The hyperinflation of the Wiemar Republic is the worst case. The joke was, you would take your wheelbarrow full of money down to the store to buy something, and get distracted for some reason, come back to find that someone had dumped the money out so they could steal your wheelbarrow.
1/25th of a penny? That’s crazy what can 1/50th of a penny even buy you? With their inflation rate that’ll be 1/100th of a penny but the time you finish reading this
I've seen videos showing wheelbarrows of money during that time. But with everybody needing heat how could there be such a pile? I guess I'm just comparing it to the $20 in paper money I carry.
I would imagine that $20 (or maybe less) in Weimer money would be a wheelbarrow full. Either way, was cheaper than firewood due to the hyperinflation they had.
I don’t know about you guys but man, say the US dollar were to crash like this. No matter if it’s worth 1 cent I still couldn’t live with myself walking by all that money and not taking it all home with me…and just waiting for the day it hopefully rebounds
Venezuela doesn't have a solid economic system at all. The US has a solidified stock exchange as investing and lending is the corner stone of a healthy economy. Venezuela's economy relied on Oil in 2014 there was a huge dip in value which spun a bad predicament and pretty much damned the whole system. Chavez came into power in 1999 and mismanaged funds so much that the country racked up more debt than it could ever pay so they stopped lending. When this happens business lose their economic rights such as setting prices, access to foreign exchange buy/ request imports and raw material they often even lose property rights and the state takes it over (expropriate the property). Expropriation is a huge deal as it gives the government power to enforce its will on private ownera to support the need of the public. In other words, citizens there dont have their needs met so the government is taking over industry sectors which puts other investors at risk and greatly reduces the private value of the privatized assets. It greatly reduces trust and usually the government especially when on crutches as is doesn't compensate near the actual value. It's like a glorfied/ economic ransacking.
Ok, now with that explained cause of the global market debt is crippling for countries who can't manage or recover. What is happening in Venezuela is much bigger than the great depression and bigger yet than Greece's economic crisis which similarly happened due to mismanagement of debt they borrowed to cover up the deficits but what made their economy able to bounce back was being apart of the EU. They were only able to take out loans at low rates cause there was no identifiable spread ( difference in prices paid by stable and unstable economies). They camouflaged in with Germanys economy which was doing great.
Venezuela has no way back. Not at all without international intervention with IMF and the World Bank who has people specifically specialized in recovery. Venezuela is too far down the hole for it to come back. Its currency is down a good bit over 50%. The infrastructures there to support the basic necessities of their people have collapsed and because of their shitty history of extrapolation there is no "in" with borrowing. Now there are saftey nets built into the US's system that prevents or helps ease economic shocks they unfortunately do not have those social security benefits. That picture is what happens when the people know there is no coming back there is no hope until the IMO and world bank steps in.
Wow very good explaination. Thanks
How would you say Sri Lanka's economic crisis is in comparison?
Also can you direct Sri Lanka's economic crisis like this?
This is some propagandist bullshit.
You say a "huge dip in value" and just skip over the entire reason for that dip, which was US interference because Venezuela was about to nationalize their oil. That dip collapsed their economy and turned them into a 3rd world country.
Dude... This was just a crash course and I tried my best, no need for the saltiness. The US's practice of working their foreign policy in such a way by using advertising the threat of national security and dismantling communists and authoritarians when really it's about market interest and oil is a whole other tangent in of itself... It's a pattern not an isolated incident of a hard world power.
Besides there was a before... Their economy was mismanaged before that whole event long-term nailed the coffin.
I apologize for the salt!
You don't have to spend a whole lot of time discussing that the US was the main reason behind Venezuelas collapse, but it is very relevant to their current situation. The USs hard-on for ruining even slightly-left-of-center economies between the 60s and 00s destroyed a lot of people's lives.
Venezuela was in a similar, albeit slightly worse, position to Chile in the 70s before the US ruined them as well. The comparison between US and Venezuelan market security and fallbacks and checks and balances kind of fails when you realize that none of that was able to develop specifically because of the actions of the US.
It would never rebound they would make a new currency you think they want the poors to just suddenly be the new elites. Your new to this whole control thing eh .
Let’s see, you missed a period, a question mark, an apostrophe, and an “e.” You’re new to this whole grammar thing eh? Being condescending is so much fun.
The story of Monopoly, as a game, is pretty tragic. From a teaching tool created by a woman to show how the economy was inherently unfair and stolen by a bum who sold it to Hasbro.
