In Venezuela, inflation quadruples to 18,000 percent in two months, with no end in sigh

miamiherald.com ^ | 5/2/2018 | Antonio Maria Delgado

[rktman]

Venezuela's inflation rate, already by far the world's highest, spiked from 4,966 percent to nearly 18,000 percent in just March and April — a trend that, if it continues, could push the country's annual rate to more than 100,000 percent by year's end, economists say.

The 17,968 percent rate registered at the end of April already surpassed the 13,864 percent rate predicted by the International Monetary Fund for all of 2018.

“What we're seeing at this point is a giant jump in inflation,” Steve Hanke, a professor at Johns Hopkins University and one of the world's top experts on inflation, told el Nuevo Herald.

[rktman]

Bernie paradise. Anyone think maduro is suffering along with his fellow countrymen? No?

[C19fan]

Venezuela is going to introduce new bank notes lopping off three zeroes from the current ones. Looks like they will be needing to add back the zeroes in no time.

[4Liberty]

Bump

[Lurker]

At this point it’s almost a pure barter economy.

L

[antidemoncrat]

Socialists like Bernie think they are much smarter than all the other idiots that tried socialism and failed and will make it succeed this time.

[caww]

What did they expect? They’ve been on this roll a long time.

[SgtHooper]

Buy stock in trees!! Lotsa paper pulp needed!

[E. Pluribus Unum]

Soros would like to do this to the whole world.

[Tax-chick]

*sigh*

[PGR88]

Is it wrong that I don’t care? Venezuela of today is merely a slight outlier from what is standard latino, statist, caudillo culture and government.

Also, they are providing a useful example of socialism in action for all to see. It seems the whole world needs to have a constant reminder of the destruction of collectivism or people quickly forget. Even with the non-stop evidence we are still battling socialism daily.

[Soul of the South]

If only Hugo Chavez, who enjoyed the applause of progressives around the globe when alive, had lived to reap the rewards of his socialist revolution.

[ClearCase_guy]

I’m rusty on my Marxism, but I think the “inevitable” progression was something like this:

barter economy —> slavery —> capitalism —> socialism — communism

Turns out it may be more like:

barter economy —> slavery —> capitalism —> socialism — barter economy

[rightwingcrazy]

Who knows what this will lead to.

[gibsonguy]

This is what happens when your currency collapses. For those who think we can just default on our massive national debt this is what happens when you do.

[wastedyears]

Is this on a level with Zimbsbwe?

[FLT-bird]

They only have stunning natural beauty, a year round growing season and the largest oil reserves in the world. No wonder they’re in such a mess. I’m sure socialism would work next time if only it were tried in a richer country with more resources.

They just need to find the right people.

[waterhill]

There was a guy posting on the net a few years ago who was living there. He was a prepper type. Always wondered what happened to him

[Leaning Right]

> they are providing a useful example of socialism in action for all to see <

Yep. All socialist, something-for-nothing schemes eventually end this way. The only question is how much suffering - and violence - there will be.

[rktman]

I heard yesterday that they ship their crude out to be refined then ship it back and, because of nationalization of their oil industry, sell the refined gas for a penny. WTH?

[Leaning Right]

> For those who think we can just default on our massive national debt this is what happens when you do. <

I don’t see how the United States can avoid something like this down the road. Even Trump can’t rein in the US debt. We won’t default. Instead we’ll crank up the printing presses, just like Venezuela is doing today.