Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

COLGATE4

(14,732 posts)
Fri Feb 5, 2016, 08:26 PM Feb 2016

I think I see what the problem is!

Venezuela's new Finance Minister embraces the 'Bolivarian' idea that there is no such thing as inflation:

"Venezuela's new economy czar Luis Salas is tasked with controlling what is believed to be the world's highest rate of inflation, but comes to the job with an unusual perspective: that inflation does not really exist.

Essays written by Salas describe scarcity and spiraling prices as the result of exploitation by businesses rather than government policy, offering an academic underpinning to the "economic war" explanation that Maduro uses to describe the current malaise of recession, runaway prices and widespread product shortages."

snip

""Inflation does not exist in real life," he wrote in a 2015 pamphlet called "22 Keys to Understanding the Economic War." "When a person goes to a shop and finds that prices have gone up, they are not in the presence of 'inflation.'"


http://www.reuters.com/article/us-venezuela-economy-idUSKBN0UL27820160107


Latest Discussions»General Discussion»I think I see what the pr...