So 100 billion becomes 100 million...that'll do the trick.
The meltdown is almost complete.
Now, on to South Africa.
I thought Putin and China were bailing them out.
I wonder how many Venezuelan-socialism-loving Hollywood celebrities will be investing in this “new currency...
Fuzzy math ping!
Pretty typical of Latin American countries suffering hyperinflation. They tend to issue new currencies lopping off zeroes and if the horrible policies causing the inflation continue rinse and repeat. I am going to buy a 100,000 bolivar note on ebay right now.
Great idea! Let’s do this to our national debt!
Over what timeframe?
Remove 3 zeros every year? every month? would get a bit overwhelming to have to do it every hour.
Nor am I.
This is exactly the scenario that James Wesley, Rawles wrote about in "Patriots". Zeroes being removed from the US dollar then new scrip being issued in exchange for the useless dollar.
I don't find "hilarious" as anywhere near humorous.
So 100 billion becomes 100 million...that'll do the trick.
That's thinking ahead, Maduro - it could get hard to try and get all those zeroes to fit...
https://www.youtube.com/watch?v=s9bkwy2w4qI
This is 2nd time the Chavistas have looped off zeroes and started over again. The current bank notes are called Bolivares Fuerte, or (don’t laugh) Strong Bolivares, issued in 2008 replacing the previous bank notes at a rate of 1,000 old = 1 new. In other words, if zeroes just kept going 1,000,0000 units today = 1 unit in Dec 31, 2007.
Can they afford the paper to print the new banknotes? Or are they just gonna get some folks with really strong magic markers to work on the old ones?
Just 3 zeros. I was in Yugoslavia in the early 90s when they had just knocked 4 zeros off the currency. https://en.wikipedia.org/wiki/Yugoslav_dinar#1990%E2%80%9392;_Convertible_dinar,_YUN
The old notes were still in circulation along with the new so you had to judge value by shape and color rather than the amount printed on the paper.
Unbelievable, no wonder the people are starving
It’s never a good thing when they print “new money”.
"This should be enough for a down payment on a taco."
“Or is that countrypeople now.”
Countrybeings.
Only way to take into account the Baskin-Robbins plethora of genders these days.
I miss sanity.
Just changes billions to millions. With his government-generated hyperinflation, he’ll be doing it again in a year or so.
Inflation: the gift that never stops giving, to the government. The ruling elite has protected itself from rising prices by giving themselves “Cost of living adjustments” in their salaries and pensions. Rising prices allow the economists to crow about how the economy is “growing”, when all that is happening is that the numbers are increasing due to the decreased purchasing power of currency. The constantly decreasing value of savings tends to reduce a lifetime’s work effort to zero value. This makes the elderly, who are not allowed to work, more dependent on the fucking government.
The Mexicans took 3 zeros off of their currency some time ago. For a long time the Mexican peso was stable at, I think 12 to the dollar. Then inflation came and the exchange rate went nuts thousands of pesos to the dollar. So they took 3 zeros off so that 10,000 pesos became 10 ‘new’ pesos. Now the new pesos are worth about a nickel. My mom had a bunch of old Mexican money. Three or four pounds of change (Mexico still honors the old pesos) was worth maybe 3 cents. The large (half dollar size) old 20 centavo piece is worth about 1/1000 ¢. I’m sure it will work just as well, or even better for Venezuela.