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100 Bolivars pulled from market within 72 hours by president Maduro. Border closure to Columbia to crackdown smuggling.
views:
100 Bolivars worth 3 USD Cents
where:
While many business were not accepting 100-bolivar bills, poor people living day to day could not afford to reject cash and many were using the bills to buy food for the day.
"I'll take everything you can give me to eat today," said taxi driver Jose Manuel Henrique, 49, whose cash income goes entirely to feeding his two children.
Still, Henrique, a former supporter of late socialist leader Hugo Chavez, was annoyed. "The government can't get anything right. This wasn't thought out."
And remember, as we noted earlier, Venezuela’s inflation has officially become the 57th official, verified episode of hyperinflation and been added to the Hanke-Krus World Hyperinflation Table.
With Venezuela's move, we can now add the insolvent Latin American country to an increasingly large group of countries including India, Sweden, and Australia, which in recent months have been on a quiet crusade to eliminate all forms of paper money. Certainly, Venezuela will not be the last as only full control over a nation's currency will allow governments to enact global negative rates, something which is inevitable once the current "Trumpflation" euphoria finally ends.
"I'll take everything you can give me to eat today," said taxi driver Jose Manuel Henrique, 49, whose cash income goes entirely to feeding his two children.
Still, Henrique, a former supporter of late socialist leader Hugo Chavez, was annoyed. "The government can't get anything right. This wasn't thought out."
And remember, as we noted earlier, Venezuela’s inflation has officially become the 57th official, verified episode of hyperinflation and been added to the Hanke-Krus World Hyperinflation Table.
With Venezuela's move, we can now add the insolvent Latin American country to an increasingly large group of countries including India, Sweden, and Australia, which in recent months have been on a quiet crusade to eliminate all forms of paper money. Certainly, Venezuela will not be the last as only full control over a nation's currency will allow governments to enact global negative rates, something which is inevitable once the current "Trumpflation" euphoria finally ends.