Feel the Bern: Venezuela's Currency Is Doing Even Worse Than Previously Thought

By Andrew Rosati @andrewrosatiMore stories by Andrew Rosati
and Patricia Laya @PattyLayaMore stories by Patricia Laya

‎April‎ ‎04‎, ‎2018‎

Venezuela’s currency is worth even less than previously believed, with new trackers of the black-market rate showing deep discounts compared with the long-standing benchmark gauge.   Rates from the widely watched Dolartoday.com, known for arousing President Nicolas Maduro’s ire on state TV, have lagged behind other markers that show prices about 30 percent weaker.

While the U.S.-based website posts a rate of 251,000 bolivars per dollar, DolarPro has it at 362,000 and e-wallet AirTM is selling dollars for 313,000 bolivars each.  “It’s about confidence, and Venezuelans feel that their dollars are worth more than DolarToday rates,” said Henkel Garcia, the director of the Caracas consultancy Econometrica. “In a market lacking information, new indicators will appear, and consumers will ultimately determine their sell price.”......... To Read More......

My Take - The fact of the matter is Maduro's government can't even afford to print their money it's so worthless.  Where's Bernie and his communist allies in Hollywood now?

There's no coming back for the people of Venezuela.  They've allowed communists to take over everything that makes life possible.  Medicine, food production, economic planning, oil production and refinement and just like all communist governments they've made a mess of it while robbing billions from the nation.  And even if they have a revolution and dump these monsters they're oil is so think with contaminants it takes a lot to refine it, and most countries don't have that ability.  Their own refineries have been practically destroyed by these communists planners and thieves, their infrastructure is so seriously wanting they don't even have railroads that connect with the interior or the other northern tier countries of South America.  And they wasted billions giving money to the other communists in South America and Cuba in some form or the other. 

And now the penalty is upon them.  Eventually communists run out of other people's money, and the poor and common people who they claim they want to protect and take care of, suffer dystopia, starvation, sickness, privation, misery, suffering and early death. 

That's history and that history is incontestable.