Venezuela’s government will begin printing larger-denominated bank notes sometime this year, a top finance official said, as runaway inflation has eroded the value of the nation’s biggest bill to less than a U.S. dime on the black market.
It could work. (h/t TLH)
Has Trudeau been advising?
“He said that far from generating panic among inflation-wary Venezuelans the new bills will reduce price pressures “because you’re going to have less bills circulating.””
“Maduro’s cash-strapped administration is counting on a cash influx from mining and oil investors.”
Yes, expect massive investment:
https://www.google.com/?gws_rd=ssl#q=venezuela+expropriation
http://www.ibtimes.com/venezuela-ordered-pay-exxon-mobil-16b-over-asset-expropriation-1702737
This is what ultimately happens when you use Trudeau’s idea that “the budget will balance itself”.
Imagine for a moment that the US and Canada agreed to a worldwide – United Nations imposed – punitive (fixed) price and tax on carbon-based fuels ? The UN could undo free market pricing of carbon-based fuels which would rescue dysfunctional Socialist regimes like Venezuela’s. That is EXACTLY what the watermelon-head “greens” want to do. They want to USE Global Warming and supposed environmentalism to PUNISH the free market and redistribute your personal wealth into the pockets of corrupt Socialist dictators. Far better for these dysfunctional regimes to DIE a natural death.
Who’s photo will adorn this new slew of bills , Michael Moore , Sean Penn ?? Suggestions.?
Maybe Maduro can be the one and only guy ever to create money to successfully stem hyperinflation.
I know that Austria, China, France, the Weimar Republic, Hungary, North Korea, the Philippines, Singapore, Yugoslavia, and Zimbabwe are eagerly watching and waiting to see what they did wrong and Venezuela is doing right.
One may suppose that printing more money is just about as effective as spending one’s way to prosperity. Oh, wait — isn’t Maduro one of JT’s idols? Or am I confusing him with Mao/Xi?
Typical socialists. Their definition of “more” money is to produce larger bills. They figure that by increasing the size of the actual currency is the same as a corresponding rise in wealth.
Ha hahahaha ha ha
jeez SDA, this is a market opportunity.
I’m gonna ship a tanker full of wheelbarrows to Caracas and make a killing.
payment in $US of course.
https://pw-static.s3.amazonaws.com/images/articles/hyperinflation-in-germany.png
also Brazil. maybe no one in Venezuela noticed . . . .
Ah yes … the wheel barrow full of money to buy a loaf of bread stage is finally upon them. Looks good on them for being the stupid socialists that they are ….
A 3rd world country has only a few people able to create hyperinflation.
That would be the rulers of same printing and spending lots of fake money.
Any country with multiple official foreign exchange rates that are above
the black market rate where the little people must buy is a corrupt one.
Of course Brazil. Thank you. I forgot about their genteel military dictatorship not too long ago.
I think that Socialism seems so plausible and effective (and righteous) in theory, that the good Socialist leaders of Venezuela wouldn’t and didn’t think that bad economic things would happen to them – and happen to them so quickly.
And they’re sitting on the largest oil reserves in the world.
Rules to avoid hyperinflation:
*Don’t have a Dictatorship or go the full Socialist
*Don’t be on the losing side of a big war
Simple.
I carry around a HUNDRED TRILLION DOLLAR bill from Zimbabwe just to remind me of the stupidity of radical leftists.
Here you go.
https://upload.wikimedia.org/wikipedia/commons/3/3e/Zimbabwe_$100_trillion_2009_Obverse.jpg
Robert Mugabe or Karl Marx with a Weimar Republic eagle.
How long before Maduro-money is used as toilet paper?
Woohoo! Cheap toilet paper!
But-But- But- Gerry has Told Just in to make sure all Wheelbarrows Bought with Gold Jewwlry must come from the Liberal Party Of Canada/Ontario/Quebec Government Owned Wheelbarrow manfulcterers. 60something.
I also understand the agreements with Alberta’s N.D.P Government can keep the Gold Jewelry it gets as long as the Liberal Edmonton Crony Crowd get as many Jobs as The N.D.P. Crony (less -clean) Crowd.
Naturally Quebec and Ontario are permitted to use the Tax-Payer Funded Liberal Crony Crowds Tax-payer Funded Schemes Already in Place.
Now that gold is poised for a huge run, the geniuses advising Trudeau have sold off all of Canada’s gold reserves.
Brilliant.
I have a 10 billion Dinari note from the late unlamented Yugoslavia.
Sell gold, buy Bitcoin.
What could go wrong?
More on the socialist model:
“The Zimbabwe dollar was introduced in 1980 to directly replace the Rhodesian dollar at par (1:1) and at a similar value to the US dollar. Hyperinflation in Zimbabwe reduced it to one of the lowest valued currency units in the world. It was redenominated three times (in 2006, 2008 and 2009), with denominations up to a $100 trillion banknote. The final redenomination produced the “fourth dollar” (ZWL), which was worth 10 {to the 25th power} ZWD (first dollars).” Wikipedia
Sell Bitcoin, buy wampum. Much big wampum.