Venezuela Inflation Rate Passes 1 Million Percent, and It's Costing Lives Every Day: This is What Devastating Hyperinflation Looks Like
Venezuela Inflation Rate Passes 1 Million Percent, and It's Costing Lives Every Day: This is What Devastating Hyperinflation Looks Like
“Venezuela today shows us what hyperinflation looks like in the digital age,” said AS/COA's Guillermo Zubillaga in Newsweek regarding Venezuela's economic crisis.
Do you see this bill?” asked Venezuelan journalist and cyberactivist Luis Carlos Díaz, as he held up a 50 bolivar note. “This is the new bolivar [Venezuela’s currency] called ‘bolivar soberano’ [sovereign bolivar]. This doesn’t have any value at this moment for me because I need to have 10 of this to buy 1 U.S. dollar, and I have to spend it fast because these bills lose value every single day.”
Diaz’s conundrum describes the effects of strongman Nicolás Maduro’s failed economic policies in a bid to reduce Venezuela’s hyperinflation, which has reached 1.29 million percent in November, according to a Monday report from the opposition-controlled legislative branch known as the National Assembly. Inflation rate is projected to jump 10 million percent by 2019, based on estimates from the International Monetary Fund.
The assembly forecasts that Venezuela would even hit 4.3 million percent by the end of this month. Econoanalítica, a Venezuelan private financial firm, affirmed that hyperinflation would reach at least 2 million before December ends, local reports indicated.(...)
