Monday, November 14, 2016

As Venezuela's Currency Loses 40% In One Month, Maduro Dances

The last time we updated on the value - we use the term very loosely in this case - of the Venezuela currency, the Bolivar in the black market, was at the start of November, when one US dollar purchased 1,567 bolivars in the street. Fast forward not even two full weeks later, and the Venezuela currency has now officially crossed the "nice, round number" psychological hyperinflation barrier of 2,000/USD, trading at 2,014 today, crashing by 22% since our last check, and an vomit-inducing 43% in the past month.

The exponentially-rising chart below shows what hyperinflation in a destroyed socialist economy looks like ....