Posted on 08/05/2021 12:43:45 PM PDT by Oldeconomybuyer
CARACAS, Venezuela (AP) — Venezuela says it will make a million-to-1 change in its currency soon, eliminating six zeros from prices in the local currency as hyperinflation continues to plague the troubled South American nation.
Venezuela’s central bank on Thursday announced the change to the bolivar will go into effect Oct. 1.
The new 100 bolivar bill will be the highest denomination. It is equivalent to 100,000,000 of the current bolivar.
This is the third adjustment since socialist leaders began governing Venezuela. The bolivar lost three zeros in 2008 under now-deceased President Hugo Chávez, while his successor, Nicolás Maduro, eliminated five zeros in 2018.
Venezuela is in its sixth year of recession. Millions live in poverty, with high food prices that are commonly set in U.S. dollars and low wages.
The 1 million bolivar bill is currently the highest denomination, but it is scarce. More than seven of those bills are needed to buy a 1.3-gallon (5-liter) bottle of water.
(Excerpt) Read more at apnews.com ...
there you go. drop a few zeros. all better now.
That’s a total of 14 zeros it has lost in 13 years.
It shouldn’t affect people on fixed incomes or who have savings accounts all that much. They were zeroed out last time and are already starving.
Coming attractions.
Transitory fer sure.
Printing all those extra zeroes doesn’t come for free.
Just a recession—nothing to see here...
I hope Biden is not taking notes.
The Bolivian train wreck.
Like Zimbabwe’s trillion dollar note. In Argentina (in reading history) the money you spent buying, say, a Porsche, now can only buy a tie. Think of that rate.
Slow Joe “hold my beer and that 8 year old girl, watch this!”
The sad part is the the Venezuelan banks think they’re smarter than Zimbabwe’s.
Bernie’s plan for the USA...
At the time, people were complaining that they weren't worth a tenth that price, but I wanted them for fun, not a currency exchange.
Now, people are asking $200-300 each for them!
Think of it as Modern Monetary Theory in action....
https://en.wikipedia.org/wiki/Modern_Monetary_Theory
Think of it as Modern Monetary Theory in action....
https://en.wikipedia.org/wiki/Modern_Monetary_Theory
Digital currency that tracks your expenditures and has an expiration date to keep you from saving any of it. Also tied to a social credit score based on political affiliation to tightly control what you may purchase.
Please - I’ll pay you back as soon as you lend me more money.
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