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Fri Feb 5, 2016, 08:26 PM

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


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