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 ...
I bought 5 of them on e-bay five years or so ago—1/2 quadrillion dollars! Kept a couple for myself and gave the rest to to friends and relatives—made them instant multi trillionaires.
Could the Venezuelans pay off their debts with this new currency? or is there a clause that escalates the debt , too?
Or just new taxes that make up for that?
The funny thing is Hugo made a big deal a few years ago about withdrawing Venezuela's gold from vaults in Europe, and sending it back home. Does anyone think that gold is still there?
Or, better than gold, is basing their money on oil. They have the largest reserves in the world. If they weren't a socialist incompetent state, that would work just fine, and their money would be the most stable on Earth.
“Theoretically, there is nothing that can stop the government from taxing 100 per cent of income so long as the people benefits from the government commensurate with their income which is taxed.”
https://prestopundit.wordpress.com/2008/04/10/problems-facing-our-socialism-by-barak-h-obama/
Cleaned up some of the homos?
No - they cleaned up effeminate queers. Otherwise, much of the top leadership of the party were ‘masculine’ faggots or bi.
They did a good job cleaning house of perverts when they moved in, but unfortunately they brought in as many as they killed off and replaced Bibles with Mien Kampf. God made them pay very dearly for that.
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.