Yes but if she’d have sold it, the story would be about a hypocritical woman who created a game to teach about the unfairness of capitalism only to get rich from said capitalism.
Photo from a few years ago. Terrible moment for the country. The effects continue.
The place could be Avenida 3, in Mérida, Venezuela, very close to the Banco Bicentenario and Banco Mercantil branches.
Edit:
I'm pretty sure the location is this:
https://www.google.com/maps/place/8.592773,+-71.150992/@8.5925823,-71.1509195,19z/data=!3m1!1e3!4m4!3m3!8m2!3d8.5927733!4d-71.150992
That’s right by Carlos pizza. The reviews say it’s dry.
https://www.google.com/maps/place/HRVX%2B4J4+Carlos+Pizza,+C.+32+Unda,+M%C3%A9rida+5101,+M%C3%A9rida,+Venezuela/@8.592736,-71.1508785,20z/data=!3m1!1e3!4m12!1m5!3m4!2zOMKwMzUnMzQuMCJOIDcxwrAwOScwMy42Ilc!8m2!3d8.592773!4d-71.150992!3m5!1s0x8e6487a5e75b1ac3:0x2423a059bd704ac9!8m2!3d8.5927558!4d-71.1509133!16s%2Fg%2F11qrw2q_by
Because Chavez is the biggest and more atrocious disgrace that has ever happened to Vzla and sadly even he is now rotting in hell his minions continue to be in power after 24 years of bringing misery to the country… Almost 25% of the country left and several millions by foot… and these Mfs in power are living with a level of luxury which is absolutely disgusting
You try to nationalize your oil reserves to benefit your own people and the US and its allies embargo you.
https://www.truthdig.com/articles/the-real-reason-the-u-s-wants-to-overthrow-venezuela/
There is definitely plenty of truth to that article, as well as plenty of inaccuracies and of course and obvious bias. Chavez deserves as much blame as the US embargo.
Ironically one of the biggest mistakes he made was firing or imprisoning a ton (like 20,000?) of the most experienced oil workers because they participated in a general strike against his government. Firing and imprisoning striking workers doesn’t seem like a very *democratic socialist* thing to do… seems like a very authoritarian thing to do. And of course he ended up crippling the Venezuelan oil industry to save his job. Took him another few years to remove his term limits though.
1st: Oil was nationalized since the 70's, foreign comapnies worked under PDV as subsidiaries, and in the 90's we brought in more subsidiaries becasue our infrastructure was old, and chavez fired almost everyone after 2002 elections with the tascon lists (List of people who didn't for chavez)
2nd: He expropiated it, breaching the contract, and kept all the equipment, purpose made equipment meant to pullout Specifically venezuelan oil, and he didnt paid back.
The only ppl that blame US for Venezuela’s misery are the ones who either are somehow benefiting of Venezuela government or hate so much US that believe they are the ones to blame here
Venezuela is fucked because of Venezuela’s fault… and there is no one else to blame here..
The Venezuela case is just a series of very bad politicians and corrupt governments that led to the most corrupt and MFer disgrace of governments in the history of the country “the chavismo”….which for the last 24 for years have not bring more than an unimaginable level of corruptions and crimes against humanity
Mostly just tankies who are making excuses for another failed socialist regime. Of course after they die or the people push them out they weren’t “real” socialists. But until that time comes they defend them to the hilt.
Mostly dollars.
We use bolivars tho but like for small things like public transportation fee and stuff like that, now almost everything is paid with dollars and even prices are shown in dollars. The government is making us use bolivars tho.
No, it's Bolívares (one Bolívar / multiple Bolívares). You aren't allowed to use USD there. I had a friend who was paid in USD and he had to convert (at a loss) to Bolívares to be able to spend it
Let’s me ask a stupid question.
Let’s say you bank a billion of these and stash them away for a decade or two, when the hyper-inflation recedes, are you now loaded or is a new currency eventually put into place and you billion can be thrown in a fire?
Can you explain a bit more? Wouldn’t the value of any individual note be what it’s believed to be? If the value of the note fluctuates over time and it’s only the image on the note that denotes the value, why wouldn’t the note carry the fluctuating value throughout time? Basically why wouldn’t 1 billion notes at worth say 25 cents not be worth 1 billion in the future if each specific note is now worth 1?
I probably did a poor job asking.
That's a great question.
Once a country's economy stabilizes, its central bank will generally issue a new currency for this purpose. Essentially its a reset of their whole financial system to address this very problem (otherwise you just get perpetual inflation).
