Venezuela’s currency is so worthless that even some thieves won’t steal it

[Bacchus4.0]

http://www.vox.com/2015/10/19/9568391/venezuela-currency-thieves

How bad is inflation in Venezuela? So bad, according to a Monday story by the New York Times's William Neuman and Patricia Torres, that some thieves are declining to steal Venezuelan currency because it's so worthless.

The Venezuelan economy is a disaster, owing to the country's byzantine currency pricing system as well as falling oil prices (the oil sector makes up 25 percent of Venezuela's GDP and is the linchpin of its economy). According to International Monetary Fund projections, GDP is likely to shrink by 10 percent in 2015, the most severe contraction anywhere on the planet; inflation is at 157 percent. Basic goods are nearly impossible to find.

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When robbers carjacked Pedro Venero, an engineer, earlier this year, he expected they would drive him to his bank to cash his check for a hefty sum in bolívars — the sort of thing that crime-weary Venezuelans have long since gotten used to. But the robbers, armed with rifles and a grenade, and sure that he would have a stash of dollars at home, wanted nothing to do with the bolívars in his bank account.

"They told me straight up, ‘Don’t worry about that,’ " Mr. Venero said. "Forget about it."

Violent crime rates have skyrocketed in Venezuela, owing to a combination of the country's economic crisis and its incompetent police and prosecutors. A recent survey reported by the Economist found that "less than a fifth of Venezuelans feel safe walking outside at night."

[Travis_0004]

1. I wonder how bad it can get

I read a story of somebody who bought up thousands of 100 trillion dollar bills (worth about 40 cents at the time), and sold them on ebay, to Americans, who liked the novelty of it.

The funny thing is Americans would pay 10.00 or so for it (at the time) for every one they sold, they could buy 25 more.

I actually have one of those bills, and a few billion dollar bills. Its funny because me and a few of my friends occasionally make billion dollar bets, and people are amazed when I open my wallet and pay up when I lose.

[Bacchus4.0]

4. Venezuela's largest bill is 100 Bs worth about 15 cents US

Venezuela won't print larger denominations like Zimbabwe though.

[COLGATE4]

2. In reponse, Maduro just raised the minimum wage. That'll do

wonders with inflation running at at least 157 percent.

[Bacchus4.0]

3. well, it is an extra three dollars a month, better than nothing nt

[COLGATE4]

5. With the raise they can buy another couple of beers -

assuming that beer is still available!