Posted on 03/23/2018 10:30:37 AM PDT by rktman
Venezuela's hyperinflation is driving the government loony-tunes. That's the only explanation I can think of for why the government of Nicolás Maduro has decided to lop off three zeroes from its currency, the bolivar, to fight, he says, "economic persecution" from Columbia.
Business Standard:
"I have decided to reduce three zeros of the currency and take out of circulation the current bills and put into circulation new bills," Maduro said on Thursday during a broadcast on state channel VTV.
The President said that this new monetary denomination, which replaces the one he established in January 2017, will help the government fight the "economic war of financial persecution", which he claimed was masterminded by Colombian President Juan Manuel Santos with the help of Venezuelan opposition leader Julio Borges, Efe news reported.
(Excerpt) Read more at americanthinker.com ...
How’d I meet the Kingfish?
I put my hand in my pocket to get my wallet, and shook hands with the Kingfish.
A year or so past, print shops in Europe declined to print any more of Venezuela’s currency due to non-payment of prior billing. Wonder where the print job was shopped to?
Kinkos
Germany in the 1920s was ridiculous; you were paid twice a day so you could spend at lunchtime, and while you were eating prices changed in restaurants. Easy to see why people embraced any solution to that...
This is inevitable when money isn’t made of gold or silver; I read a description of payday in India, where you buy your essentials and spend the rest on gold - otherwise you’d “lose money” when you spent it later.
Gold and silver coinage is as valuable in one country as the next.
This is inevitable when money isnt made of gold or silver;...Gold and silver coinage is as valuable in one country as the next.
Henry VIII made his “silver” coins more and more out of copper to the point of where his portrait’s nose started to look copperish. And after WWI Britain issued silver coins not in sterling (.925) but rather 50%. After WWII they went to copper nickel as did we in 1965.
Even Byzantium did that - but people could tell. Instead of five pieces of silver, something just cost ten new pieces of “silver”.
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