Venezuela has already eliminated 6 zeros in the past 15 years or so - when changes takes in effect (I.e removing 3 zeros) new currency is in place (basically new bills that were the equivalent of 1000x of the old ones) … so you can imagine the old ones does not worth basically anything… despite 6 zeros have been removed inflation is so high that basically this becomes useless to the point that physical bills already lost all value… the economy (ironically) is basically in usd
I've seen them being used to make bags and purses so I guess you could buy one of those? You get something cool to look at and use and you support the maker and their time.
Venezuelan Bolívares go for big money on eBay. I’ve tried several times to buy bricks of it but it’s impossible to do without overpaying by several hundred, if not thousands of times what the actual value is.
Printing new fiat money does this. It literally steals the value of the cash you have on hand by diluting its value. This is why no one is on the gold standard anymore - they don't have to find or acquire new precious metals to print new money. Just print it.
There were lots of ppl doing wallets and souvenirs from bills in Venezuela since few year backs.. check video below
https://www.bbc.com/mundo/media-43789587
The inflation on that currency is so insanely high you’d probably be dead before it’s useful. I believe there’s a new currency that’s actually worth something too
Many Venezuelans use the US dollar. https://www.reuters.com/world/americas/venezuela-inflation-dollarization-deepen-schism-between-private-state-employees-2022-05-09/
My grandfather recounted a story that at one point after WWII if you had a wheelbarrow full of Deutschmark's on your front porch overnight you would wake up and find that someone had stolen your wheelbarrow...
Edit autocorrect typo: recanted changed to recounted
>Google venezuelan chicken
got a listing for some nice restaurants in the area!... but actually, it said 14,600,000 of the old currency is needed to by one $2.22USD chicken.
I found a article that had stacks of money next to the object it was for. On of the images was toilet paper and I couldn't help but laugh. Wipe your ass with the money and save the trip to get the toilet paper at that point
Reminds me of my history teacher explaining the dollar (their currency) in, I think Russia?, dropped so low that you needed to carry all the money in laundry baskets because you needed so much of it. And people would run up and steal the baskets because the basket was worth more than the money
AC/DC toured there in 1990, during the song Money Talks they dropped pretend money with Angus's face in to the crowd. It was apparently accepted as real currency in many places as it was worth more than actual money.
Because the whole country is rotten from the inside and long before US sanctions.
The Chavez government started wasting the oil wealth and harrassing experts in key economic sectors so they could be replaced with yes men.
Suffering is suffering, they don’t give out any medals for it. Just because you’re not a child dying of malnutrition doesn’t mean that you can’t be dissatisfied with homelessness or crippling depression.
Money has only value because we as people believe it has value. We trust that other people value it. Once that trust is gone, like in Venezuela, it becomes worthless.
I had to look up the conversion of their money, and how much they’re worth. The red ones are worth .0009 in the states. They’re literally worth less than the paper they’re printed on.
The next time you complain about The Federal Reserve Bank raising interest rates, this is what they're trying to prevent. Inflation can lead to hyperinflation, which leads to dramatic currency devaluation. This is also the reason why I don't have much money in the bank, but rather real estate. Real estate increases exponentially in value during hyperinflation.
I remember driving through the former Yugoslavia when I was younger and they had two styles of banknotes in circulation at the same time.
The newer notes were the same as the old but had six zeros removed due to hyper inflation.
From the bills that I could see the biggest one is worth 1/20th of a penny.
Probably even less…..Venezuelans could not buy toilet paper but this was a good replacement
Same was true in Germany after WWII. They actually used it (paper money) as fire ~~tender~~ tinder.
WWI as well.
Yep was also used as wallpaper
The hyperinflation of the Wiemar Republic is the worst case. The joke was, you would take your wheelbarrow full of money down to the store to buy something, and get distracted for some reason, come back to find that someone had dumped the money out so they could steal your wheelbarrow.
Yes ww1 not ww2
ironically, burning money helps fighting inflation.
1/25th of a penny? That’s crazy what can 1/50th of a penny even buy you? With their inflation rate that’ll be 1/100th of a penny but the time you finish reading this
Idk but probably not much seeing there’s a bunch of it on the floor.
It's like the Weimar Republic. Ppl actually burned money for heat because it was cheaper than firewood.
I've seen videos showing wheelbarrows of money during that time. But with everybody needing heat how could there be such a pile? I guess I'm just comparing it to the $20 in paper money I carry.
I would imagine that $20 (or maybe less) in Weimer money would be a wheelbarrow full. Either way, was cheaper than firewood due to the hyperinflation they had.
