Silly Americans mock Venezuela’s 99.5% currency collapse, thinking it can’t happen here
by: JD Heyes
NaturalNews.com
Saturday, May 20, 2017
Yet another real-life attempt at creating a successful Marxist government is going down in flames — this time in Venezuela — harming millions of people in the process even as the far-Left government of President Nicolas Maduro doubles, triples and quadruples down on the same failed fiscal policies.
To say that the country is an economic basket case is a gross understatement. Inflation can only be described as runaway; the country’s currency isn’t even worth the paper it is printed on; few can afford even basic foodstuffs and supplies and the government is broke. Store shelves are empty; there is fighting in the streets; the murder rate is soaring, and the army has to guard shipments of goods.
As reported by Zero Hedge, the anger has gotten so bad over conditions in what used to be South America’s economic behemoth, demonstrators are resorting to throwing “bombs” full of feces at government forces, as the currency (the bolivar) collapses again by 99.5 percent — 5,100 bolivars to every $1.
The monetary depreciation and inflation are so extreme that most peoples’ savings have been obliterated. It’s all but impossible to buy imported goods — and domestic production of goods has also fallen dramatically.
Like all good socialists, Maduro — who is essentially a dictator — has arbitrarily raised the minimum wage something like 20 times during his tenure (much like Democrats in the U.S. want to do and have done). But because artificially raising wages without taking into consideration whether businesses can even afford to pay them is a recipe for fiscal disaster, they have done no good and still only amount to about $40 a month. In fact, raising the wages by dictate rather than allowing the free market to determine wages has only made things worse.
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