Venezuela to slash six zeroes from currency

[Anti Federalist]

Venezuela to slash six zeroes from currency

https://www.gmanetwork.com/news/new...-six-zeroes-from-currency-central-bank/story/

Published August 5, 2021 9:48pm

Venezuela will slash six zeroes off its inflation-battered currency the bolivar to make it easier to use, the central bank said Thursday.
advertisement

The change will take effect October 1 with the issuance of new currency notes.

"All monetary amounts expressed in national currency will be divided by one million," the central bank of President Nicolas Maduro's beleaguered leftist government said.

It said the goal of the change is to "facilitate" the use of the bolivar.

The once-wealthy oil producer is enduring its fourth year of hyperinflation and its eighth year of recession.

From January through May prices have risen 265 percent.

Venezuela is now in the worst economic crisis of its modern history. Inflation is so bad that the everyday economy now works mainly in dollars. In stores it is common to see prices listed in dollars.

Back in May the government tripled the minimum monthly wage but the new amount was still not even enough to buy a kilo of meat.

The Maduro government is under international sanctions championed by the United States, which is pushing for his ouster and does not recognize him as the country's legitimate president.

With the currency overhaul, the central bank will issue new notes with face values of five, 10, 20, 50 and 100 bolivars and a one-bolivar coin, Communications Minister Freddy Nanez said on Twitter. - Agence France-Presse

 

[Anti Federalist]

The Maduro government is under international sanctions championed by the United States, which is pushing for his ouster and does not recognize him as the country's legitimate president.

But yet the US backs open communists against Orban in Hungary.

Why the hell is this?

Easy answer: Opposing Maduro and maintaining sanctions helps ensure the longevity and severity of the Marxist misery the Venezuelan people voted themselves into.

Thus ensuring a continued flow of communist voting, border crossing invaders that have been given the green light to receive protected refugee status the second they get here.

 

[Warrior_of_Freedom]

6 zeros? so basically the currency is worthless now and everyone's bank accounts were pillaged? Is this what I have to look forward to here for being fiscally responsible?

 

[Anti Federalist]

6 zeros? so basically the currency is worthless now and everyone's bank accounts were pillaged? Is this what I have to look forward to here for being fiscally responsible?

Ummm, yes.

But you're a racist, privileged shitlord for saying so and being concerned about it.

 

[oyarde]

6 zeros? so basically the currency is worthless now and everyone's bank accounts were pillaged? Is this what I have to look forward to here for being fiscally responsible?

looks like it is the future

 

[Brian4Liberty]

Back in May the government tripled the minimum monthly wage but the new amount was still not even enough to buy a kilo of meat.

Typical leftist BS. “We just destroyed the currency so that your wages and savings are worthless, but we’ll go ahead and raise the minimum wage because we are so caring and concerned for the little people.”

Basically what they are doing in America today, at a slower speed right now. And the ignorant left thinks it’s a good thing. Useful idiots.

 

[Occam's Banana]

Back in May the government tripled the minimum monthly wage but the new amount was still not even enough to buy a kilo of meat.

Typical leftist BS. “We just destroyed the currency so that your wages and savings are worthless, but we’ll go ahead and raise the minimum wage because we are so caring and concerned for the little people.”

Basically what they are doing in America today, at a slower speed right now. And the ignorant left thinks it’s a good thing. Useful idiots.

"[Three times] nothin' is ... let me do the math here ... nothin' ... and then nothin' ... carry the nothin' ..."

https://www.youtube.com/watch?v=ZYb-VNCet48

 

[Snowball]

But yet the US backs open communists against Orban in Hungary.

Why the hell is this?

Easy answer: Opposing Maduro and maintaining sanctions helps ensure the longevity and severity of the Marxist misery the Venezuelan people voted themselves into.

Thus ensuring a continued flow of communist voting, border crossing invaders that have been given the green light to receive protected refugee status the second they get here.

Nope. They couldn't care less if the sovereign government is "Right" or "Left". They ONLY care if they OWN IT or not.

 

[Madison320]

Typical leftist BS. “We just destroyed the currency so that your wages and savings are worthless, but we’ll go ahead and raise the minimum wage because we are so caring and concerned for the little people.”

Basically what they are doing in America today, at a slower speed right now. And the ignorant left thinks it’s a good thing. Useful idiots.

It can't happen here. We've figured out the magic secret to printing as much as we want without causing prices to rise.

 

[Bargolf]

This is a necessary measure, but will it be beneficial in the future? When will the new devaluation break out?

 

[TheTexan]

Typical leftist BS. “We just destroyed the currency so that your wages and savings are worthless, but we’ll go ahead and raise the minimum wage because we are so caring and concerned for the little people.”

Basically what they are doing in America today, at a slower speed right now. And the ignorant left thinks it’s a good thing. Useful idiots.

It's not so much that your savings are worthless, its more like you are forced to invest your savings into something. You get to choose at this point between several different classes of extremely risky assets, with all investment classes being made risky by a variety of government interventions and/or bubbles.

So you can either choose to watch your savings waste away to inflation, or invest into something risky and roll the dice and hope your savings don't halve in value over the next 6 months.