Venezuela’s currency, the bolívar tooo daaa MooOOOOOON !

[LiteCoinGuy]

http://www.economist.com/news/americas/21659764-government-prints-money-hyperinflation-looms-crackers-caracas?fsrc=scn/tw/te/pe/ed/CrackersInCaracas

[Spendulus]

http://www.economist.com/news/americas/21659764-government-prints-money-hyperinflation-looms-crackers-caracas?fsrc=scn/tw/te/pe/ed/CrackersInCaracas

So this is officially hyperinflation according to standard definitions.

https://en.wikipedia.org/wiki/Hyperinflation

Since two thirds of Venezuela's food is imported, this is pretty serious.

[bryant.coleman]

Since two thirds of Venezuela's food is imported, this is pretty serious.

Reminds me of the USSR in the late 1980s. The Soviets never bothered to grow crops themselves, as they thought that the petrodollars will keep flowing for eternity. So they were very ill-prepared for the crash in crude prices which occurred during the same time period. The same has happened here. Venezuela is a sparsely populated country with huge amounts of fertile farmland. But they have ignored their agricultural sector for too long.

[Spendulus]

Since two thirds of Venezuela's food is imported, this is pretty serious.

Reminds me of the USSR in the late 1980s. The Soviets never bothered to grow crops themselves, as they thought that the petrodollars will keep flowing for eternity. So they were very ill-prepared for the crash in crude prices which occurred during the same time period. The same has happened here. Venezuela is a sparsely populated country with huge amounts of fertile farmland. But they have ignored their agricultural sector for too long.

Quite likely that the socialist/communist direction has discouraged private (capitalist) farming.  that's different than "ignoring."

[leopard2]

they have more hard assets than Greece but they are not in the Eurozone, that is the problem. If Venezuela was in the Eurozone, they would get the money shoved up their arse without having to sell a single barrel of oil. Since they cannot tap EZB emergency liquidity, they have to print their money themselves.

IMF is not an option either, they only help US buttlickers. You can be chaotic and corrupt, lying and lazy, but you have to have strong friends....

But don't worry, intrinsic value of Bolivar, USD and Euro is identical: zero. Sooner or later all fiat currencies will arrive there. 

[rax]

Of course you actually mean "to oblivion".

[Sourgummies]

This is why Cuba and America are getting friendly,no longer is Cuba getting top ups from its old friend.

[bryant.coleman]

This is why Cuba and America are getting friendly,no longer is Cuba getting top ups from its old friend.

Cuba no longer needs top ups from anyone. Raul Castro is exporting physicians and nurses around the world, and this is in turn bringing in billions of USD worth of forex reserves every year for Cuba. Ever heard about Mission Barrio Adentro?

http://www.theguardian.com/commentisfree/2014/dec/03/cuba-global-medical-record-shames-us-blockade-ebola

Right now, some 60,000 Cuban health workers are working abroad (including countries such as Venezuela and Bolivia).

[Sourgummies]

I knew it was their greatest export,but beyond that not to much.