six billion 100-bolivar bills in circulation, 48 percent of all bills and coins. Authorities on Thursday are due to start releasing six new notes and three new coins, the largest of which will be worth 20,000 bolivars, less than $5 on the streets.
(Excerpt) Read more at reuters.com ...
This is the country the left holds up as an ideal!
Effing Delusional.
Isn’t socialism wonderful?
Maduro needs a good dose of lead poisoning.
5.56mm
When people repeat the old lie about Cuba’s economic failures being due to American embargo — point to Venezuela.
All kidding aside I feel very bad for the people of Venezuela, especially those who were against Hugo Chávez from the very beginning.
I also fear that it could very easily come here as well.
Can’t 0bama, JF’nK and Yellen go down there and fix the place up is a day or two?
We are on the Path.
Our 'leaders" are goin' there.
Sadly, we always need a constant reminder of socialist destruction playing out in front of our eyes.
Human memory is too short, it keeps the leftist hypocrites and tyrants else where at bay.
I wonder what filth bags Chuck Schumer and Nancy Pelosi think about this.
I have a hard time finding any sympathy for the Venezuelans. They elected that flaming butthole Chavez and celebrated all his achievements as recently as 2013.
They made their bed, now they can lie in it.
I suppose if the entire nation made a group apology and renounced socialist philosophy forever, I might change my mind. Remember, these are the same sh-theads who cheered when Chavez called Bush “the devil” on the floor of the UN.
But for now, screw ‘em.
How is this idea working out for India? I suspect the recall is to flush out people who have lots of actual cash.
In their defense I believe those elections were stolen.
Where and how does this spiral stop? How does it turn around? Does it turn around?
They’re too far into it to turn around. They’re fully screwed. It will only end when they hit bottom and forcibly remove socialism and socialists from power. Even then that will only stop it from getting worse; it will be a decade or more before they start climbing out of the hole.
Those who had nothing voted him in. We are in real danger of this in our country. The elites along with the have nothings are in great position to win every other election in this country. Those that have nothing are going to always support those who promise them the most believe they will deliver.
Don't kid yourself, that everyone there was for Chavez, just as you shouldn't kid yourself that the Democrat Party is dead.
That’s harsh, maybe Soros can buy the place.
Zimbabwe of the Western Hemisphere.
I know some of those who were against Chavez from the beginning. They worked in one of the refineries, and were fired because they did not drink the Koolaid.
Which is the most important part of the plan. Maduro’s plan is to remove a large portion of the currency in circulation there by boosting the value of the new currency placed in circulation.
As a bonus Maduro’s friends will have front of the line privileges to turn in their currency. Thus they will be enriched at the expense of the common man.
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