Venezuela Braces for Runaway Inflation As Merchants Weigh “Mountains of Cash” Instead Of Counting It
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By Mac Slavo
Venezuela is deep into the death spiral, and things are likely to get worse before they get better.
As the South American nation’s paper currency continues to lose value with each passing day, the people of Venezuela are forced to carry piles of cash just to buy basic goods and services – with many merchants now literally weighing the next-to-worthless cash rather than wasting time to count it.
Clearly, this does not bode well.
Venezuela continues to repeat the mistakes of other failed states as its currency comes dangerously close to all-out hyperinflation, as has happened in Zimbabwe and Weimar Republic Germany.
Via the UK Independent:
Inflation in Venezuela is expected to reach 720 per cent this year, with the largest bolívar bill now worth just five US cents on the black market.
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