CRISIS In Venezuela As Inflation Reaches 3.5 MILLION PERCENT! – The REAL Inflation Rate
Josh Sigurdson talks with author and economic analyst John Sneisen about the latest news out of Venezuela as hyperinflation reaches its breaking point.
While we have seen the IMF’s claim that Venezuela will soon hit an inflation rate of 1,000,000%, it’s actually far worse! When comparing to the free market rather than basing it on other fiat currencies, the Venezuelan Bolivar Fuerte has reached an inflation rate of 3.5 million percent! If you analyze the data going back to 2010, in 8 years the price of living in Venezuela has inflated 163M%!
So what is Venezuela doing about it? Well of course they are printing more worthless currency, centralizing more and erasing zeros from the end of numbers.
Nicolas Maduro believes that the monetary conversion will spark “great revolutionary changes in the economy, which Venezuela demands.”
Obviously that’s unthinkably absurd.
The changes will take place August 30th, and believe it or not, Venezuelans will still be poor. They will still be starving. Their currency will still be worth nothing. They will still have to wait in bread lines. They will still be “taken out” if they oppose the state. They will still deal with a massive uptick in health problems. They will still be unable to get a passport. They will still need to resort to taking animals from local zoos to eat.
Well, there is a solution after all. The free market! Who would have thought?! You would think that government constantly applying more government will fix the problems of government constantly applying more government! But a little thing called economics and market principles have thoroughly debunked such a notion.
Dash, the cryptocurrency is growing at a rapid rate in Venezuela, allowing shop owners and consumers to trade freely and actually get some value for their money. Countless clerks are taking Dash as of recently and the cryptocurrency has recently become the most used of all decentralized cryptocurrencies in Venezuela according to Dash Force News.
Individuals within the country have got to learn about the terrible history of central planning. They must find diversification outside of the heavy dependency on oil. They must get out of debt, be self sustainable, independent, financially educated and responsible. They must be free. That must not ask for more government. There is no “good” government, there’s simply a perpetual paradigm. The Hegelian Dialectic if you will. Problem, reaction, solution, repeat for eternity.
We truly hope that the people of Venezuela are freed and prosper as the free market provides for all by the hand of the individual’s demand of their currency. Prosperity comes from the individual, innovating and competing on the market. Not a giant complex dependent on the dependence and the debt of the populace.
Stay tuned as we continue to follow this story as we have for so many years!
Video edited by Josh Sigurdson
Graphics by Bryan Foerster and Josh Sigurdson
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