How did Venezuela end up this way?

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NamelessStain
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Re: How did Venezuela end up this way?

Post by NamelessStain » Fri Jun 29, 2018 9:00 am

Zimbabwe: We had one of the highest hyperinflation rates EVER!
Venezuela: Sostenga mi cerveza (Hold my beer.)

https://www.dailywire.com/news/32438/so ... n-saavedra
SOCIALISM FAIL: Venezuela's Projected Inflation Rate Is Nearly 500,000%, Report Suggests
John Moore/Getty Images
ByRyan Saavedra
@RealSaavedra
June 28, 2018
34.5k views

The inflation rate in Venezuela has exploded over the last year as the socialist nation grapples with extreme levels of poverty and food shortages — even worse, a new report suggests that the inflation rate could increase ten-fold in the coming months.

According to The Week, five million Venezuelan Bolivars is equivalent to $1.45 in United States dollars, which is approximately the same amount that a minimum-wage worker earns in an entire month in Venezuela.

A cup of coffee in Venezuela now costs approximately one million Bolivars. Bloomberg reports:

Consider that just two years ago, when we launched the Bloomberg Cafe Con Leche Index, a coffee cost 450 Bolivars ...

...With the latest price increase -- from 800,000 Bolivars just a week earlier -- inflation over the past 12 months in Venezuela climbed to 43,378 percent, according to the index.

Bloomberg notes that if the inflation rate over the last three months is used to project the inflation rate over the next year, it comes out to a staggering 482,153%.

The crisis in Venezuela is so dire that Venezuelans reported losing nearly 25 lbs on average in 2017 because they couldn't afford to purchase food. The New York Post reported in February that the poverty rate in Venezuela is approximately 90%.

Incredibly bleak moment milestone for Venezuela. The cost of one cup of coffee just hit 1 million Bolivars. https://t.co/Fbv2NqnAFl pic.twitter.com/LvziiWUynI
— Joe Weisenthal (@TheStalwart) June 28, 2018
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Re: How did Venezuela end up this way?

Post by MPMalloy » Fri Jun 29, 2018 9:12 am

The following comes from a Bloomberg email called Balance of Power that I receive M-F in the AM:
Code-named Operation Constitution, the goal was straightforward and seismic — to capture Venezuelan President Nicolás Maduro and put him on trial.

The failed coup attempt — involving dozens of officers from across all four branches of his military — was timed to thwart Maduro's re-election on May 20 in a poll that was widely condemned as fraudulent.

Some 30 officers were arrested, some of them accused of treason, after the plot was discovered, Bloomberg exclusively reports, with a military tribunal document alleging the U.S. and Colombia of providing financial backing for the attempted overthrow. Those interrogated by the tribunal deny this but say some U.S. and Colombian officials were aware of what was happening.

Maduro maintains his grip on power. He’s worked hard to keep top military brass in his corner with lucrative jobs and contracts. The military has even come to oversee the desperate water trade amid empty reservoirs, broken pipes and a lack of personnel.

Once one of Latin America's richest countries, Venezuela’s descent into dysfunction and poverty shows no signs of reversing course.

— Ethan Bronner
Has anyone else heard anything about this?
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Re: How did Venezuela end up this way?

Post by Stercutus » Fri Jun 29, 2018 2:59 pm

Has anyone else heard anything about this?
It was an exclusive Bloomberg investigative report. They are the only ones with a line on it. Since it was investigative journalism and the governments involved are not commenting it may as well be smoke and mirrors. Also it appears that all their sources were in Venezuela so that kind of lowers my expectations of accuracy.
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Re: How did Venezuela end up this way?

Post by teotwaki » Fri Jun 29, 2018 3:49 pm

The crisis in Venezuela is so dire that Venezuelans reported losing nearly 25 lbs on average in 2017
Announcing the new Madrisqui Beach Diet!!

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Re: How did Venezuela end up this way?

Post by woodsghost » Fri Jun 29, 2018 4:21 pm

teotwaki wrote:
The crisis in Venezuela is so dire that Venezuelans reported losing nearly 25 lbs on average in 2017
Announcing the new Madrisqui Beach Diet!!

Grossly overweight Americans can shed pounds as quickly as the people in Venezuela by participating in these calorie burning activities that may also help you to appreciate just how great America is!!

The Riot Shield Push-Back
Image


The Empty Shelves Grocery Store Smash & Grab
Image


Tear Gas Canister Shot Put
Image


The Run For Your Life Fitness Dash
Image
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Re: How did Venezuela end up this way?

Post by Stercutus » Wed Jul 11, 2018 3:18 pm

At least they are not digging the bodies up looking for valuables in the coffins. Yet.

https://www.bloomberg.com/news/articles ... -my-family
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Re: How did Venezuela end up this way?

Post by jor-el » Thu Jul 12, 2018 8:25 am

Stercutus wrote:
Wed Jul 11, 2018 3:18 pm
At least they are not digging the bodies up looking for valuables in the coffins. Yet.

https://www.bloomberg.com/news/articles ... -my-family
More likely digging up bones for soup.
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Re: How did Venezuela end up this way?

Post by teotwaki » Thu Jul 12, 2018 4:07 pm

jor-el wrote:
Thu Jul 12, 2018 8:25 am
Stercutus wrote:
Wed Jul 11, 2018 3:18 pm
At least they are not digging the bodies up looking for valuables in the coffins. Yet.

https://www.bloomberg.com/news/articles ... -my-family
More likely digging up bones for soup.
Dem bones be so nutritional ya'll

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