Posted on 07/25/2018 9:43:03 PM PDT by Olog-hai
Venezuela will remove five zeroes from the bolivar currency rather than the three zeroes originally planned, President Nicolas Maduro said on Wednesday, in an effort to keep up with inflation projected to reach 1 million percent this year.
The OPEC nation’s economy has been steadily collapsing since the 2014 crash of oil prices left it unable to maintain its socialist economic system that for years provided lavish subsidies while enforcing strict price controls.
Annual inflation in June topped 46,000 percent, according to the opposition-run Congress. The IMF said this week it could hit seven digits this year, putting it on par with the crises of Zimbabwe in the 2000s and Germany in the 1920s.
“The monetary reconversion will start on Aug. 20,” Maduro said in a televised broadcast, showing new bills that are to be released next month.
He said the overhaul would tie the bolivar to the recently launched state-backed cryptocurrency called the petro, without offering details. Cryptocurrency experts have said the petro suffers from a lack of credibility because of a lack of confidence in Maduro’s government and the mismanagement of the country’s existing national currency. …
(Excerpt) Read more at reuters.com ...
“The OPEC nation’s economy has been steadily collapsing since the 2014 crash of oil prices”
That’s what a turd of a rag Reuters is that they blame the cratering of the economy on the oil prices. Nothing to do with the rabid socialists running a once wealthy country into the ground.
Keep the zeros and get rid of all the other numbers. It would be more accurate.
I can see doing away with pennies and rounding everything up or down to the nearest nickle.
Reminds me of the cruzieros/cruzados debacle in Brazil some time back.
I read this article today saying it took 60 days work to buy toilet paper...
http://www.caraotadigital.net/economia/precios-que-espantan-para-comprar-papel-higienico-venezolanos-tienen-que-trabajar-mas-de-60-dias-foto/
It is in spanish, but my browser translated it for me...
Another I saw yesterday showed a large pile of cash along side a US $1 bill and said the two were equal... (Like $2 worth would be overflowing in a typical wheelbarrow) Guess I would have been using the cash as toilet paper if it took 60 days work otherwise.
Where is the Army? They have to be about ready to get rid of this mutt.
I stoop for pennies. Nickels, dimes, and quarters too.
This thread needs a big picture of that wild eyed socialist *itch, “Occational Cortex” or whatever her name is.
In their case, instead of making things worth more, they made $10,000 worth a buck - or probably even less....then decided to re-rate it on the "upward" scale.
Weimar not?
I keep hearing about preppers hoarding all-copper pennies over fear of a dollar collapse too. The copper-coated zinc ones seem to have not so much value.
Yep....me too...and pre 82 pennies and pre 64 nickles, dimes and quarters go in the RIGHT pocket...everything else LEFT pocket.
Co worker found a pre 64 dime the other day in his change. I paid him a buck for it.
The OPEC nation’s economy has been steadily collapsing since the 2014 crash of oil prices left it unable to maintain its socialist economic system that for years provided lavish subsidies while enforcing strict price controls. …It’s even worse than that. Al-Reuters has no criticism of the “socialist economic system” and in a twist of “logic” implies that higher oil prices were the key to maintaining it; therefore the world must endure higher oil prices.
That’ll do it.
Currency and change are irrelevant if you pay everything with a plastic card
Pre-64 nickles are the same as post-64. Current melt value is four cents.
Inflation: the gift that never stops giving, to the government. The ruling elite has protected itself from rising prices by giving themselves “Cost of living adjustments” in their salaries and pensions. Rising prices allow the economists to crow about how the economy is “growing”, when all that is happening is that the numbers are increasing due to the decreased purchasing power of currency. The constantly decreasing value of savings tends to reduce a lifetime’s work effort to zero value. This makes the elderly, who are not allowed to work, more dependent on the fucking government.
should have said war nickels. thanks for the correction.
It’s probably cheaper to wipe your arse with Bolivars.
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