Time to cash in your Venezuelan currency

[Fly320s]

With a prediction for Venezuela inflation to hit 1,000,000% this year, Venezuela is lopping off 5 zeros from their currency.

Socialism works great!

https://www.reuters.com/article/us-venezuela-economy/venezuela-to-remove-five-zeroes-from-ailing-currency-idUSKBN1KF36V

[Angel Eyes]

Zimbabwe redux.

[Andiron]

I'm all about the schadenfreude, but it sucks for the poor useless idiots.

The biggest crime is that none of the left here will take it as an object lesson.

[RoadKingLarry]

I'm all about the schadenfreude, but it sucks for the poor useless idiots.

The biggest crime is that none of the left here will take it as an object lesson.

Obviously, The Right People© were not in charge.
They didn't go far enough left. Yeah, that's the problem.

[HankB]

Obviously, The Right People© were not in charge.
They didn't go far enough left. Yeah, that's the problem.

So maybe they need The Left People^TM in charge?

[Scout26]

I'm now being told by my leftist friends that "It worked under Chavez, and Maduro is the one that has screwed it up."

I simply tell them, that they ran out of other people's money under Maduro.

The other excuse is the collapse of oil prices.  To which I point out that no other oil producing countries collapsed as a result, and now that oil prices are high once again, how come things the economy continues to worsen in Venezuela ??

[Ben]

 and now that oil prices are high once again, how come things the economy continues to worsen in Venezuela ??

Because when international companies spend hundreds of millions of dollars on infrastructure, and "The People" confiscate that infrastructure, the companies get their people the hell out of Dodge and let "The People" take over. Then you get to watch hundreds of millions of dollars of oil extraction infrastructure break down and/or turn to piles of rust.

[TommyGunn]

I now being told by my leftist friends that "It worked under Chavez, and Maduro is the one that has screwed it up."

I simply tell them, that they ran out of other people's money under Maduro.

The other excuse is the collapse of oil prices.  To which I point out that no other oil producing countries collapsed as a result, and now that oil prices are high once again, how come things the economy continues to worsen in Venezuela ??

It WAS collapsing under Chavez and Maduro has only accelerated the process.  Your friends are living in la- la land.

[just Warren]

I don't remember if it was here or some other hive of scum and villainy where I'm a member but a petro-engineer (petro-masculinity) sort used to work at a facility in Venezuela until things went south and the company left or was forced out.

Apparently, surprisingly, the facility could not operate without the folks who used to run it and the Chavez regime offered some good money if the previous professionals would come back and get things going and do some training.

Well, our guy went back and even though it had only been a few months the facility was trashed.

There was one spot where it was a field of pipes that somehow had been submerged.

Hey left as soon as he could because there was no fixing that level of stupid.

If this was an APSie please speak up. That's how I remember it but I may not have all the details correct, however it does fit what we know of Venezuela.  

[Scout26]

Currently it is 143,820.00 Venezuelan Bolivars to $1 US.

The Venezuelan Bolivar is pegged to the US dollar and it was devalued to 6.30 Bolivars per dollar on February 13 of 2013.


WOW, they are making Argentina and Zimbabwe look like pikers....