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Aug 20 2018

Applied Socialism: Venezuela Lops Five Zeroes Off Currency

One nice thing about allowing the government to take control of the economy the way Elizabeth Warren wants is that it allows a simple solution to every problem. Not enough revenue because little wealth is produced under socialism, even in the country with the world’s largest proven oil reserves? Then just print more money. Hyperinflation makes the money worthless? Just chop off a few zeroes:

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.

Imagine trying to run a business under the conditions that prevail in Venezuela. No matter; capitalist exploiters deserve the worst. Just ask Elizabeth Warren.

On tips from Chuck A and 1-Bodhisattva.

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