LATE STAGE SOCIALISM: The huge amounts of cash Venezuelans need to buy everyday things

When one just weighs piles of money for purchases instead of actually counting the notes one knows that ones economy is in full meltdown mode. Late stage socialism always kind of looks the same. That is, the shelves are empty, opposition is suppressed, and people flee if they can.

Also it must be noted that in this stage it becomes very clear, all too clear, that “socialism” is for the socialists, the political class, the cronies, and not the people. The political class gets fed.

But don’t worry. It’s not “real” socialism.

Funny, it looks all too real.

(From The Business Insider)

In a plan designed to tackle hyperinflation, Venezuelan President Nicolas Maduro on Friday announced plans to raise his country’s minimum wage and create a single exchange rate pegged to his government’s petro-backed cryptocurrency, effectively devaluing the country’s currency by 96%, Reuters reported.

Venezuelans rushed to shops Friday to stock up on goods before the monetary overhaul — which will remove five zeros from prices — took effect.

Click here for the article and to see how many back packs of Bolivars one must have to pay for an avocado. 

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