[NRx]

Socialism + fiat money + cryptocurrency = The trifecta of make-believe wealth.

[SaveFerris]

[ As part of an attempt to stop skyrocketing inflation, the country is issuing a new fiat currency called the "sovereign bolivar," which will be backed by a cryptocurrency. But that cryptocurrency, called the "petro," does not trade, and Venezuela's own parliament says it's being illegally used to mortgage the nation's cash-strapped oil reserves. ]

WHAT could possibly go wrong with THIS? Let us not worry, dear FRiends. The Democrats, as always, have a brilliant solution! Danny Glover and Sean Penn know economics!

Now we need the Occasional Cortex with "Nice economy ya got there...."

[SES1066]

Venezuela has joined Brazil, Zimbabwe & Weimar Germany in the Hyperinflation Hall of Infamy! Here is a picture that is worth its weight in words!

The stack of money is 14 million Strong Bolivars!

The late Jefe, Hugo Chavez, was elected President of Venezuela in 1998 following a 23% devaluation of the Bolivar by the previous government. The record since would be comical except for the misery as the national currency has gone from 'Bolivar' (named for Simon Bolivar - 'Liberator' of Venezuela, Columbia, Ecuador, Peru & Bolivia) to 'Strong Bolivar' [Bolivar Fuerte] to the new 'Sovereign Bolivar' (Bolivar Soberano). Since the Chavez government took power in 1999, the purchasing power of the currency (Bolivar) has shrunk by at least a million to one, and that is probably understated!

[GrandJediMasterYoda]

And just think: Just about every Democrap candidate running for office is pushing for this kind of government.

"It's Utopia!! I tell you, it's UTOPIAAAA!!!!!"

UTOPIA! UTOPIA! UTOPIAAA!!!!

[neverevergiveup]

Talk about scams.. Marxism / socialism is a scam.

[cpdiii]

“Socialism + fiat money + cryptocurrency = The trifecta of make-believe wealth.”

WHAT COULD POSSIBLY GO WRONG!

[rlmorel]

Gives cryptocurrency a bad name!!!!!

Hahahahahahaha...

[headstamp 2]

You know, the barrel of oil they soon won’t be able to get out of the ground.

[jmacusa]

This is like the degenerate gambler. He's bet his paycheck, hocked the wedding ring, put up the car , the savings, the kids college fund and the car. He's lost it all. The last thing he's got is the house and here it goes. One more roll of the dice. “C’mom baby show me a winner!’’ as he throws for the last time.

[kingu]

Just checking... If the Petro crypto-currency is worth a maximum of 6 billion, does that mean that Venezuela is really just for sale now for, well, to be quite honest, a pretty good bargain. 6 billion for all that South American land, some pretty sound government buildings, a military which somehow isn’t utterly corrupt yet, and about 29 billion in US and foreign oil investments that were taken by the nation.

Buy it out and set up a large area of it as a processing facility for every illegal caught. The daily flights alone should help the local economy there, plus there’d pretty much always be a free ride out of the country for those who are sick of socialism...

[okie 54]

Venezuela will always be a $shithole. I worked down there for several years and their mindset will always demand they remain a $hithole.