Venezuela: making the Great Depression look like a mild recession
The International Monetary Fund projected this week that Venezuela’s hyperinflation will soar to 13,000 percent this year, from an estimated 2,400 percent last year. That means prices, on average, will go up by almost 1.5 percent every hour.
Incredibly, the IMF may be understating the crisis. Bloomberg’s clever “Café Con Leche Index” tracks the price of a coffee drink many Venezuelans drink daily. Over the past three months, the cost has risen from 5,500 bolivars to 45,000, putting this informal measure of the inflation rate at an annualized pace of 448,025 percent.
At that rate, you better spend as fast as you can, because prices tomorrow will be 11 times what they were today …. http://thehill.com
Source: http://luismmx.blogspot.com/2018/01/venezuela-making-great-depression-look.html
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Whistler Blowers, Insiders
Is inflation socialist, more like a failed Liberal Capitalist democracy, in a socialist country a cup of coffee remains at 5,500 Bolivars regardless of how much it costs to produce. Unfortunately for that country it was crony capitalist with no investment in a state sector to provide all those little necessities you should never import like toilet paper.