Commissar SFLUFAN Posted August 20, 2018 Share Posted August 20, 2018 In a radical attempt to end a prolonged period of economic turmoil in the oil-rich, but cash-poor nation, Venezuelan President Nicolas Maduro announced Friday that his socialist administration would issue new banknotes after lopping five zeroes off the beleaguered bolivar. The move effectively devalues Venezuela's currency by around 96 percent, with the bolivar set to go from about 285,000 per dollar to 6 million. Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted August 20, 2018 Share Posted August 20, 2018 Venezuela! Take a drink Quote Link to comment Share on other sites More sharing options...
elbobo Posted August 20, 2018 Share Posted August 20, 2018 this certainly seems sustainable Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted August 20, 2018 Author Share Posted August 20, 2018 Oh, and to make things more "interesting", the new currency is pegged to the national cryptocurrency (the "petro") which is itself pegged to the price of oil. Quote Link to comment Share on other sites More sharing options...
CayceG Posted August 20, 2018 Share Posted August 20, 2018 3 minutes ago, SFLUFAN said: Oh, and to make things more "interesting", the new currency is pegged to the national cryptocurrency (the "petro") which is itself pegged to the price of oil. I thought that was the problem in the first place. Quote Link to comment Share on other sites More sharing options...
ort Posted August 20, 2018 Share Posted August 20, 2018 Well, here we have it... definitive proof that everything the Democrats are doing is bad. Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted August 20, 2018 Author Share Posted August 20, 2018 To provide some context, here are some everyday items and the amount of currency needed to purchase them: 2 Quote Link to comment Share on other sites More sharing options...
Jason Posted August 20, 2018 Share Posted August 20, 2018 Wouldn't it make more sense to just wipe with the money at that point? 9 Quote Link to comment Share on other sites More sharing options...
mclumber1 Posted August 20, 2018 Share Posted August 20, 2018 13 minutes ago, Jason said: Wouldn't it make more sense to just wipe with the money at that point? The value of the Bolivar would go up if they just printed it on toilet paper. Quote Link to comment Share on other sites More sharing options...
Spawn_of_Apathy Posted August 20, 2018 Share Posted August 20, 2018 They would need a dump truck to buy a decent TV. Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted August 20, 2018 Author Share Posted August 20, 2018 For the curious: The Post-World War II hyperinflation of Hungary held the record for the most extreme monthly inflation rate ever – 41,900,000,000,000,000% (4.19 × 1016% or 41.9 quadrillion percent) for July 1946, amounting to prices doubling every 15.3 hours. Quote Link to comment Share on other sites More sharing options...
PaladinSolo Posted August 20, 2018 Share Posted August 20, 2018 Well, i'm convinced, get rid of the fed and let Trump run monetary policy. NYTs reporting hes venting to donors the fed is raising interest rates, lol. Quote Link to comment Share on other sites More sharing options...
CastlevaniaNut18 Posted August 20, 2018 Share Posted August 20, 2018 6 hours ago, Spawn_of_Apathy said: They would need a dump truck to buy a decent TV. I'm betting a TV is the least of their concerns right now. Quote Link to comment Share on other sites More sharing options...
TheLeon Posted August 20, 2018 Share Posted August 20, 2018 What does the IMF have to do with this? Is Ethan Hunt going to parachute in and fix this with motorcycle chases and fist fights? 1 Quote Link to comment Share on other sites More sharing options...
skillzdadirecta Posted August 21, 2018 Share Posted August 21, 2018 9 hours ago, Jason said: Wouldn't it make more sense to just wipe with the money at that point? Damn I had the same thought 1 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.