Posted on 11/07/2018 1:49:37 PM PST by antidemoncrat
Venezuela’s consumer prices rose 833,997 percent in the twelve months through October, according to a report by the opposition-controlled Congress published on Wednesday, the latest sign that policy changes in August failed to halt rampant hyperinflation.
(Excerpt) Read more at reuters.com ...
hyper-inflation is the Socialist dream
Viva la revolución!
According to our Federal Reserve inflation is caused by too much economic growth.
Send them and Paul Krugman down there to fix things before they are allowed to return to the US.
Ah yes, brings back memories of WIN buttons produced for President Ford. Those were the days........
Yikes! Hopefully, they can keep it below 834,000 percent in-order to avert disaster.
Bernie is sad. If the DNC hadn’t cheated him out of their nomination this could be happening in the US today.
But keep up hope. Beto could bring this to the US starting 2020. Or AOC whenever she’s old enough (which depends on the math she is/isn’t using on any given day so “just elect me” may be her campaign slogan for 2020)
I needed to buy aluminum extrusions to be used in a construction project as much as a year later. At the time, the prices quoted by my vendor might not be accurate by late that afternoon. This went on for months.
I honestly can’t say how we made it through the turbulent times. Money was so tight it was simply not avialable.
Anybody missing Hugo down there these days? No doubt has a heroes memorial. American school children should have government sponsored field trips to one of these socialist paradises before they graduate high school.
Pretty soon that inflationary curve is going to be a problem. Problemo. Problemito. Mundo Problemoso.
These are from 2016. The numbers on the notes have only gotten bigger, until the recent decision to cut five zeroes from the currency. Like a reverse stock split... never a good sign!
Ain’t socialism grand.
Modest inflation is necessary to keep the value of currency conveniently consistent. Population increases, productivity creates more of value, currency represents a convenient fraction of that value, and it’s nice that a basic loaf of bread is always $1 (considering a proper balance of population, GDP, and wealth).
Moderate inflation is desirable to encourage people to keep money moving. “Printing” a bit more than needed keeps the value of $1 slowly shrinking, encouraging people to _do_ something with it rather than just literally stuff it under a mattress. Encourages productivity.
When a government prints so much currency just to fulfill its financial obligations (”we owe $1M, so print it already”) that inflation gets so bad that common citizens can’t even do the math necessary to understand why $1M can’t buy the bread $1 bought a year ago, it’s time to just give up the whole laughable notion that there is a viable currency & functioning government.
Lesson: when inflation passes into triple-digit range, flee. No good will come; [insert link to first-hand stories of how “self-sufficiency” isn’t viable] because at best the gov’t will seize all you produce; go somewhere else unless you’re up for leading a revolution.
Does someone sell sample packs of those? One might make a tidy profit from offering samples of currency which is about to die.
Send Gillie down there too
LOSER
Somebody should. Maybe 25 years ago I bought a dozen or so laminated notes of hyperinflationary currencies. There were quite a few.. Peru, Brazil, I think Hungary, etc. They was at a Border’s bookstore, a chain which was bought by, IIRC, K-Mart. They were at the checkout, as a last minute purchased. I’ve used them as bookmarks, given some time my kids to make an ecomic point, lost the rest.
I wish someone would do this. It’s hard to gauge the interest, so no one has been motivated to do it as a business, I guess.
Venezuelans should have bought gold and silver, then. Can Anyone post charts?
But they don’t know this. You do.
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