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Jan 19 2018

The Death of Money in Socialist Venezuela

Money is good — not just for the goods that it buys, but for what it represents: a standard of value. It is an essential tool in any functioning society. Socialist Venezuela demonstrates what happens when coercive meddling in economic matters destroys money. Francisco Toro of Caracas Chronicles reports in WaPo on a photo a friend sent him from Venezuela:

It’s not a very good picture, really, just a blurry cellphone shot of trash: some wrapping material, an old CD — the detritus left behind after a store was looted last week in San Felix, a city in the country’s southeast.

And yet I can’t stop thinking about it, because strewn about in the trash are at least a dozen 20-bolivar bills, small-denomination currency now so worthless even looters didn’t think it was worth their time to stop and pick them up.

According to the official exchange rate, each of those bills is worth $2. But everything official is a lie where Big Government lacks any restraint. In real life, these bills would only be valuable as toilet paper.

Prices are rising by over 80% per month. Money must be spent immediately, even indiscriminately, before it loses its value.

It sounds like it’s about prices rising fast, but it really isn’t. It’s about money breaking down. Under hyperinflation, money no longer works. It doesn’t store value. It just stops doing the basic things people expect money to do. It stops being something you want to have and turns into something you’ll do anything to avoid having: something so worthless you won’t even bend down and scoop it up off the floor while you’re looting.

Since most Venezuelans can no longer use money to acquire food, they have to resort to other means — e.g., looting.

Of course, few stores will think of restocking after they’ve been looted, and virtually none can find the capital to do so. So it looks as though we’re coming to the end of the line: Every last avenue for people to put a meal on the table has been exhausted. A video that went viral recently showed Venezuelans literally running into a cow pasture to stone a calf to death to try to get a meal.

Money is civilization. Socialism destroys money. Therefore, socialism destroys civilization.

Not long ago, Venezuela was the richest country in Latin America. It sits on the world’s largest proven oil reserves. Yet hunger has reduced the population to savagery.

What Hugo Chavez types did there, Bernie Sanders types could do here.

On a tip from J.

19 Responses to “The Death of Money in Socialist Venezuela”

  1. rambler says:

    How long before the people take out their leaders?

  2. Anonymous says:

    Da, comrade, is whole idea– destroy society and rebuild it with free everything!

  3. Frank says:

    The populace has been disarmed. Bricks have never worked well against tanks. The military will kill as many as necessary to keep Nicolás Maduro in power. Our wise Founding Fathers feared government enough to gift us us with the Second Amendment. Deep State leftists are doing their best to take it away from us for obvious reasons.

  4. Frank says:

    I know what Bernie’s going to run on in 2020: FREE SHIT! FREE SHIT! FREE SHIT!

  5. Brian says:

    You could say money is civilization, or a great mediator of the lack thereof. Its success at mediating that lack is very mixed indeed. I doubt the worthlessness of their currency is entirely unrelated to the banking cartels’ desire to shake them down. And this is not intended to vindicate anyone’s brand of socialism.

  6. rambler says:

    Dear Diane would have been in for the shock of her life if she had tried that. It would be “try and take them” because no one is turning them in.
    As for Maduro…. I doubt his hide is worth much if the military has to kill most of the population to keep him in power.

  7. MAS says:

    It is the South American political way except it’s normally the military that turns against the dictator for life.

  8. ICEvictim says:

    awww come on now. Everyone knows it’s because they’re not as smart as our lefties. You know, the same folks who constantly think they can pick up a turd by the clean end and keep telling us so day after day.

    Personally I wish they’d all fly down there and show those folks how to do it… and not come back.

  9. ICEvictim says:

    the day this witch can show me that she’s taken up every firearm from every criminal, gang banger, and crazy I’ll voluntarily turn mine into the cops. But until then she can kiss my red, white, and blue rear end.

  10. littlefish says:

    whats sad she packs because she was robbed years ago .

  11. KHarn says:

    Keep Maduro in power for WHAT? To rule over the picked-over trash heaps? Anyone with brains would check out and let whoever’s left start over. I’d say “let the neighboring countries have it”, but none of them are rushing to lay claim to any part of Venezuela.

  12. KHarn says:

    His followers will get “shit”, but it won’t be “free”.

  13. Thomas Jefferson says:

    I’m sorry, but many of the Ven. people supported socialist free sht from the dictators no the chickens come home to roost… Pay attention obarry/billary/bernie supporters…

  14. Nick Testa says:

    If those bills are worth $2 bucks, perhaps it’s time I find a friend in Venezuela.. I’ll pay .50 cents on the dollar for Bolivar…. If it’s really that abundant and exchanges in the US are that stupid, then I think there is an opportunity here.

  15. Debbie says:

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  16. octa bright says:

    That is what the Venezuelan government wlll give you for $2.00 US. It doesn’t work in reverse.

  17. Frank says:

    Senator Not-so-fine-stein: Only little people pay taxes or have the right to defend ourselves.

  18. Barbara says:

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