Venezuela – new money, same old Socialist corruption.
(Bloomberg) — It’s just been a few weeks since the rollout of Venezuela’s new money, and inflation in this new monetary era is already 100 percent.
After a week and a half of no changes in the Bloomberg Cafe Con Leche Index, the price of a cup of coffee has surged the past two weeks, climbing to 50 bolivars from 25 bolivars. For those still struggling to get used to the new pricing system, 50 of today’s bolivars equals 5 million of the old ones.
President Nicolas Maduro stripped five zeros off the currency in August to — at least, briefly — simplify basic business transactions in a nation devastated by years of hyperinflation. The price increases over the past two weeks have pushed annual inflation above 100,000 percent, the index shows.
Maduro and his cronies have destroyed Venezuela’s sovereign yield curve taking it from an upward-sloping to steeply downward-sloping.
Here is Maduro burying his own country with corrupt, Socialist policies.