Venezuela’s Socialist Economy Is Near Collapse – Inflation at One-Million Percent
In the Socialist mecca of Venezuela the people have resorted to eating out of trash cans and from garbage dumps.
It’s been 16 years since Socialist thug Hugo Chavez first came into office in Venezuela and now the country is near total collapse.
Inflation will be near one million percent this year.
Here is a food line in Socialist Venezuela.
— Michael Welling (@WellingMichael) July 1, 2018
Democrats want to bring this chaos to America.
This is how much cash you need to buy a chicken in Venezuela. Tell me again about how it’s not PROPER socialism. pic.twitter.com/Gf5VJK43hO
— Paul Joseph Watson (@PrisonPlanet) August 20, 2018
A major currency overhaul in Venezuela is due to come into effect Monday, with critics of the move fearful it will exacerbate hyperinflation in the crisis-stricken country.
In a radical attempt to end a prolonged period of economic turmoil in the oil-rich, but cash-poor nation, Venezuelan President Nicolas Maduro announced Friday that his socialist administration would issue new banknotes after lopping five zeroes off the beleaguered bolivar.
The move effectively devalues Venezuela’s currency by around 96 percent, with the bolivar set to go from about 285,000 per dollar to 6 million. Other measures announced in Maduro’s speech to the nation last week included highly-subsidized gas prices, a higher corporate tax rate and a massive minimum wage increase.
Economists say that by introducing the proposed measures, Maduro’s administration is only likely to make matters worse.