9,193,827% devaluation in the Bolivar since Chavismo.

[GatoGordo]

52,129/.567 (Dolar Today VEF divided by value of the VEF in February, 1999, expressed as a percentage)

The Bolivar "Fuerte" has more value as toilet paper than currency in Venezuela.

Any bets as to whether it tops 10 million % by Tuesday, November 14?

[roamer65]

1. To quote Voltaire.

“All paper money eventually returns to its intrinsic value...zero.”

[GaryCnf]

2. So I guess that means

The poor of Venezuela, who were forced to live in a barter economy in the pre-1999 glory days of rule by global capitalism and who (for reasons I am sure you will attribute solely to Chavez) still are forced to live in a barter economy are in about the same place while those vultures who hoarded Bolivars while the poor died are finding out what it's like?

[COLGATE4]

3. Pre-1999 not all of Venezuela's poor lived by barter and Venezuela,

almost unique among Latin American countries had a growing and thriving middle class. That has been entirely wiped out by the 'miracle' of Chavismo. The wealthy, who may be many things but stupid is not one of them moved their money out of Venezuela years ago. The only people 'hoarding Bolivars' are the same poor that Chavismo expolited and then forgot.

[GatoGordo]

4. Venezuela was the model of what Latin America aspired pre-Chavismo

Venezuela did have a very large, very destitute poor population (approx 30%). But it also had a thriving middle class, where buying a house, a car and taking a yearly vacation was the norm. Despite the histrionics of the Chavistas and their Stalinist water carriers, EVERYONE had a chance to go to college, because college was paid for (thanks to wiser financial stewardship with oil money). My own wife was the daughter of a VZ butcher and a homemaker. She is now a physician.

The Bolivar was quite stable in the years leading up to Chavismo. In the 1950's, it was at 44 (Old Bolivars) and was stable for 30 years before inflation hit the world. By the time Chavez assumed power in February, 1999, it was 567 (Old Bolivars) per dollar. In 2008, he devalued the Bolivar and created the Bolivar Fuerte (Strong Bolivar) by chopping off 3 zeros. What was worth 567 in adjusted Bolivars in 1999 is now worth 52,128,740.

How do you defend that?

FWIW, who would HOARD Bolivars? They devalue 50-100% each month?

[GaryCnf]

5. True as to what is memtioned

But requires mention of yet another class, a class where the overwhelming majority of Venezuelan wealth was held, the rich and the foreign. That they doled out enough to satiate a middle class with the benefits you mention is typical of how capitalists maintain control and most of their wealth.

[IAmTheNight]

6. That class simply became the chavista leadership n/t

[GaryCnf]

7. First, let me say

Welcome to DU.

That is, of course, a lie.

While Chavez, Maduro, and their families (and government) have been insufferably corrupt and have undoubtedly enriched themselves to no end, what they have stolen from the workers is still nothing more than a tiny fraction of what was stolen by the prior regime and its global capitalist co-conspirators. That wealth, that is the overwhelming majority of wealth held by the pre-1999 government and its capitalist allies, has simply been withdrawn from the Venezuelan economy and placed elsewhere in the world with the specific intent to starve the socialists into submission and the people of Venezuela into revolution.

Btw, while theft from the worker is never excused (and Maduro et al. should be driven from power and replaced with true Marxists -- not capitalists), even if every cent of their stolen wealth were returned to the workers, it would not be enough to cure Venezuela's economic ills. The REAL theft of Venezuela's wealth occurred when global capitalists took what was not theirs and fled. The real wealth, the wealth great enough to heal Venezuela which was stolen pre-1999, lies offshore.

[EX500rider]

9. "....and replaced with true Marxists"

Yeah that'll turn out well, name one successful Marxist economy.

Mao China?
Soviet Union?
Pol Pot Cambodia?

Let me guess, "No ones done it right yet..." lol

[EX500rider]

10. "has simply been withdrawn from the Venezuelan economy and placed elsewhere in the world"

You do know the Chavistas have had and blown over 100 billion dollars of oil money to get it right?

Wealth is not a set amount one time perishable product but more is produced all the time in productive capitalist economies.

[IAmTheNight]

11. ...

" That wealth, that is the overwhelming majority of wealth held by the pre-1999 government and its capitalist allies, has simply been withdrawn from the Venezuelan economy and placed elsewhere in the world with the specific intent to starve the socialists into submission and the people of Venezuela into revolution. "

Uhhh... citation needed?

[GatoGordo]

8. "the overwhelming majority of Venezuelan wealth was held"

Like any society, (including the United States), there are some exceedingly wealthy individuals. However, this cadre of wealthy people did NOT hold the majority of the wealth. The majority of the wealth was in the hands of Venezuela, and despite the lamentations of the Chavistas, that wealth WAS spread around. Maybe not as efficiently as some would like, but it was nonetheless.

My wife grew up lower middle class/upper poor, and despite this, got a free education all the way through college. Which is far better than what the United States offered me.

What exactly do you know FOR A FACT about Venezuela?

[GatoGordo]

12. 10,119,753% today.

Jeepers, I'm good!

11,000,000% by Saturday?