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(NBC News)   Venezuelan inflation last year was 883,997 percent; Zimbabwe offers to loan them their spare quadrillion dollar printing presses   ( nbcnews.com) divider line
    More: Scary, Inflation, percent inflation, lawmaker Angel Alvarado, President Nicolas Maduro, OPEC, International Monetary Fund, Venezuela, crude oil prices  
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420 clicks; posted to Business » on 08 Nov 2018 at 7:13 PM (8 days ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



16 Comments     (+0 »)
 
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2018-11-08 12:42:33 PM  
I have two questions:

1. The IMF expects 11,000,000% inflation in 2019 (about 163% a month or 3.2 percent a day). The real question is how long the inflation can continue at all before the Venezuelan economy dollarizes.

2. Is Angel Alvarado part of the real Venezuelan legislature (now in exile) or the fake one set up as a rubber stamp by Maduro?
 
2018-11-08 06:00:58 PM  
(2016) ... Venezuelan economy. The country now seems to be at the stage where it cannot afford to actually purchase its own money. In a tale that highlights the chaos of unbridled inflation, Venezuela is scrambling to print new bills fast enough to keep up with the torrid pace of price increases. Most of the cash, like nearly everything else in the oil-exporting country, is imported.

(2003) Zimbabwe's central bank promised yesterday to issue large denomination travellers' cheques to ease a chronic cash shortage, caused because the nation cannot afford many of the printing inks.
 
2018-11-08 07:20:32 PM  
That low?  I thought they'd more or less reached the point where paper money literally buys nothing- the only thing people will deal in is either foreign currency or barter.
 
2018-11-08 07:42:06 PM  
Check it out, this kourier wants to pay in Gippers!
 
2018-11-08 08:04:48 PM  
I just want to put in a plug for Somalia - the Somali Shilling has actually strengthened from 35,000 per dollar a decade ago to about 580 per dollar. Maybe libertarianism isn't such a bad thing...
 
2018-11-08 08:06:16 PM  

mjjt: (2016) ... Venezuelan economy. The country now seems to be at the stage where it cannot afford to actually purchase its own money. In a tale that highlights the chaos of unbridled inflation, Venezuela is scrambling to print new bills fast enough to keep up with the torrid pace of price increases. Most of the cash, like nearly everything else in the oil-exporting country, is imported.

(2003) Zimbabwe's central bank promised yesterday to issue large denomination travellers' cheques to ease a chronic cash shortage, caused because the nation cannot afford many of the printing inks.


Luckily we don't have that problem here in the US.
 
2018-11-08 08:07:39 PM  
Ahh, zimbabwe. The only place I'm a multi-billionaire on paper.
 
2018-11-08 09:44:02 PM  

skyotter: Check it out, this kourier wants to pay in Gippers!


I thought they were called Meeses
 
2018-11-08 09:58:20 PM  
do their printing presses cost quadrillion dollars or they have quadrillion of them that print $1?
 
2018-11-08 10:02:23 PM  
I remember about 15 years ago when Chavez was a darling among the American left
 
2018-11-08 10:41:32 PM  
The worst part is most transactions are done electronically so there isn't the big piles of cash around. Would be nice to save some money on toilet paper.
 
2018-11-08 11:10:24 PM  

machoprogrammer: I remember about 15 years ago when Chavez was a darling among the American left


I remember when Fidel Castro tried out for the Brooklyn Dodgers.
 
2018-11-09 12:17:34 AM  
I'm predicting right now that Amazon will buy Venezuela and put HQ3 there.
 
2018-11-09 06:42:17 AM  

machoprogrammer: I remember about 15 years ago when Chavez was a darling among the American left


You mean a small segment of liberal voters and beneficiaries of his discounted home heating oil program for the Northeastern US states?  The majority of people IMHO saw him as a ridiculous egomaniac.
 
2018-11-09 04:31:12 PM  
"It is not gay if it is in Zimbabwe"
 
2018-11-09 08:28:31 PM  

Northern: machoprogrammer: I remember about 15 years ago when Chavez was a darling among the American left

You mean a small segment of liberal voters and beneficiaries of his discounted home heating oil program for the Northeastern US states?  The majority of people IMHO saw him as a ridiculous egomaniac.


Nah, all kinds of liberal news outlets were running stories about how socialism in Venezuela was working. It was finally the nirvana they always wanted where THIS TIME it will work with the right people running it.
 
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