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Wed Nov 22, 2017, 10:10 PM

'Death spiral': 4,000% inflation in Venezuela

Venezuela's money is nearly worthless, and its cash crisis is only getting worse.

The country is spiraling further into a humanitarian disaster spurred by the government's economic policies, which have caused the currency, the bolivar, to plunge in value and prices to skyrocket. Food and medicine shortages have been reported across Venezuela.

The bolivar has lost 96% of its value this year. As of Tuesday, it took 84,000 bolivars to buy an American dollar. At the beginning of this month, a dollar was worth 41,000 bolivars. And at the start of this year, it only took 3,100 bolivars to buy a dollar, according to DolarToday, a website that tracks the unofficial exchange rate.

Millions of Venezuelans look at DolarToday or another site, Paralelo Venezuela, to find out how much money they need to buy groceries -- if there's food on the shelves at all. The government's official exchange rate has been deemed meaningless.

http://money.cnn.com/2017/11/22/news/economy/venezuela-currency-crash/index.html

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Reply 'Death spiral': 4,000% inflation in Venezuela (Original post)
Zorro Nov 2017 OP
GatoGordo Nov 2017 #1

Response to Zorro (Original post)

Thu Nov 23, 2017, 09:28 PM

1. Maduro just offered 80,000 Bs scholarships to all university students

 

According to Maduro, that's the equivalent of $8,000 at the DICOM rate of 10:1!!!

At the rate in which the rest of the world lives, that is approximately 98 cents. Which is convenient, because Ph.D university professors are making a salary of about $1 per day.

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