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Keyword: hyperinflation

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  • Hungry Venezuelans killing flamingos and anteaters for food, biologists say

    02/11/2017 2:39:40 PM PST · by Zakeet · 49 replies
    Miami Herald ^ | February 10, 2017 | Gustavo Ocando
    Biology student Luis Sibira stumbled across the first set of gory remains last November: eight pink flamingos, their breasts and torsos sliced out, leaving their heads, spindly legs and vivid feathers scattered across the marshy ground at Las Peonias Lagoon in western Venezuela. [Snip] There are other signs that food shortages have led to the slaughtering of animals not generally considered meat: giant anteaters, for one. The university investigators - biologists and biology students - say they have kept records to show that dozens of the slow-moving creatures, classified as "vulnerable" by the International Union for Conservation of Nature, also...
  • Why Venezuela's socialist meltdown COULD actually happen in the US

    01/25/2017 7:35:16 PM PST · by Tolerance Sucks Rocks · 17 replies
    Conservative Review ^ | January 25, 2017 | Logan Albright
    There’s a predictable checklist for meltdowns in socialist countries, and it’s playing out with tragic regularity in Venezuela. Nationalize agriculture? Check. Start government-enforced rationing when the food supply dries up? Check. Seal the border when people try to flee to buy food elsewhere? Check. The next step, and usually one of the last before total collapse, is runaway inflation. That’s what we’re starting to see in Venezuela. Rapid inflation, called hyperinflation by economists when it gets really bad, is one of the deadliest poisons for any economy. The spiral is usually triggered when a government prints too much money to...
  • Venezuela postpones currency move after chaos, protests

    12/17/2016 5:45:58 PM PST · by dynachrome · 18 replies
    Reuters ^ | 12-17-16 | Corina Pons and Andrew Cawthorne
    Venezuelan President Nicolas Maduro suspended on Saturday the elimination of the country's largest denomination bill, which had sparked cash shortages and nationwide unrest, saying the measure would be postponed until early January. The surprise pulling of the 100 bolivar note from circulation this week - before new larger bills were available - led to vast lines at banks, looting at scores of shops, anti-government protests and at least one death. Maduro, speaking from the presidential palace, blamed a "sabotage" campaign by enemies abroad for the delayed arrival of three planes carrying the new 500, 2,000 and 20,000 bolivar notes.
  • Venezuelans prepare for largest currency note to be yanked

    12/12/2016 7:21:58 AM PST · by Olog-hai · 8 replies
    Associated Press ^ | Dec 12, 2016 10:09 AM EST
    Venezuelans are rushing to spend their 100-bolivar notes after President Nicolás Maduro’s announcement they will be taken out of circulation to stop the “mafias” who smuggle contraband on the Colombian border. The government has promised to issue new, higher-denomination bills this week amid the world’s highest inflation. …
  • Zimbabwe prepares to introduce new currency this month

    11/01/2016 9:19:09 AM PDT · by Olog-hai · 33 replies
    Associated Press ^ | Nov 1, 2016 9:41 AM EDT
    Zimbabwe’s president has formalized a law allowing the introduction of a new currency this month. The new bond notes, backed by a $200 million Afreximbank bond facility, will be regarded as legal tender for all local transactions. This southern African nation abandoned its own currency in 2009 after inflation hit 231 million percent, according to government figures. …
  • Venezuela Throws In The Towel On Hyperinflation: Will Print 200x Higher-Denominated Bills

    10/27/2016 2:28:25 PM PDT · by dynachrome · 65 replies
    Zero Hedge ^ | 10-27-16 | Tyler Durden
    Venezuela’s government, slammed by hyperinflation has finally thrown in the towel, and is planning to issue new bills in December with larger denominations—up to 200 times higher than the current biggest bill, according to people familiar with the plans. The move marks an implicit acknowledgment by the government that skyrocketing prices have slashed the value of the currency The new coins and notes will go up to 20,000 bolivars, according to people close to the central bank, the finance ministry, the country’s banks and bill suppliers. This would make the biggest note worth $15 on the black market. And since...
  • We print money to bail out banks. Why can't we do it to solve climate change?

