Socialists can do that? Almost makes me want to vote for Cortez.
Silly foo. You don’t need money in a Marxist paradise.
It is fiat money. That is colored paper. There is nothing backing it. And, that government has no credible standing to back it, either.
Like rearranging the deck chairs on the Titanic.
Money of any kind is only as good as the people who believe in its value. Here, there is no value.
You can feel sorry for the citizens of some socialist countries because they didn’t ask for socialism.
But the people of Venezuela voted for socialism.
Twice.
They can eat their leaders.
The first instinct for dictatorships in economic crises like this is to debase the currency. It never ends well.
CC
“Venezuela came to a standstill on Tuesday as the country tried to deal with its newly introduced currency. “
exactly as I predicted a few days ago here ...
The fact is that it is backed by the guns of the army and police.
For example - I was in Odessa, Ukraine when the banks closed and the credit/debit cards didn’t work. Cash only for a few days. And the desired currency was either the US dollar or the Euro. The shops and stores refused to take the Ukraine Hryvnia because it was falling in value.
Then a funny thing happened that I witnessed personally- an armed cop walked into a store and ordered the manager to take his hryvnia for food.
LESSON - whatever crazy currency the police are paid in will become LEGAL TENDER. Why? Cops have to feed their families and will enforce it.
I keep waiting for the country to explode, but looks like it’s people are just going to crawl up in a fetal position and starve to death instead of turning on the government.