aaavril
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Hyperinflation in Venezuela - this pile of Bolivars costs 21 US dollars.
Jan 15, 2017 5:54 PM
aaavril
74897
1134
32
Hyperinflation in Venezuela - this pile of Bolivars costs 21 US dollars.
EponaDiosa
markskayff
I knew some about it but the scale is amazing.
BewareTheIceSpiders
What sucks the most is that anyone who had savings in Bolivars now has nothing.
Smirnov1
Banana for reference +1
MosbiusDesigns
yay socialism.
retodd
See you in about 33 years. - America
DaveFromToronto
But how much is the banana?
cambur
like the first stack with the rubber band
plsreadHayeksUseofKnowledgeinSociety
but... but... bernie said socialism gas good???
thewhitewoIf
I would like that the mexican peso had the same value as the bolivar, 1 usd is worth like 22 pesos. Sad
pugcashingout
Your bananas are really expensive
neergmas
How much is the banana
ninjaoftheworld
Stack of Bolivars sounds like a fictional currency from a Stainless Steel Rat novel. Sorry.
BinaryRonin
I thought the same thing. +1 For a fellow Harry Harrison fan.
ReVo5000
It doesn't cost, it is worth.
3vil3ric
I was wondering about the liquor in the background. Ginger and citrus sounds good. Then I realized it is a candle....
ChristopherNixon
I've always wanted to have a 'GoodFellas' type bag or briefcase full of cash, doesn't have to be US dollars.
FlorLuna
Que bolas !
iusedtokickfootballs
so invest in the currency now...and then bank later
thissitestealswhatcouldvebeenmyproductivity
I'd easily pay $24.
AnExcellentRectangle
Socialism at work.
Cheomesh
http://www.economicshelp.org/macroeconomics/inflation/causes-inflation/
BeesechurgerProductions
*State-controlled industry. Socialism, and by extension communism, are when the general public own industry, not a government or wealthy few
poorwhitetrash
But free healthcare??!!
bwizzle360
Can always burn it to stay warm...
MiasmaCorrigan
*screaming in german*
SenatorHillaryIAmStillInTheRaceClinton
This would happen to the dollar and the euro if the world stop producing oil
GadenKerensky
Same thing happened in Germany in the 20s, and look how that worked out.
ecuadorky
I lived in Ecuador during hyperinflation. It got to 50,000 sucres/dollar before they dollarized the currency. I was a millionaire there...
MisterOp
i thought this was showing how many bolivars you need to buy a banana and i was like "I could buy so many bananas, time to call United"
Gafflesmaxx
What's the purchasing power tho? Hyper inflation is one thing, but as long as the dollar retains some purchasing power you're not fucked
umbrellamaker
Haven't they resorted to weighing the money now?
zebil
As a fellow Venezuelan, it's been 20+ years and I hope I can return in my lifetime. So sad to see the country fall apart like this..COÑO
Number30
Guess I'm going to Venezuela. I got 20 bucks, but I'm going.
JessVette
I won an asylum frm Venezuela the conditions are terrible. No basic medications are available.
AntonioStark
GG.
praximus
Dont worry, as long as you dont believe the lies of capitalist pigs, inflation is all in your head. /sarc
kuroze
Funny thing is, the picture is a lie. Check google for the current exchange ratio.
poorwhitetrash
/sarc <---- I need to remember to use this!
BeesechurgerProductions
/s if you're running short on characters
poorwhitetrash
100% of my comments are sarcastic and usually that is lost. I feel like I have found a new way to express myself. Thank you!
mindipedia
100%? So this one is also sarcastic... hrrmm
poorwhitetrash
Absolutely! That was sarcastic as well. So was that. And that.
AUBURN520
Google says that stack should be only 4 bills tall... 209 bolivars = 21 usd. Anyway that's still kinda fucked
justsignedupforthishit
You believe Google and you're on Imgur? I don't think that's how things work...
Lrrrgonomics
"Believe Google"
stevenwonder
Google is not end all/be all
AntonioStark
(1) The dollar is restricted. So while there is an official rate, you can only exchange so much, so often, and for specific reasons.
Solkanarmy
buy Euros?
AntonioStark
Also restricted.
temujin9
You really think they didn't think of that too?
Solkanarmy
honestly, I'd guess a lot of them didn't, people are surprisingly stupid at times
temujin9
To clarify: you think the government thought to fix the dollar exchange rate, but not the euro one? That's what you're predicting?
riggamorris
there's two bolivars, the street one and the "official" one
ImNotGivingMyUsernameToAMachine
What's the difference?
Cellbeep76
It looks like there's an official 10:1 exchange rate, but the real rate is like 3500:1.
iAmLordBeer
So if someone goes to Venezuela with 100 USD, gets 3,500,000 BSF, then comes home and exchanges at a bank they'll profit $349,900?
Halvaard
lol no
Sario528
No. BSF is not legal tender here so you have to exchange for USD, and the exchange rate works both ways. If you're lucky you'll get (1/2)
Sario528
your $100 back and maybe a dollar or two more. If you're not lucky, you'll get less.
Jerm351
The country is under an oppressive regime, you can't trust anything they say, including how much their money is worth.
d0o0o0d
That's the official (bullshit) rate. For the actual street rate: https://dolartoday.com/
dicklashanks
So like Mexico abouts
Kabe59
Mexico is about 20.50 to 1. When the current Prez started, it was about 12 to 1.
dicklashanks
Yea, when I went there years ago all ya did was take away the last digit and round up. 19.50 pesos $1.95 usd
Kabe59
When I was kid, it was 3.15 pesos per dollar
dicklashanks
Hmmm, I'm in my 30s how about you??
markskayff
That's what every dictator wants to sell you, and show to the outside. Inside is pure hell.
AntonioStark
(2) Which leaves a lot of people having to use the black market exchange which is currently between 3,500-4,000 BSF:1 USD.
ArcaneM37
What you describe is not hyperinflation. The actual, official exchange rate is what matters.
TheyCallMeMrFahrenheit
The official exchange rate is a political football here tho. The govt won't change the rate to avoid admitting the problem exists.
TheyCallMeMrFahrenheit
The official exchange rate is a political football here tho. The govt won't change the rate to avoid admitting the problem exists.
TheyCallMeMrFahrenheit
You see the same thing when it comes to devaluing currency in these situations. Govts will put it off bc they're afraid of their reputation
AntonioStark
No. It doesn't. The economy, the prices for supply and demand run off the black market rate. Income is still based on official rates. 1/2
AntonioStark
This means that the cost of living far exceeds what most people make. 2/2
TheyCallMeMrFahrenheit
The official exchange rate is a political football here tho. The govt won't change the rate to avoid admitting the problem exists.
DoctorFromTheDarkestAlley
(3) Profit
AntonioStark
Basically. If you have the dollars to sell. It's Short-term gain though.
ConfusedAxis
Yep. Went to grad school in San Diego with a dude from Venezuela. He'd play the black market exchange once a year for extra scratch.
ConfusedAxis
Yep. Went to grad school in San Diego with a dude from Venezuela. He'd play the black market exchange once a year for extra scratch.