Posted on 12/03/2018 6:54:18 AM PST by C19fan
Venezuela is hiking the monthly minimum wage by 150 percent to about $9.50, President Nicolas Maduro said late on Thursday, as part of the struggling OPEC nations frequent wage increases that have failed to keep pace with inflation.
The once-wealthy nations annual inflation now tops 800,000 percent, according to the opposition-run legislature, and citizens face chronic shortages of food and medicine.
Maduro said in a televised broadcast that the new monthly salary would be 4,500 bolivars. Citizens routinely complain they cannot afford basic items despite a 60-fold minimum wage increase in August.
(Excerpt) Read more at reuters.com ...
Worker, "but there is nothing to buy, the store shelves are empty!"
General Secretary of the Communist Party,"Look how we are saving you money, you will be able to save all you wages!"
Worker, "but my family is starving!"
General Secretary of the Communist Party, "Would you rather your family be sent to the Gulag Comrade?"
Our own Federal Reserve claims that too much economic growth causes inflation.
But Venezuela is a perfect example of declining productivity causing inflation.
So Shall It Be!! :)
Venezuela is a prime example of currency increasingly perceived as worthless, combined with rampant shortages. If you want to go to root causes of both, then productivity comes into play, but productivity is actually punished under such socialist regimes, whether that’s their intention or not it’s the reality in the end.
THIS!!!!
Bernie Sanders socialist world at work!
Yes, productivity in Venezuela declined because of their government.
The same was true for Zimbabwe which had hyperinflation.
While crushing war debt was the fundamental cause of the Weimar Republic’s hyperinflation, it was triggered by a sharp decline in productivity caused by a massive strike.
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