Venezuela Queue
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Venezuela’s inflation rate could hit a MILLION percent

As in, prices will be a million times higher by the end of the year – leaving people in an ever more desperate financial situation.

What it means: Venezuela's been deep in a severe economic crisis for the past five years – food shortages, no electrity, no domestic water, you name it.

They're producing less than half of what they were before the crisis – described in the press as a 'contraction' of the economy by 50%.

Prices rose by 3% a day in June. "A kilo of chicken was 3.3 million last week, 4.2 million this week," Anthony Faiola reported for the Washington Post. It's incredibly difficult to predict how things will develop, but economists are now saying the expect prices to rise by one million percent by the end of the year.

One solution to end the madness of such huge numbers being used for daily transactions would simply be to knock a few zeros off – turn 1,000 into 1 and start again. But the government is so poor it can't even afford to print banknotes, and is making electronic transfers instead.

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Reader Comments

  • RW

    Your right to a degree. You mentioned “the wandering Jew”.

    I elaborate that the Jewish people, historically have tended to migrate almost exclusively to locations that are economically and culturally vibrant already. I would speculate that Jews have thrived in these places and have often improved the bounds of their economies and knowledge base.

    You can also ask; how many massive entertainment conglomerates, Nobel winners or billionaires has Isreal developed? If Jews are so capable, why isn’t Tel Aviv the Rome of our time?

    Jews are successful because they value education, maintain a strong social cohesive, they actively monitor and have a good sense for Zeitgeist wherever they are and they carefully choose the places they settle and congregate themselves heavily in these choice locations.

    But most importantly (haulocaust increased the importance of this aspect), they actually designed their culture for success. They not only attend Harvard, they use what they learned to better the group as a whole. With as much, they studied intricate networking systems, adapted to it and in many cases improved upon them. (See how Japan acquired Aegis warships and made them better).

    Of course there is nothing wrong with any of this. It’s when you elaborately gain disproportionate power in any society where you would stand out, you must take care when attempting to make a society better (Civil Rights movement) and rewriting that society all together (mass immigration). Ask blacks in China, Mexico, Philippines or India how much opportunity they have? Go to businesses owned by their American diaspora and see how many blacks they hire. Go to Silicon Valley and see how many East or South Asian tech workers wish they could work with more black people. California might work as a state, but as a nation, I think your rolling the nuclear dice here. I hope we can succeed as a tolerant pluralistic superpower but at this stage in human societal development, it’s a pipe dream.

    And if Jews really are the icon for success, they would see that fundamental human successes happen over generations. Just look at the rest of the planet? Are we ready?