Inflation podium: gold for Venezuela, silver for Argentina – politics corner economy

Venezuelans had lunch today with part of the Central Bank of Venezuela which announces that from October 1 there will be a new currency: the digital Bolivar.

Chavist inflationary hell has no more names for its currency. Hugo Chávez launched the Bolivar Fuerte. Later, Nicolás Maduro launched the Sovereign Bolivar.

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The reason is always the same: to adapt the currency to the irrationality of this economic laboratory run by lunatics that Chávez bequeathed, by far the person who caused the most damage to the Venezuelan nation.

It was already impossible to operate. First, because even if invoices with more and more zeros were issued, hyperinflation is always faster. Even with big bills, it is impossible to pay for a bus ticket.

Second, because printing is not enough. The cost of making each banknote in many cases is more than the value of the banknote. And so many invoices are needed for each transaction that invoices are rare.

ATMs have become unnecessary as thousands of coins have to be withdrawn for tiny transactions. No one can top them up fast enough. This is why in a year a quarter of ATMs have disappeared.

It is a formidable paradox. The most anti-imperialist regime in South America ended up being dollarized. Until the group is paid in dollars.

So now a new attempt is coming. And a new room. Digital Bolívar will have 6 fewer zeros than Sovereign Bolívar, who in turn was 8 fewer than Bolívar Fuerte.

In short, the social catastrophe caused by the demagogy and populism of regimes ready to be perpetuated on the basis of the issuance of monetary trout has stolen 14 zeros from Venezuelan workers in 22 years.

Venezuela is the undisputed champion of Latin America. Behind comes Argentina, with 13 zeros in 51 years.

At the inflationary Olympics, the Venezuelan state wins gold. Every two years, it hits more than two zeros for its citizens. And the Argentine state wins the silver medal: every two years it steals half of zero from us.

Very, very far, for a long time, other countries of the world have come. A loser’s round.