Venezuela Bans 100-bolivar Bank Notes

[fiserman]

Source: http://www.businessinsider.com/venezuela-bans-100-bolivar-note-2016-12

The Venezuelan government pulled its 100-bolivar bank note out of service to combat smuggling and food shortages.

[iamTom123]

It is sad to note of the things happening right now in a good country like resource-rich Venezuela. Many years of wrong policies and big monetary blunders put the nation in economic problems that may lead to collapse...affecting its population and their future. Hope they can finally settle down and find solutions for the menace.

[Actualiteit]

Yeah that's what socialism does in a country. I'm expecting a lot of "real socialism/communism hasn't been tried yet, this wasn't REAL socialism"

[fiscorcle]

SO this is the second country to rake back their bank notes.
First India with their 1000 rupee take back and now this.
What is going on in the world of fiat now?

[Sithara007]

SO this is the second country to rake back their bank notes.
First India with their 1000 rupee take back and now this.
What is going on in the world of fiat now?

You can't compare this with the demonetization efforts in India. India banned the ₹500 and the ₹1,000 banknotes. The exchange value of these notes are $7.40 and $14.80 respectively. On the other hand, the 100 Bolivar note is equivalent to $0.03.

[lafona]

Yeah that's what socialism does in a country. I'm expecting a lot of "real socialism/communism hasn't been tried yet, this wasn't REAL socialism"

Yeah it is unfortunate that different countries keep repeating the same mistakes over and over again.