Cash-Strapped Venezuela Offers to Pay for Medicines With Diamonds...barter spreads [tr]

WSJ ^ | 1/4/2018 | Kejal Vyas

[Brilliant]

With hospital shelves bare and the government stumped on how to settle $5 billion in arrears to pharmaceutical companies, cash-strapped Venezuela recently offered some foreign suppliers alternative compensation: diamonds, gold and coltan, the rare metal used to make cellphones and Playstations.

The proposed exchange perplexed the pharma representatives, whose companies had no policies on accepting precious gems and metals as payment, according to three people familiar with the meeting last month where Venezuela’s health minister made the offer.

While it isn’t clear if any of the companies accepted it, the proposal underscores how Venezuela’s economic collapse is forcing President Nicolás Maduro’s embattled administration to improvise to pay for goods as severe dollar shortages push the country toward a barter society.

Bartering is also creeping into daily street transactions for staples, partly because the government is too broke to print enough currency. The so-called Strong Bolivar, which the government created in 2008 by lopping three zeros off its previous currency, lost 97% of its value in 2017 alone as the oil-rich country plunges further into hyperinflation.

“Money was created so that we could avoid having to barter for basics,” said Caracas-based economist Omar Zambrano. “But we’ve fallen so far that we’re now going back in time.”

Health Minister Luis López, who calls himself a radical anti-imperialist on his official Twitter account, couldn’t be reached for comment. Calls to a ministry spokesman went unanswered...

[so_real]

And yet Bernie and Barry and about 48% of the US population think that it will somehow turn out different when it is foisted on the US.

That's what I don't get. With real world evidence staring them square in the face, they are still too entirely stupid to see the mess they aim to foist on the U.S. population. Worse, they won't even take advantage of the 50 independent state experiments we have available. Instead of ruining one state (like Illinois or Massachusetts) they want to ruin all 50 at once from the oval office. Our "leadership" by and large is too stupid to perform their jobs well, and should be fired.

[Gay State Conservative]

The “Dictatorship of the Proletariat,” always seems to work out a whole lot better for the dictators doesn’t it.

Property in cities like London,San Francisco,Vancouver and Sydney is selling for much more,per square foot,than just about anything you'll find on the Upper East Side of Manhattan.

And the money's coming from Communist China.

[i_robot73]

>
Also, Venezuela’s slow motion collapse is a constant reminder to stupid people everywhere. It seems the world (and America) needs a constant example of the evil of socialism to avoid choosing that fate for themselves.
>

Sorry, FRiend, but there have been countless examples for Americans to reference to remind them....we *STILL* have a goodly 45%+ thinking it’s the ‘way to go’.

How do they say?, “Experience cannot be taught” and it’s illegal to round ‘em up and ship ‘em down to experience 1st-hand...unfortunately.

[JimRed]

The proposed exchange perplexed the pharma representatives, whose companies had no policies on accepting precious gems and metals as payment, according to three people familiar with the meeting last month where Venezuela’s health minister made the offer.

No biggie- I know a guy who knows a guy who'll convert it to cash for only 20% if it's documented, 40% if not.

[fella]

Why not sell their jewels and metals on the open market and then pay their bills?

Unless it’s a con-game and the jewels are hot or paste and the metals are plated tungsten or lead.

[bgill]

Barry and Bernie should run for dictator and vice dictator. That would turn things around... not.

[BenLurkin]

[BenLurkin]

[Sgt_Schultze]

How about a couple of these?

[Boogieman]

"It's taken just over a hundred years for the Treasury and Federal Reserve to do the same here."

[Reeses]

Thanks to the world's latest socialist implosion, these are the latest crop of women that voted for it that are now available for 20 USD, cash.

[Tilted Irish Kilt]

Prepper Ping- Venezuela

When currency crashes,.. barter becomes king !
Learning to survive in a dictatorial Socialistic economy..
Can you/have you ever bartered ..?

[lurk]

The problem with the barter system is that even goods for trade get consumed and become rare and expensive.

Then they start buying and selling people.

[metmom]

Yes, do it every chance we get.

[Turbo Pig]

hey are still too entirely stupid to see the mess they aim to foist on the U.S. population.

Don't fool yourself. The leaders of the movement, in and out of government, know exactly what they are doing and what will happen. They just plan on being at the top of the rubble pile ruling over everyone else when its all over and done.

[Sasparilla]

This is what Hussein had in mind with his fundamental transformation of America.

[Sasparilla]

This is what Hussein had in mind with his fundamental transformation of America.

[Joe Bfstplk]

Sell the diamonds for cash. Then, pay your debts.

[freedumb2003]

>>Can you/have you ever bartered ..?<<

In college I offered women sex for booze — amazingly no takers.

;)

[SaveFerris]

[And yet Bernie and Barry and about 48% of the US population think that it will somehow turn out different when it is foisted on the US.]

Yes, they are still that stupid.