On Wednesday, President Nicolas Maduro of socialist Venezuela announced an unusual plan for dealing with the gargantuan inflation plaguing his country: lopping five zeros off of the country’s currency, the bolivar. “Five zeroes fewer, so that we may have a new, stable financial and monetary system,” he stated.
Maduro, whose original plans were to cut only three zeros from the currency, as former president Hugo Chavez did in 2008, plans to link the bolivar to the country’s Petro cryptocurrency on August 20, then call the new currency the Sovereign Bolivar. The problem with linking the currency to the cryptocurrency is that the petro has weak credibility because of a lack of confidence in Maduro’s government. According to the International Monetary Fund, inflation will reach one million percent by the end of 2018. – READ MORE
[divider][/divider]The socialist dictatorship of Venezuela has been in a slow motion free-fall for years. The country and currency are crumbling and the most basic resources are becoming impossible to find. Bloomberg reporter Joe Weisenthal noted today that a cup of coffee now cost $1,000,000 Bolívars — just over $10 in U.S. currency — with rampant inflation.
Incredibly bleak moment milestone for Venezuela. The cost of one cup of coffee just hit 1 million Bolivars. https://t.co/Fbv2NqnAFl pic.twitter.com/LvziiWUynI
— Joe Weisenthal (@TheStalwart) June 28, 2018
Coffee is just the tip of the iceberg for problems the socialist country is facing. – READ MORE
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