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Venezuela experiencing Hyper-inflation - Food shortages and ATM's running out of cash

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posted on Oct, 14 2015 @ 02:49 AM
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I just saw this on the news - as of today, Venezuela's highest denomination of money, the 100 Bolivar bill is now worth only 13 US cents ($0.13) on the black market.

People are lining up at ATM's to withdraw stacks of money. One lady said she needs the highest denomination money just to buy bread, milk and eggs. The ATM's never had to provide this much cash and are running out of bills.



There is also a food shortage and people are lining up to receive food and looting is also occurring.

- From Bloomberg Business 8/26/15

"Many Venezuelans have to carry wads of cash in bags instead of wallets as soaring inflation and a declining currency increase the number of bills needed for everyday purchases. The situation is set to get worse." -

Venezuela Is Adding More Zeroes to Its Currency to Deal With Hyperinflation
www.bloomberg.com...


Article - Looting Turns Deadly In Venezuela Amid Severe Food Shortages



Article - Venezuela's food shortage keeps getting worse

----

Some blame a particular website Dollartoday.com that values the US dollar in Venezuela -

"Website “Dolar Today” Causing “Irreparable Damage” to Venezuela, says Owner of Forex Centre" -
venezuelanalysis.com...

I wonder if Ron Paul's warning of this happening in the US is valid?

To anyone who thinks this can't happen - here you go, it's happening.
edit on 14-10-2015 by nOraKat because: (no reason given)




posted on Oct, 14 2015 @ 03:02 AM
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a reply to: nOraKat

So does this mean if you sold your house by the end of the week you could not buy a loaf of bread .



posted on Oct, 14 2015 @ 03:09 AM
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Why is this old news here ? August 26, 2015 ?



posted on Oct, 14 2015 @ 03:10 AM
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Wow I'm in the wrong industry, time to get baking!



posted on Oct, 14 2015 @ 03:10 AM
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According to wiki Venezuela has one of the largest reserve of oil.
Just saying...



posted on Oct, 14 2015 @ 03:12 AM
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I like how they are blaming a website, and not the people who keep using it.



posted on Oct, 14 2015 @ 03:15 AM
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a reply to: Vastator

For some strange reason it seems that they cannot get it to market as other OPEC countries, or get what its worth. Not sure whats happening there. A friend told me he could fill up his car with gas for less than a couple dollars.
edit on 14-10-2015 by nOraKat because: (no reason given)



posted on Oct, 14 2015 @ 03:17 AM
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a reply to: dreamfox1

That particular article I used is from August, but I just saw on TV, right now, the report that the ATM's and banks were running out of cash.
edit on 14-10-2015 by nOraKat because: (no reason given)



posted on Oct, 14 2015 @ 03:34 AM
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originally posted by: Vastator
According to wiki Venezuela has one of the largest reserve of oil.


The country is just poorly run. Some people were even taken in by the Chavez PR machine, that he was some sort of saviour. He wasn't and this is his legacy.



posted on Oct, 14 2015 @ 03:37 AM
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a reply to: nOraKat

This has been happening for a while and the writing was on the wall long before.

I often wonder how this escapes the notice of people that keep up on the news.



posted on Oct, 14 2015 @ 03:47 AM
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originally posted by: Vastator
According to wiki Venezuela has one of the largest reserve of oil.
Just saying...


And no way to tap into it.
Just saying...



posted on Oct, 14 2015 @ 03:51 AM
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If it doesn't affect us, we won't hear about it IMO.

Personally, this is horrible. Another example of why human imposed systems to try and be "Civilised" is all wrong.

Why should humans have to go without food and need money to purchase that which we need to survive?








posted on Oct, 14 2015 @ 03:57 AM
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The Caracas riots were in the media due to violating the protesters rights as deemed by Amnesty International, etc.. They rank at the top spot globally in the "misery index". Hope this gains more attention and sharing of the news.
edit on 14-10-2015 by dreamingawake because: (no reason given)



posted on Oct, 14 2015 @ 04:03 AM
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a reply to: nOraKat

This is a terrible situation and those people are suffering.

What I am wondering about is though will this have repercussions on the world economy which we know is far more fragile that a lot of governments are owning up to?



posted on Oct, 14 2015 @ 04:28 AM
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If I recall, Venezuela only accepts Euros for oil. Could be wrong.

But oil is all they have to export.

And right now, oil isnt exactly a great investment.



posted on Oct, 14 2015 @ 06:48 AM
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a reply to: nOraKat

This is end stage socialism.

Look well those of you who think socialism is great.



posted on Oct, 14 2015 @ 07:40 AM
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a reply to: ketsuko
I bet end stage capitalism looks quite similar.



posted on Oct, 14 2015 @ 08:15 AM
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Ketsuko beat me to it, but this truly is what the culmination of years of socialism looks like. While Robert Reynolds says that end-stage capitalism might look similar, that's not the point at all, because our capitalism isn't at its end (yet?).

Looking at the chart supplied in the OP, the dramatic decline in currency value seems to coincide with the end of Chavez's health and presidency. Nicolás Maduro then took over and continued presiding over the country as a socialist. They nearly stepped out of socialist rule in the last election--Maduro only won by 1.5%--but alas, the citizens seem to have sealed their own fate on this one.

I know that I can't prove the negative that, if Maduro had lost, Radonski (the other candidate) could have kept this from happening, but historically speaking, socialist countries don't tend to last long--at least the value of their money, anyhow.



posted on Oct, 14 2015 @ 08:25 AM
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I think another revolution is in the making here folks, problem reaction solution.

They are ripe for regime change and they have lots of oil!

I sense foul play against the people to turn them against thier government in 5. . .4. . .3. . . 2. .. .1. .. . .



posted on Oct, 14 2015 @ 08:47 AM
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The food shortage could be the result of the legalization of marijuana bill Venezuela passed earlier this year.




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