Published by Front Page Mag
By Daniel Greenfield
You may not believe in inflation, but inflation believes in you.
Venezuelans already facing unprecedented hardships will suffer even more difficult times in 2018 as hyperinflation could easily spike past the 30,000 percent mark, economists have warned.
That’s the conservative estimate.
The South American country’s economy officially entered a period of hyperinflation at the close of 2017, with an accumulation of problems that drove inflation to 3,000 percent for the year.
The economist said that given current conditions, a conservative estimate for inflation at the end of 2018 would be 30,000 percent — but that 100,000 or even 200,000 percent cannot be ruled out.
“Given the current trend, that rate [of 30,000 percent] is in fact very optimistic,” he added.
Fortunately the lefty sociologist who serves as Venezuela’s finance minister doesn’t believe in inflation.
Venezuela’s new economy czar Luis Salas is tasked with controlling what is believed to be the world’s highest rate of inflation, but comes to the job with an unusual perspective: that inflation does not really exist.
President Nicolas Maduro on Wednesday tapped the 39-year-old sociologist as vice president for the economy amid soaring consumer prices and chronic product shortages, signaling a move toward orthodox socialism in the OPEC nation struggling under low oil prices.
“Inflation does not exist in real life,” he wrote in a 2015 pamphlet called “22 Keys to Understanding the Economic War.”
Why do lefties hate math?
While inflation (much like Venezuela’s economy) doesn’t exist in real life. Here’s what the capitalist running dogs suggests might be causing Venezuela’s imaginary inflation (currently at 3,000%).
Millions of pounds of provisions, stuffed into three-dozen 747 cargo planes, arrived here from countries around the world in recent months to service Venezuela’s crippled economy.
But instead of food and medicine, the planes carried another resource that often runs scarce here: bills of Venezuela’s currency, the bolivar.
The shipments were part of the import of at least five billion bank notes that PresidentNicolás Maduro’s administration authorized over the latter half of 2015 as the government boosts the supply of the country’s increasingly worthless currency, according to seven people familiar with the deals.
And the Venezuelan government isn’t finished. In December, the central bank began secret negotiations to order 10 billion more bills, five of these people said, which would effectively double the amount of cash in circulation. That order alone is well above the eight billion notes the U.S. Federal Reserve and the European Central Bank each print annually—dollars and euros that unlike bolivars are used world-wide.
Sure, print as much money as you want. Inflation is made up. Just ask Obama.
See the full story here.
January 5, 2018
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