Posted on 05/14/2015 3:09:53 PM PDT by Oldeconomybuyer
Venezuela's black market exchange rate weakened below a key level on Thursday, as the bolivar's decline steepened in the face of hyperinflation and a rapidly shrinking economy.
Over the past couple of years the value of the currency has plummeted against the dollar to its present 300 bolivar level. In 2012, a dollar would get you 10 bolivars, according to unofficial exchange rates. By the time President Nicolas Maduro was inaugurated in April 2013, it was 24 bolivars to the dollar and by this January it was at 173.
This black market rate of 300.72 on Thursday was almost 50 times the official rate set by Venezuela's hard-line socialist government of 6.3 bolivars to the dollar.
The International Monetary Fund sees Venezuela's economy shrinking 7 percent in 2015, with prices rising by a staggering 96.8 percent.
(Excerpt) Read more at cnbc.com ...
This is impossible because Venezuela has free healthcare for all.
Wait.., you mean socialism doesn’t work?
But I thought that we were to believe what Sean Penn and the rest of Hollyweird said about how great things are in that country because of their hero Hugo and socialism.
It’s Bush’s fault.
Maybe we can send Osuckhole there to effect fundamental transformational change
Will you look at the size of those doughnuts...
Socialism must be working, don’t show this to Obama.
Coming to a country near you!! HOPE!! and CHANGE!!
>>>This is impossible because Venezuela has free healthcare for all.<<<
Equally important is to have a society with a low income disparity. Fairness and social justice for all.
It’s those evil capitalists’ fault! Greedy bastards!
Hey, sane Venezuelans. Next year is the 60th anniversary of the real democratic revolution that ousted dictator caudillo Jimenez.
How about a live ammo recreation of the revolution, but this time, execute the communists so they can’t come back like vampires?
Viva la revolucion!
Castro has his own secret island.
Venezuela was sending Castro oil.
Venezuela doesn’t have toilet paper.
The Venezuelans can wipe their asses with Castro’s beard.
There are plenty of sane Venezuelans. Living in Miami. :)
Maybe Sean Penn will float them a loan.
Inflation must be a desired positive outcome. This is a socialist paradise after all.
Let’s ask Jeb Bush and watch him yet melt again.
What did you expect from this communist country? And yet, we still have US movie actors like Sean Penn and Danny Glover will speak gloriously on what’s happening to the Venezuelan people. Oh, by the way, this president of Venezuela has jaoled all his opponents. Elections should be 100 for this president.
Actually, it was a paradice before Bush, Cheney, Halliburton and the US oil companies conspired with others to drive down the oil prices solely to destroy Venezuala.
Well inflation may be running a bit high at 100% but at least everybody has free toilet paper. Oh, wait...
...use a newspaper
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