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Entrepreneurship

A Millionaire for Fifty-three Cents

By March 6, 2021 No Comments

Venezuela is issuing paper notes denominated at One Million bolivars. The notes are worth just over fifty cents each. Today. In a week or a month they will be worth less than fifty cents. Just one more predictable step down the path of socialism and profligate government spending.

Inflation robs money from people’s pockets without the risk of inserting one’s hand. The government prints money and spends it, reducing the value of money already in people’s pockets. People see prices skyrocketing and know they are poorer (can buy less), but most don’t understand why. https://www.middleschoolmba.com/lipstick-on-a-pig/

The government, of course, points the finger elsewhere – businesses, capitalism, colonialism, greed, the market… I’m sure they’ll soon expand the list to include bedbugs, the phases of the moon, fur balls, and solar wind.

https://www.msn.com/en-us/money/markets/hyperinflation-pushes-venezuela-to-print-1000000-bolivar-bills/ar-BB1ei8Dj