Businesses quietly switch to dollar in socialist Venezuela
It's still possible to buy a gleaming Ford truck in Venezuela, rent a chic apartment in Caracas, and snag an American Airlines flight to Miami. Just not in the country's official currency.
As the South American nation spirals into economic chaos, an increasing number of products are not only figuratively out of the reach of average consumers, but literally cannot be purchased in Venezuelan bolivars, which fell into a tailspin on the black market last week.
Businesses and individuals are turning to dollars even as the anti-American rhetoric of the socialist administration grows more strident. It's a shift that's allowing parts of the economy to limp along despite a cash crunch and the world's highest inflation. But it could put some goods further out of reach of the working class, whose well-being has been the focal point of the country's 16-year-old socialist revolution.
The latest sign of an emerging dual-currency system came earlier this month when Ford Motor Co. union officials said the company had reached a deal with officials to sell trucks and sports utility vehicles in dollars only.
http://news.yahoo.com/businesses-quietly-switch-dollar-socialist-venezuela-040219420.html
The Ecuadorean solution to rampant inflation was to use the US dollar as its national currency. Seems like an option for Venezuela, too.