Venezuela's currency crumbles at dizzying speed

Discussion in 'US and World News' started by Stephen, Aug 4, 2017.

  1. Stephen

    Stephen Administrator Staff Member

    http://www.france24.com/en/20170804-venezuelas-currency-crumbles-dizzying-speed

    Venezuela's currency crumbles at dizzying speed

    Venezuela's money, the bolivar, is sinking faster and faster under an intensifying political and economic crisis that has left citizens destitute and increasingly desperate.

    Its depreciation accelerated this week, after a disputed vote electing an all-powerful "Constituent Assembly" filled with allies of President Nicolas Maduro, which the opposition and dozens of countries have called illegitimate.

    On Thursday alone, the bolivar slumped nearly 15 percent on the black market, to be worth 17,000 to one US dollar.

    In a year, the currency has lost 94 percent.

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    Sure seems like those socialist/marxist ideas haven't worked out very well for Venezuela. All this financial chaos despite Venezuela's massive oil wealth.

    The interesting thing is that today's Democratic Party wishes to implement a number of these same socialist/marxist ideas into the United States. These far leftist ideas will miserably fail here as well if we allow the Democratic Party to gain power.
     

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