I don't need to slow down. You've nicely proved it. "The Venezuelan bolivar is not really pegged to any currency" It is. There is an official VEF to USD excha

I don't need to slow down. You've nicely proved it. "The Venezuelan bolivar is not really pegged to any currency" It is. There is an official VEF to USD exchange rate. Which means if you get some VEF on the black market you can upgrade it to USD and make a profit. That's the problem. "So the interest rates will rise." There is no mechanism by which interest rates can rise unless the government sector permits it. Look at the Weekly tenders for Treasury Bills in the UK. By simply mentioning that the UK would use the Ways and Means Account rises in Treasury Bill rates stopped and reversed and are now negative Sterling can't go anywhere else - because it doesn't have the feedback loop that kills Venezuela, Argentina and even Zimbabwe, yet again. 30 years of Japan, 10 years of QE elsewhere, and the simple announcement of an account that didn't even get used are the evidence. Sovereign currency markets are supplicants not masters. They get what they are given. Perhaps time to update your understanding of how monetary operations actually work in reality.