{"id":36747,"date":"2018-08-16T19:42:55","date_gmt":"2018-08-17T00:42:55","guid":{"rendered":"http:\/\/olduvai.ca\/?p=36747"},"modified":"2018-08-16T19:42:55","modified_gmt":"2018-08-17T00:42:55","slug":"hyperinflation-has-destroyed-venezuela","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=36747","title":{"rendered":"Hyperinflation Has Destroyed Venezuela"},"content":{"rendered":"
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Hyperinflation Has Destroyed Venezuela<\/a><\/h3>\n<\/div>\n
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Has coffee become an unattainable luxury? It is if you live in Venezuela\u2019s capital of Caracas. In July, the price of a cup of coffee was 2 million bolivars. In a country where the minimum wage has been raised to 3 million bolivars, <\/a>coffee has become as unaffordable as food, housing, clothing, and medicine.<\/div>\n<\/div>\n<\/div>\n<\/header>\n
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Venezuela is in crisis mode. Ninety percent of citizens live in poverty conditions. Most of them have lost up to 25 pounds due to lack of food. Call it the Maduro Quick Weight-Loss Plan. President Maduro, who has blamed everything but his own socialist policies for the economic disaster, points out that he has raised the minimum wage to 3 million bolivars. For Venezuelans, this is utterly meaningless when prices are doubling every 18 days. Economists predict that hyperinflation will hit an unprecedented 1,000,000 percent by the end of the year. The Bolivar can be officially considered without value.<\/p>\n

It is easy to forget that just a few decades ago, Venezuela was one of the richest countries in South America. It had the world\u2019s largest oil reserves and plenty of gold. Along came President Chavez and his populist policies and schemes to retribute the wealth. Following years of overspending and inflation, his successor, President Maduro, has continued those policies, except there is no more wealth left to distribute. In a recent election many consider rife with fraud, Maduro\u2019s win has ensured six more years of hellish disaster for Venezuela. He has announced that he intends to fight hyperinflation by removing five zeroes from the bolivar. His announcement did not include an explanation of how devaluating the valueless Bolivar, even more, will help the country.<\/p>\n

Venezuela has gone beyond an economic disaster and is now in a humanitarian crisis. Without food or medicine, the country won\u2019t be able to survive. At this time, it is being propped up by Russian and Chinese aid.<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Hyperinflation Has Destroyed Venezuela Has coffee become an unattainable luxury? It is if you live in Venezuela\u2019s capital of Caracas. In July, the price of a cup of coffee was 2 million bolivars. In a country where the minimum wage has been raised to 3 million bolivars, coffee has become as unaffordable as food, housing, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[18902,18792,413,851],"class_list":["post-36747","post","type-post","status-publish","format-standard","hentry","category-economics","tag-alex-deluce","tag-gold-telegraph","tag-hyperinflation","tag-venezuela"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/36747","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=36747"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/36747\/revisions"}],"predecessor-version":[{"id":36748,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/36747\/revisions\/36748"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=36747"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=36747"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=36747"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}