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Venezuela Throws In The Towel On Hyperinflation: Will Print 200x Higher-Denominated Bills
Zero Hedge ^
| 10-27-16
| Tyler Durden
Posted on 10/27/2016 2:28:25 PM PDT by dynachrome
Venezuelas government, slammed by hyperinflation has finally thrown in the towel, and is planning to issue new bills in December with larger denominationsup to 200 times higher than the current biggest bill, according to people familiar with the plans. The move marks an implicit acknowledgment by the government that skyrocketing prices have slashed the value of the currency
The new coins and notes will go up to 20,000 bolivars, according to people close to the central bank, the finance ministry, the countrys banks and bill suppliers. This would make the biggest note worth $15 on the black market.
And since by doing so the government will tacitly admit that it has lost control over prices, It will also create a self-fulfilling prophecy of even higher prices, sending the country's hyperinflation into overdrive.
(Excerpt) Read more at zerohedge.com ...
TOPICS: Business/Economy; Crime/Corruption; Foreign Affairs; News/Current Events
KEYWORDS: hyperinflation; venezuela; venezuelacrisis; walkingdeadeconomy
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To: dynachrome
Let's see.... Do I have enough for a loaf of bread?
21
posted on
10/27/2016 2:37:13 PM PDT
by
smokingfrog
( sleep with one eye open (<o> ---)
To: dynachrome
Turn the nation to Bitcoin and actual gold.
It isnt like this fiat crap is going to work anyway.
To: dynachrome
Back in the 1930’ Hitler had to do the same thing as his currency tanked. The overprinted postage stamps for example 5 marks were overprinted as 50 marks etc. It was cheaper to overprint than make new stamps and the overprinting was only a temporary cure. Nothing new under the sun it seems.
23
posted on
10/27/2016 2:38:23 PM PDT
by
Don Corleone
(Oil the gun, eat the cannolis, take it to the mattress.)
To: Dallas59
What to do when you paint yourself into a corner?
Destroy the walls!
24
posted on
10/27/2016 2:39:09 PM PDT
by
PGR88
To: Rebel_Ace; SkyPilot
]This time, it will work!]
Good one.
It will, if one believes Obama and Hillary; which many fools do.
Or they really THINK it will work. Hope. Change. Depression. Global Economic Meltdown. Antichrist.
25
posted on
10/27/2016 2:39:13 PM PDT
by
SaveFerris
(Be a blessing to a stranger today for some have entertained angels unaware)
To: Don Corleone
Our corrupt government will just print one trillion dollar bills and give them to the creditors. Good luck getting change.
26
posted on
10/27/2016 2:40:46 PM PDT
by
hal ogen
(First Amendment or Reeducation Camp?.)
To: dynachrome
27
posted on
10/27/2016 2:42:43 PM PDT
by
M Kehoe
To: SaveFerris; null and void; aragorn; EnigmaticAnomaly; kalee; TWhiteBear; WildHighlander57; ...
Check out article and # 20.
Thanks, SaveFerris.
28
posted on
10/27/2016 2:45:12 PM PDT
by
LucyT
To: dynachrome
Print how? They have to outsource manufacturing their currency, and nobody will take the job because the money is worthless.
29
posted on
10/27/2016 2:46:50 PM PDT
by
ctdonath2
("If anyone will not listen to your words, shake the dust from your feet and leave them." - Jesus)
To: PGR88
TAKE WHAT IS RIGHTFULLY YOURS! THE OWNERS ARE SELFISH IMPERIALISTS!
30
posted on
10/27/2016 2:47:00 PM PDT
by
Dallas59
(Only a fool stumbles on things behind him.)
To: dynachrome
I’m guessing they could invest in Zimbabwe.
31
posted on
10/27/2016 2:47:01 PM PDT
by
stylin19a
(obama = Fredo smart)
To: smokingfrog; RushIsMyTeddyBear; metmom; CynicalBear; SkyPilot; tuffydoodle; tang-soo; ...
[ Let's see.... Do I have enough for a loaf of bread?
]
We're not at Revelation chapter 6 just yet -- but the world is turning that way (in some places) -- or so it must feel to those poor people. For lurkers, a penny represents a day's wage - IOW, work all day for a loaf of bread to eat - for a day.
Revelation 6:6 King James Version (KJV)
6 And I heard a voice in the midst of the four beasts say, A measure of wheat for a penny, and three measures of barley for a penny; and see thou hurt not the oil and the wine.
32
posted on
10/27/2016 2:48:08 PM PDT
by
SaveFerris
(Be a blessing to a stranger today for some have entertained angels unaware)
To: Enchante
They are already obsolete as Venezuela doesn’t have the money to have the new bills printed.
33
posted on
10/27/2016 2:49:28 PM PDT
by
VTenigma
(The Democrat party is the party of the mathematically challenged)
To: rovenstinez
My first guess is Harvard, Yale, Berkeley, Minnesota....
34
posted on
10/27/2016 2:50:22 PM PDT
by
ptsal
To: LucyT; SkyPilot
It’s 1929, 1933 and 1938 all converging.
35
posted on
10/27/2016 2:50:37 PM PDT
by
SaveFerris
(Be a blessing to a stranger today for some have entertained angels unaware)
To: rovenstinez
Wonder what school of economics their Finance Minister graduated from.The Robert Mugabe college of Marxist theory.
36
posted on
10/27/2016 2:52:31 PM PDT
by
PAR35
To: dynachrome
Zimbabwe West................
37
posted on
10/27/2016 2:53:35 PM PDT
by
Red Badger
(WhereÂ’s that VIDEO the Anonymous group promised us????????????)
To: Don Corleone
No, it was the socialist Weimar Republic guys that caused the hyperinflation. Hitler was the solution to that problem.
38
posted on
10/27/2016 2:54:38 PM PDT
by
PAR35
To: dynachrome
If hillary is elected, it won’t be long before a pay telephone call costs a thousand bucks.
Bet the farm on it.
To: Billthedrill
A bit of history.
What was Zimbabwe before it became Zimbabwe?
That’s right class - Rhodesia!
What was the currency of Rhodesia?
That’s right class - the Krugerrand.
Finally, how much does a 1985 Krugerrand list for on EBay?
$ 1448.
The one hundred trillion dollar Reserve Bank of Zimbabwe list for on E-Bay? 30 cents.
Got to love it when socialist take control of the economy.
40
posted on
10/27/2016 3:00:36 PM PDT
by
Nip
(BOHEICA and TANSTAAFL - both seem very appropriate today.)
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