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.

Democrats want to bring this chaos to America.

CNBC reported:

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.

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