How Venezuela’s socialist dream collapsed into a nightmare

[Jason]

50 minutes ago, Lawrence said:

Revolution in 3... 2... 1...

http://www.nytimes.com/2016/06/20/world/americas/venezuelans-ransack-stores-as-hunger-stalks-crumbling-nation.html?hp&action=click&pgtype=Homepage&clickSource=story-heading&module=second-column-region&region=top-news&WT.nav=top-news&_r=0

Not likely. The people there have zero power over their officials. What a terrible and sad situation that is.

[fan_since79]

Hyperinflation is taking hold now, and shopkeepers are weighing piles of cash instead of counting them.

http://www.bloomberg.com/news/articles/2016-10-31/tired-of-counting-piles-of-cash-venezuelans-start-weighing-them

Once one of the world’s strongest currencies, the bolivar has been reduced to a nuisance. Basic purchases require hundreds of bills. Shoppers shove piles of them into gym bags before venturing into crime-plagued streets and shopkeepers stash thousands in boxes and overflowing drawers. In the absence of official data, economists are left to guess what the inflation rate is. Estimates for this year range from 200 percent to 1,500 percent.

[fan_since79]

With inflation now at 40,000%, Maduro has unveiled a new currency called the "sovereign bolivar" which is pegged to a cryptocurrency that doesn't trade and which industry sources are calling a scam. 

He also announced a 3,000 percent increase in the minimum wage.

That will really help. 

https://www.cnbc.com/2018/08/20/venezuela-is-pegging-its-economic-recovery-to-a-cryptocurrency--thats-widely-considered-a-scam.html

Edited August 20, 2018 by fan_since79

[fan_since79]

A 2.4 kg chicken costs 14,600,000 bolivars.

 

https://www.theguardian.com/world/2018/aug/20/venezuela-bolivars-hyperinflation-banknotes

[Angel Oracle]

In government, power corrupts, and absolute power corrupts absolutely.  

[Lou]

57 minutes ago, fan_since79 said:

A 2.4 kg chicken costs 14,600,000 bolivars.

 

https://www.theguardian.com/world/2018/aug/20/venezuela-bolivars-hyperinflation-banknotes

do you have change for a 50,000,000 bolivar bill?

[Tank]

41 minutes ago, Lou said:

do you have change for a 50,000,000 bolivar bill?

sorry, i left it in my other wallet.

[Blarg]

48 minutes ago, Lou said:

do you have change for a 50,000,000 bolivar bill?

Here you go. 

[fan_since79]

The IMF is predicting a 1 million percent inflation rate by the end of the year.

Venezuelans will look back on this year as the good old days.

 

[Taylor]

2 hours ago, fan_since79 said:

A 2.4 kg chicken costs 14,600,000 bolivars.

 

https://www.theguardian.com/world/2018/aug/20/venezuela-bolivars-hyperinflation-banknotes

That's just shy of $60 USD.

[Rico]

At those prices it's better to be a farmer than a drug dealer. 

[gotbeer]

10 minutes ago, Rico said:

At those prices it's better to be a farmer than a drug dealer. 

But you'll need to hire the drug dealer to carry all the money when yo sell the chicken.

[Jason]

Lol

[mtangelsfan]

4 hours ago, Jason said:

Lol

Ha ha, what a hack

[Lou]

2 hours ago, Taylor said:

That's just shy of $60 USD.

but free health care.

btw, I just bought chicken leg quarters for $0.49/lb  

[Jason]

12 minutes ago, Lou said:

but free health care.

btw, I just bought chicken leg quarters for $0.49/lb  

https://www.newsweek.com/venezuelas-capital-running-out-water-hospitals-forced-cancel-operations-1074253

Sounds awesome

[fan_since79]

I can't even imagine the infections taking up residence in that operating room. 

But yes, free health care.

[UndertheHalo]

I wonder if an economy being almost entirely dependent one one thing (oil) might have anything to do with this.  It’s weird how all this spiraled out of control when oil prices dropped massively. 

[Jason]

7 minutes ago, UndertheHalo said:

I wonder if an economy being almost entirely dependent one one thing (oil) might have anything to do with this.  It’s weird how all this spiraled out of control when oil prices dropped massively. 

It’s part of it

[UndertheHalo]

5 minutes ago, Jason said:

It’s part of it

Ya, I’d say it’s a big part. 

[Jason]

4 minutes ago, UndertheHalo said:

Ya, I’d say it’s a big part. 

https://money.cnn.com/2017/07/26/news/economy/venezuela-economic-crisis/index.html

[mtangelsfan]

4 hours ago, UndertheHalo said:

Ya, I’d say it’s a big part. 

Oil prices have evened out.  It is their corrupt government 

[UndertheHalo]

1 minute ago, Jason said:

https://money.cnn.com/2017/07/26/news/economy/venezuela-economic-crisis/index.html

I read this article earlier.  It’s a complex problem full of incompetence and corruption.  it’s not being discussed that way in this thread. 

[UndertheHalo]

4 minutes ago, mtangelsfan said:

Oil prices have evened out.  It is their corrupt government 

I don’t disagree at all and I said that above.  The oil thing is a significant factor among many. 

Edited August 21, 2018 by UndertheHalo

[mtangelsfan]

I don't think it is as much of a factor as you do.   They gave their government way too much power