4 ms·

At this point 1M% or 200k% inflation is pretty much the same, the currency just stopped working completely.

• DanielBMarkham 8y ago
  Yes. This is purely academic at this point. The currency has collapsed. I have felt very sad for the folks in Venezuela for a long time now. Here's hoping that there is a peaceful end to this nightmare for them.
  • ekianjo 8y ago
    I dont see how it can end peacefully as the government enforces more and more controls as the situation worsens, creating a negative feedback loop. At the same time a starving population has probably very little motivation to revolt.
    • baq 8y ago
      On the contrary, these people have nothing to lose - it's either death by starvation or death by a bullet.
      • ekianjo 8y ago
        There is still the option to escape on foot and this is what quite a few venezuelans are doing already.
• JumpCrisscross 8y ago
  > 1M% or 200k% inflation is pretty much the same To the average person and in the short run, yes. More broadly, given Caracas' hard currency antics, it is a measure on the reallocation of assets from the broader economy to Maduro's cronies. (State products, e.g. food and petrol, are purchased with local currency. Cronies buy hard currency at a fixed price and resell it at the inflated price. This mechanism moves real wealth into their hands.)
  • nojvek 8y ago
    Venezuela, one of the world’s oil rich nations got the back hand of the resource curse. It pains me to see how much their citizens suffer. US and EU have their problems and aren’t perfect, but makes me appreciate how far we’ve come as a functional civilization.
    • cyberpunk0 8y ago
      Welcome to capitalism and geopolitics
      • deleted 8y ago
        [deleted]