inflation is expected to hit a staggering 200,000% this year.

Discussion in 'Off-topic' started by xls177, Oct 23, 2019.

  1. xls177

    xls177 Member

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    Socialism a real look

    https://www.yahoo.com/finance/news/venezuelans-buy-gas-cigarettes-battle-040206217.html




    Venezuela

    More than 4 million Venezuelans have fled the country in recent years, escaping low wages, broken hospitals, failing basic services and lack of security.

    The International Monetary Fund says inflation is expected to hit a staggering 200,000% this year. Venezuela dropped five zeros from its currency last year in a futile attempt to keep up with inflation. Soaring prices quickly devoured the new denominations.

    The smallest bill in circulation, 50 bolivars, is worth about quarter of a U.S. penny. City buses and even banks don't accept it, arguing it would take such a thick wad of bills to pay for even the most modest items that it wouldn't be worth the trouble. The largest bill, 50,000 bolivars, equals $2.50.

    Venezuela, which sits atop the world's largest oil reserves, was once rich. But the economy has fallen into ruin because of what critics say has been two decades of corruption and mismanagement under socialist rule.
     
  2. Nemo

    Nemo Man of Myth and Legend

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    And AOC and her squad think its the greatest way to make things work.

    Nemo
     

  3. a_springfield

    a_springfield Well-Known Member

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    But they will do it right
     
  4. atlsrt44

    atlsrt44 Well-Known Member

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    It's sad because it's the every day citizens paying the price. The leaders arent hurting
     
  5. Malum Prohibitum

    Malum Prohibitum Moderator Staff Member

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    The introduction of a currency peg, installation of import controls, the nationalization of other industries, and the establishment of subsidies for food and consumer goods all followed the strike. These actions sowed the seeds for the future inflation crisis.
    https://www.forbes.com/sites/garthf...tion-what-happened-to-venezuela/#7041978115e4

    It is very difficult to arrest hyperinflation once it starts. Even though the government has raised the minimum wage four times this year . . .
     
  6. moe mensale

    moe mensale Well-Known Member

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    They're building on the successes of those who came before them. :popcorn:
     
  7. OWM

    OWM Well-Known Member

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    Coming to soon to a Large west coast State.
     
  8. diamondback

    diamondback Well-Known Member

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    If only disgraces to their nation voting democrat thinking this will not happen for 1 money and 2 power we would have it made. Most of those seats taht caused dems to take the house were over soccer moms. This one makes me realize why it took a special amendment for women to vote and two that if most of those ladies spent time in places where democrats had all the power like philadelphia and not thier lily white suburbs they would change their tune.