Posted on 10/27/2016 2:28:25 PM PDT by dynachrome
Venezuela’s government, slammed by hyperinflation has finally thrown in the towel, and is planning to issue new bills in December with larger denominations—up 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 country’s 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 ...
You never go full Weimar.
COMING SOON TO A FIAT PAPER CURRENCY NEAR YOU!
hey those puppies are selling for $60 to $70 each on Amazon
I’m waiting for the price to come down
“Print how? They have to outsource manufacturing their currency, and nobody will take the job because the money is worthless.”
Yes. They ran into this problem just about a year ago. Maybe Iran will use some of our $158 billion that Obama gave them to pay the printers.
I bought three of them a couple of years ago for about $10 apiece. Shortly afterward they started "honoring" them again and the price went to pennies. I am DEFINITELY not the guy to talk to about arbitrage.
*** “The one hundred trillion dollar Reserve Bank of Zimbabwe list for on E-Bay? 30 cents” ***
They must be gouging over at Amazon ... they are listed at $60 to $70 each
I would buy a stack of them for $.30 each ... just to send them to my Lib Relatives
The zimbabwe school of mugabenomics
I wish I had picked some up when they were a few dollars each. Maybe the price will crash like Beanie Babies.
I’m just a casual observer ... I looked them up once on Amazon so you know the drill... (Bill) I get all of the Ads for Zimbabwe money everywhere ... (You Tube, Email, Search etc)
;^)
“that skyrocketing prices have slashed the value of the currency”
Are people really this stupid?
Fine solution. BTW Hitler too was a Socialist.
Weimar Republic.
I wonder if any of them saved up for Retirement?
Note how the illustration on this 100 quadrillion note looks a lot like a pile of excrement!
Venezuela will have a hard time following suit, Zimbabwe has done so well once China started backing it! China has said adios to Venezuela & Maduro (mostly)!
Causing the cost of a loaf of bread to increase an equal amount or more.
Not as much so as the Strasser brothers and the others of the Schwarze Front crowd. The nationalist wing reduced the socialist influence in 1934. Cleaned up some of the homosexuals at the same time.
But other “gays” joined them
One of the first problems that the Weimar Republic faced was Hyperinflation. Money became so worthless that children could play with stacks of it. People's savings were wiped out causing widespread discontent and civil unrest.
Fun for the kids--until the food and fuel supply ran out.
Then the paper money was burned for heat--and the poor dog ended up in the stewpot.
One of the first problems that the Weimar Republic faced was Hyperinflation. Money became so worthless that children could play with stacks of it. People's savings were wiped out causing widespread discontent and civil unrest.
Fun for the kids--until the food and fuel supply ran out.
Then the paper money was burned for heat--and the poor dog ended up in the stewpot.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.