It seems Venezuela is running out of everything. The socialist paradise is short of corn, flour, bread, milk and toilet paper. It could also soon run out of money to pay for its money.
Wait…what?
According to Bloomberg News, the Venezuelan central bank is trying to print as many new bills as possible to keep up with hyperinflation. Unfortunately, the country is so broke that it doesn’t even have enough money to pay for its money.
Venezuela currently imports its cash. Its currency reserves are also reaching zero. This means the central bank is having a tough time covering its obligations to foreign creditors.
With the world’s largest inflation rate, Venezuela is constantly facing shortages of cash. This isn’t anything new, however. Signals of a currency shortage actually can be traced back to 2014.
Until Venezuela is completely out of cash, you’re still going to see consumers run around with wheelbarrows of cash just to pay for bread (if they can find a loaf). Essentially, the socialist country is mirroring that of the Weimar Republic in the 1920s and, more recently, Zimbabwe.
Socialism is wonderful, isn’t it?
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