Venezuela's bolivar is worth less than the paper it is printed on. Venezuela President Nicolas Maduro has a solution. He has issued a new bolivar, called the "strong bolivar." How can you fail with plan as clever as that?
Beginning Monday, authorities are rolling out a replacement for the apparently unironically named "strong" bolivar, swapping it out for a "sovereign" bolivar that will be pegged to the government's proposed cryptocurrency, the petro. In the process they are devaluing Venezuela's physical currency more than 95 percent and radically weakening its exchange rate — going from about 250,000 to 6 million bolivars per U.S. dollar.
The new banknotes are also shedding five zeroes in a bid to make matters more manageable for consumers, who presumably cannot carry backpacks bigger than themselves every time they need to do the week's grocery shopping.
Venezuela's annual inflation rate measured for this afternoon on August 19, 2018, is 61,463%, another all-time high. pic.twitter.com/4ObB6vQhqZ
Venezuela’s currency is on track to inflate by 720 percent this year. Why? The drop in the price of oil hurt Venezuela’s economy, and President Nicolás Maduro thought he could solve the problem by printing more money. It didn’t work and now people are starving. From The Independent: When the price of oil on the […]
If you’re charting the fortunes of a business, one glance at the right columns can instantly detail that company’s health. If you want to see their current roster of customers, a spreadsheet can bring those clients into sharp focus. Make no mistake — the world of business is still dominated by the all-powerful spreadsheet. It’s […]
For wine lovers around the world, it’s all about discovery. Once they get a taste for the grape, oenophiles are rarely satisfied with even the most carefully curated, go-to vintages. There’s always a hunt for the next great pairing, the thrill of uncorking a bold new Tempranillo or sublime Moscato. That feeling is a jones […]
These toys and games can keep the kids busy while you’re all trapped inside. As rough as all this time cooped up inside the house is on us adults, it’s even worse for kids. All that borderline maniacal energy along with an unquenchable thirst for stimulation and attention make home sequestration like a life sentence […]