Protests, looting erupt as Venezuelans fume over cash chaos
This seems like a really good example of just how bad things can get, when you practice the "control the economy for your own aims" approach. Venezuela has been doing nothing but going down the socialist spiral to become one of those outstanding examples of how well government (and socialist) policies can work.
The problem with money is wide and deep. Apparently, electronic transfers are still allowed, but cash simply is not available. With the 100-bolivar note now illegal. The stories speak of 10,000-bolivar or 20,000-bolivar notes coming "soon" but that will not happen. Thomas De La Rue currency printers created the notes, but the central bank did not pay for them, so the delivery was held back.
What was delivered was 747s loaded with 100-b notes, 10 billion of them - while the US FRB uses about 7B annually. Now the 100-bolivar has been demonetized.
Blomberg April 27, 2016: https://www.bloomberg.com/news/articl...
I had no trouble getting here when I went to HOT on top of someone else's post.
Me dino will now add my Jurassic off the wall comment~ta da!~
Hey, Venezuela! Send for Bolsheviki Bernie!
His rabid supporters believe he possesses the yankee ingenuity to make socialism work instead of turning countries like yours into banana republic dictatorships.
Yeah, Bernie can fix it. He'll just seize other people's money and--oh, wait, Me have reason to believe seizing money may not do the trick.
Don't worry. Bernie can figure it out.
He's a United States socialist, you see. Somehow that's believed to make a big difference. Me not know how. But there ya go, I guess.
But more than all that, it is pure evil. Children are dying of malnutrition with no end in sight but the dogooders who want to help the Syrians are silent. Obama and SOS Clinton took out Gadaffi for surrounding 250 Islamic agitators. I suppose if one had the ability to dig deep they would find Soros has his hand in it. It is about eugenics.
I know it's a gov't lie, but I'm trying to understand what its a lie.
The so called enemy gangsters run in the black market. Most essential foods are unavailable in the government store due to price controls. Anything that is more efficient than they is the enemy. Venezuela presents itself as a "socialistic paradise." That is, a country where life is better than in capitalist countries. This is the main justification for socialism and social order. People traveling abroad could immediately see that this is not the case. When this becomes evident to a sufficient number of people, the socialistic statist regime will collapse.
Travel restrictions are severe . The reasons for restricting travel to these countries are that they , the authorities are afraid to expose people to their lie. Besides that, most South American countries enjoyed higher life standards and less ideological restrictions than Venezuela.
Maduro said the closure was needed to thwart “mafias” who hoard bolivars. Critics mocked the notion that gangsters would choose to keep their wealth in the world’s fastest-devaluing currency. The 100-bolivar bill - until now the country’s largest denomination - is worth little more than 2 cents, down from 10 cents at the start of the year.
The critics are implying , correctly that Maduro's reason for closing the border and the gangster hoarding worthless 100 bolivar notes is bull ship.