    01/30/2016 4:16:03 AM PST · by Oldeconomybuyer · 50 replies
    UK Guardian ^ | January 30, 2016 | by Matthias Kroll
    We need an estimated $1tn per year to stay below a global temperature rise of 2C. Creating new money might be the only way to meet this financial challenge. The international community has agreed on an ambitious agenda to curb climate change. Some 195 countries have decided to try and cut greenhouse gas emissions to a level that will limit the rise in average global temperatures to well below 2C. The question we now face is: how are we going to finance the changes needed to reach this goal? Quantitative easing - creating new money - might just be the...
  • Argentina’s Ruling Party Eyes Bigger Banknotes amid Soaring Prices

    10/15/2015 2:57:20 PM PDT · by dynachrome · 11 replies
    Panam Post ^ | 10-13-15 | Adam Dubove
    In a country where real-estate transactions are normally done in cash, even buying a new car can be burdensome and potentially dangerous. Since a new vehicle costs no less than AR$100,000, buyers need to carry at least 1,000 bills, Carrino explains. “You need to take a bag with you.”+ According to the Central Bank of Argentina, two-thirds of the notes in circulation are AR$100 bills. ATMs quickly run out of smaller denomination notes as withdrawal rates increase. “Today, you go to an ATM, and they don’t have AR$50 or AR$20 notes anymore,” Carrino says.+ The Argentinean National Mint has been...
  • Venezuela Isn’t Cooking The Books Under Mass Inflation. It’s Lighting Them On Fire.

    08/18/2015 11:19:05 AM PDT · by fredericbastiat1 · 7 replies
    Benweingarten.com ^ | 2015-08-18 | Ben Weingarten
    America’s government has gradually watered down its economic data over time, thereby painting a rosier picture of conditions on the ground than actually exists. Consulting economist John Williams has dedicated his life in fact to exposing its manipulation of economic data and backing into the real numbers. But you will know when America has really hit full on panic mode when the feds stop printing figures altogether, and the only way to measure price inflation is through tracking the daily price increase of say, cronuts, or some other confection. This is the position sadly but all-too-predictably in which Venezuela finds...
  • Venezuela's currency is now so worthless that people are using it as napkins

    08/18/2015 3:22:24 AM PDT · by Zakeet · 20 replies
    Business Insider ^ | August 18, 2015 | Mike Bird
    There’s an image going round that sums up just how ridiculous Venezuela’s economy has become. A Reddit user uploaded a picture on Monday of a man using a 2 bolivar note to hold an empanada. According to Venezuela’s official bolivar-dollar exchange rate, the man using his money as a napkin is wasting about $US0.31 (£0.20). But on the black market, the reality is completely different. You can get 676.88 bolivars to the dollar, according to dolartoday.com. That means holding food with a 2 bolivar note costs the holder less than a third of one US cent.
  • Boston Fed Admits There Is No Exit, Suggests QE Become "Normal Monetary Policy"

    04/26/2015 6:29:07 PM PDT · by markomalley · 65 replies
    Zero Hedge ^ | 4/26/15 | Tyler Durden
    Perhaps it was inevitable. After all, the term “QEfinity” entered the financial lexicon long ago and there were already quite a few commentators out there suggesting that it may now be too late to remove the punchbowl, meaning an “exit” will not only prove difficult, but may well be impossible. Take Makoto Utsumi, who oversaw foreign-exchange policy at the Japanese Ministry of Finance from 1989-1991, for example. Utsumi recently said a BoJ QE exit was out of the question “for the foreseeable future” and went on to note that “even the thought of an exit is a nightmare.” Meanwhile, it’s...
  • Food Stamps, Subprime and Hyperinflation

    01/01/2015 1:58:06 PM PST · by blam · 28 replies
    The Daily Signal/Heritage Foundation;The Market Oracle.co.UK ^ | December 22, 2014 Daily Signal; January 1, 2015 | Alexandra Gourdikian ;Dr Jeff Lewis
    January 1, 2015 Dr_Jeff_Lewis The next generation will look back at the current period with utter astonishment. The archives will be riddled with debates and all manner of euphemisms for what led to the collapse of the world’s first and last fiat reserve currency. It is a process well underway. Take a look at two seemingly unrelated, though current, economic-financial trends: Food stamps and subprime. The case of spending compared with risk. Food assistance is but a tiny tributary broken off from a massive river of denial. Subprime represents the nadir of ‘risk-on’ fueled monetary euphoria. Spending that comes from...
  • They are preparing for you

    12/27/2014 9:45:42 AM PST · by kindred · 41 replies
    conservativenewsandviews.com ^ | December 19, 2014 | Dwight Kehoe
    A wheelbarrow of money to buy a loaf of bread. This is what Obama, with his fiscal cliff plan, threatens us with. For many years now we have heard chilling tales about that elusive, powerful and manipulative entity conspiracy theorists have called “The New World Order”. Not only have the members of this group managed for the most part to remain anonymous, but their agenda has remained mysterious and obscure. So much so that many good people have been perfectly fine with ignoring its existence or viability. Whether or not this New World Order is in lockstep with World Communism...
  • Hyperinflation - When Money Dies: Germany And Paper Money After 1910

