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Is not that they don't have money to eat, they don't have enough food to eat. As I see it, at the hear of the issue is broken economics. Sound money, like bitco
by gtt 8y ago
Is not that they don't have money to eat, they don't have enough food to eat. As I see it, at the hear of the issue is broken economics. Sound money, like bitcoin, could be a great solution to several problems of economics of Venezuela.
- JumpCrisscross 8y ago> bitcoin, could be a great solution to several problems of economics of Venezuela Bitcoin's volatility is the opposite of what Venezuela needs. About the only proven solution for hyperinflating countries with poor institutions is a currency board [1]. You peg the local currency 1:1 to an external currency. If that doesn't work, you switch to a hard currency. [1] https://en.wikipedia.org/wiki/Currency_board https://en.wikipedia.org/wiki/Currency_board
- isostatic 8y agoIndeed. Stable currencies, USD, EUR, CHF, JPY, GBP (even with brexit) Many other currencies are also stable - the NZD for example, but I suspect (with no proof either way) a large change in their use may cause issues. Typically USD is chosen, as that is the international currency of oil. EUR is I think second, mainly for political reasons.