{"id":36948,"date":"2018-08-23T06:50:32","date_gmt":"2018-08-23T11:50:32","guid":{"rendered":"http:\/\/olduvai.ca\/?p=36948"},"modified":"2018-08-23T06:50:32","modified_gmt":"2018-08-23T11:50:32","slug":"what-a-disaster-chaos-returns-to-venezuela-one-day-after-massive-devaluation","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=36948","title":{"rendered":"“What A Disaster”: Chaos Returns To Venezuela One Day After Massive Devaluation"},"content":{"rendered":"
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“What A Disaster”: Chaos Returns To Venezuela One Day After Massive Devaluation<\/span><\/a><\/h3>\n<\/div>\n
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Just one day after Venezuela’s historic currency devaluation, which lopped off 5 zeros from the currency and prices while bizarrely pegging the “sovereign Bolivar” – the country’s latest currency incarnation – to the petro, an oil-backed cryptocurrency (which has been banned by the US Treasury), chaos has predictably returned to the country with the greatest petroleum deposits in the world…. and hyperinflation failed to depart for even one day.<\/p>\n

That what Henrique Rosales discovered when he went to an ATM on Tuesday – the day after Venezuela’s historic currency transformation took place – to withdraw Venezuela\u2019s new currency: he found it dispensed a maximum of 10 sovereign bolivars a day, the equivalent of 15 U.S. cents.<\/strong><\/p>\n

“This money is going to disappear out of my hands in no time,” said the 29-year-old waiter, who told the Wall Street Journal he hasn\u2019t seen cash in five months. He hasn\u2019t been able to pay for bus fare and walks several miles a day from his hilltop slum to the seafood eatery where he works.<\/p>\n

“I\u2019m realizing the government has no plan to get us out of this nightmare. What a disaster.<\/strong>”<\/p>\n

Rosales’ reaction was predictable (we previewed the chaos that lay in store for the Latin American socialist paradise over the weekend<\/a>): he is among the many Venezuelans swept by confusion and anger as the government of President Nicol\u00e1s Maduro rolled out its latest economic overhaul as part of its struggle to keep up with the world’s greatest hyperinflation, surpassing even that of the Weimar Republic<\/a>.<\/p>\n

Maduro called the measures \u201ca really impressive magical formula\u201d intended to stabilize the economy, including a new, highly devalued currency as well as tax and wage increases.<\/p>\n

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

“What A Disaster”: Chaos Returns To Venezuela One Day After Massive Devaluation Just one day after Venezuela’s historic currency devaluation, which lopped off 5 zeros from the currency and prices while bizarrely pegging the “sovereign Bolivar” – the country’s latest currency incarnation – to the petro, an oil-backed cryptocurrency (which has been banned by the […]<\/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":[1099,413,18761,21356,851,4318],"class_list":["post-36948","post","type-post","status-publish","format-standard","hentry","category-economics","tag-currency-devaluation","tag-hyperinflation","tag-petro","tag-sovereign-bolivar","tag-venezuela","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/36948","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=36948"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/36948\/revisions"}],"predecessor-version":[{"id":36949,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/36948\/revisions\/36949"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=36948"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=36948"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=36948"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}