Venezuela Braces For Hyperinflation As Merchants Weigh “Mountains Of Cash” Instead Of Counting It

Thursday, December 1, 2016
By Paul Martin

by Tyler Durden
ZeroHedge.com
Dec 1, 2016

As the South American nation’s paper currency continues to lose value with each passing day, the people of Venezuela are forced to carry piles of cash just to buy basic goods and services – with many merchants now literally weighing the next-to-worthless cash rather than wasting time to count it.

Clearly, this does not bode well.

Venezuela continues to repeat the mistakes of other failed states as its currency comes dangerously close to all-out hyperinflation, as has happened in Zimbabwe and Weimar Republic Germany.

via the UK Independent:

Inflation in Venezuela is expected to reach 720 per cent this year, with the largest bolívar bill now worth just five US cents on the black market.

Some shopkeepers have reportedly taken to weighing rather than counting the wads of cash customers hand them, and standard-size wallets have become all but useless in the socialist South American state. Instead, many people stuff huge volumes of cash into handbags, money belts, or backpacks, in scenes analysts have said are suggestive of “runaway” inflation.

[…]

Humberto Gonzalez, who runs a delicatessen in the city, said he uses the same scales to weigh slices of salty white cheese and the stacks of bolívar notes handed over by his customers .
“It’s sad… at this point, I think the cheese is worth more.”

The Rest…HERE

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