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What food costs in Venezuela: eggs $150 a dozen, dry milk $100 a pound!

Tuesday, June 7, 2016 3:30

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Full article at:

http://news-uncensored-fresh.blogspot.be/2016/06/what-food-costs-in-venezuela-eggs-150.html

Now, those who are having difficulty finding food in Venezuela have another problem: being able to afford it. Food costs in Venezuela have soared so high, they’re practically extraterrestrial.

Those who didn’t stock up on emergency food back before the government there made it illegal are now probably fervently wishing they had.

Here’s a crash course on hyperinflation.

Hyperinflation is when prices increase to ridiculous amounts very quickly, and it usually happens when a country’s currency becomes worthless due to economic collapse or deficit spending, after the government prints more money that is backed by nothing. Hyperinflation nearly ruined Zimbabwe after the government unrestrainedly printed money to fight a war . It reached a staggering 2.2 million percent increase. The most famous case of hyperinflation occurred in the Weimar Republic of Germany in 1922-1923. In these cases, hyperinflation reached 1,000,000,000,000 to 1. (source)

Let me repeat one key point: Hyperinflation occurs due to economic collapse and when the government prints too much worthless money. Sound familiar? *cough*quantitative easing*cough*

The food costs in Venezuela have reached hyperinflation levels.

The IMF has predicted that inflation in Venezuela will reach 720% this year, while other experts set that number at 1200%. The drop in oil prices is partly to blame, as is the irresponsible spending of a socialist government.

An article in the LA Times sheds some very personal light on the situation there. A reporter interviewed a woman named Maria, a single mother who works as an accounting assistant for the government.

“Her monthly pay, including a food allowance, is 27,000 bolivars.
That’s $2,700 a month at the official exchange rate of 10 bolivars to the dollar. But Venezuelans have so little faith in their currency — or the government’s ability to fix the country’s deepening economic crisis — that a dollar can fetch upward of 1,000 bolivars on the black market. At that rate, Linares earns just $27 a month.”

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