    11/03/2014 5:59:17 AM PST · by blam · 9 replies
    Marketoracle.co.uk ^ | Nov 02, 2014 - 04:35 PM GMT | Mises
    November 02, 2014 MISES Marcia Christoff-Kurapovna writes: The story of the destruction of the German mark during the hyper-inflation of Weimar Germany from 1919 to its horrific peak in November 1923 is usually dismissed as a bizarre anomaly in the economic history of the twentieth century. But no episode better illustrates the dire consequences of unsound money or makes a more devastating, real-life case against fiat-currency: where there is no restraint, monetary death will follow. "It matters little that the causes of the Weimar inflation are in many ways unrepeatable; that political conditions are different, or that it is almost...
  • Is The US Making The Same Mistakes As Zimbabwe?

    10/06/2014 6:48:13 AM PDT · by blam · 20 replies
    Zero Hedge = Mises ^ | 10-6-2014 | Tyler Durden - Patrick Barron
    Tyler Durden 10/05/2014 Submitted by Patrick Barron via Mises Canada I have started reading a new book about the collapse of the Zimbabwean dollar–When Money Destroys Nations, by Philip Haslam and Russell Lamberti. One of the main causes of the hyperinflation was the decision of the Zimbabwean government to give army veterans of its recent wars a big bonus. The promise was too much for the Zimbabwean economy to manage, so the government printed money... and lots of it. Why is this relevant? Well, look at America. We have been fighting wars around the world for twenty-five years and recently...
  • Fed may need to let inflation run hot to meet goals: Evans (here it comes!)

    02/28/2014 3:14:58 PM PST · by Red in Blue PA · 21 replies
    NEW YORK (Reuters) - The Federal Reserve should be willing to let inflation temporarily run above its target level so as to more quickly bring the economy back to health, a top Fed official said on Friday, even as a second policymaker signaled the very idea left him cold. The debate, between Chicago Fed President Charles Evans and Philadelphia Fed President Charles Plosser, underscored a fundamental disagreement over the central bank's optimal approach to policy under new Fed Chair Janet Yellen. To Evans, one of the Fed's most dovish policymakers, allowing inflation to run above the Fed's 2-percent target would...
  • The Economy Is Going to Implode

    02/19/2014 2:56:05 AM PST · by Arthur McGowan · 17 replies
    YouTube ^ | 2012 | Ann Barnhardt
    Ann Barnhardt explains how the whole system is over-leveraged, and that collapse is inevitable--and desired by Obama, Cloward, Piven, etc.
  • Laurence Kotlikoff: Is Hyperinflation Just Around the Corner? (Yes)

    11/10/2013 12:07:29 PM PST · by Zakeet · 30 replies
    Yahoo Finance ^ | September 27, 2013 | Laurence Kotlikoff
    In his parting act, Federal Reserve Chairman Ben Bernanke has decided to continue printing some $85 billion per month (6 percent of GDP per year) and spend those dollars on government bonds and, in the process, keep interest rates low, stimulate investment, and reduce unemployment. Trouble is, interest rates have generally been rising, investment remains very low, and unemployment remains very high. Bernanke’s dangerous policy hasn’t worked and should be ended. Since 2007 the Fed has increased the economy's basic supply of money (the monetary base) by a factor of four! That's enough to sustain, over a relatively short period...
  • Venezuela joins the hyperinflation club: 54.3% in last twelve months and climbing

    11/08/2013 4:55:20 AM PST · by Zakeet · 4 replies
    Merco Press ^ | November 8, 2013
    Venezuela's consumer prices rose 5.1% in October, pushing the 12-month inflation rate to 54.3%, the highest mark since the late President Hugo Chávez took power in 1999. The news was released by the central bank on Thursday which also revealed that the scarcity index had reached its highest level since 2009.Hyperinflation is attributed to two main factors: one is ramped-up public spending from President Nicolás Maduro, Chávez's successor. The central bank said the country's money supply grew 70% in the past 12 months, much of it to underwrite a big increase in government spending. Likewise currency controls Chávez implemented...
  • Venezuelan inflation rate surges above 50 percent

    11/07/2013 3:17:13 PM PST · by Olog-hai · 14 replies
    Associated Press ^ | Nov 7, 2013 5:18 PM EST
    Inflation in Venezuela has surged above 50 percent as a plunge in the value of the currency deters investment and makes basic goods harder to find. … President Nicolás Maduro vowed on Wednesday to intensify efforts to stamp out currency speculators and hoarders he accuses of waging “economic war” against the government. …