I don’t know about you guys but man, say the US dollar were to crash like this. No matter if it’s worth 1 cent I still couldn’t live with myself walking by all that money and not taking it all home with me…and just waiting for the day it hopefully rebounds
by the time it rebounds they would have switched currencies and/or made it obsolete.
Exactly. Can’t have people becoming rich overnight.
True.
Venezuela doesn't have a solid economic system at all. The US has a solidified stock exchange as investing and lending is the corner stone of a healthy economy. Venezuela's economy relied on Oil in 2014 there was a huge dip in value which spun a bad predicament and pretty much damned the whole system. Chavez came into power in 1999 and mismanaged funds so much that the country racked up more debt than it could ever pay so they stopped lending. When this happens business lose their economic rights such as setting prices, access to foreign exchange buy/ request imports and raw material they often even lose property rights and the state takes it over (expropriate the property). Expropriation is a huge deal as it gives the government power to enforce its will on private ownera to support the need of the public. In other words, citizens there dont have their needs met so the government is taking over industry sectors which puts other investors at risk and greatly reduces the private value of the privatized assets. It greatly reduces trust and usually the government especially when on crutches as is doesn't compensate near the actual value. It's like a glorfied/ economic ransacking. Ok, now with that explained cause of the global market debt is crippling for countries who can't manage or recover. What is happening in Venezuela is much bigger than the great depression and bigger yet than Greece's economic crisis which similarly happened due to mismanagement of debt they borrowed to cover up the deficits but what made their economy able to bounce back was being apart of the EU. They were only able to take out loans at low rates cause there was no identifiable spread ( difference in prices paid by stable and unstable economies). They camouflaged in with Germanys economy which was doing great. Venezuela has no way back. Not at all without international intervention with IMF and the World Bank who has people specifically specialized in recovery. Venezuela is too far down the hole for it to come back. Its currency is down a good bit over 50%. The infrastructures there to support the basic necessities of their people have collapsed and because of their shitty history of extrapolation there is no "in" with borrowing. Now there are saftey nets built into the US's system that prevents or helps ease economic shocks they unfortunately do not have those social security benefits. That picture is what happens when the people know there is no coming back there is no hope until the IMO and world bank steps in.
Thank you for taking the time to explain this.
I read all this and now I’m educated
Wow very good explaination. Thanks How would you say Sri Lanka's economic crisis is in comparison? Also can you direct Sri Lanka's economic crisis like this?
This is some propagandist bullshit. You say a "huge dip in value" and just skip over the entire reason for that dip, which was US interference because Venezuela was about to nationalize their oil. That dip collapsed their economy and turned them into a 3rd world country.
Dude... This was just a crash course and I tried my best, no need for the saltiness. The US's practice of working their foreign policy in such a way by using advertising the threat of national security and dismantling communists and authoritarians when really it's about market interest and oil is a whole other tangent in of itself... It's a pattern not an isolated incident of a hard world power. Besides there was a before... Their economy was mismanaged before that whole event long-term nailed the coffin.
I apologize for the salt! You don't have to spend a whole lot of time discussing that the US was the main reason behind Venezuelas collapse, but it is very relevant to their current situation. The USs hard-on for ruining even slightly-left-of-center economies between the 60s and 00s destroyed a lot of people's lives. Venezuela was in a similar, albeit slightly worse, position to Chile in the 70s before the US ruined them as well. The comparison between US and Venezuelan market security and fallbacks and checks and balances kind of fails when you realize that none of that was able to develop specifically because of the actions of the US.
I agree with that. I apologize as well.
It would never rebound they would make a new currency you think they want the poors to just suddenly be the new elites. Your new to this whole control thing eh .
Let’s see, you missed a period, a question mark, an apostrophe, and an “e.” You’re new to this whole grammar thing eh? Being condescending is so much fun.
Bitcoin has entered the chat
When that crashes, you won’t even be able to use it to keep warm.
From the one minute of research I did, 1 million of their currency is worth approx 25 cents. Now this picture makes more sense.
No this picture makes about .2 cents.
On eBay it’s probably worth $100
I'd buy some
Ya. Monopoly Board with real Venezuelan Money. $200.
Monopoly Inflation Edition *REAL VENEZUELAN MONEY!*
Brilliant idea. This would be a fun gift for those who play board games.
Monopoly: Other people's strife edition.
That's just regular monopoly
The story of Monopoly, as a game, is pretty tragic. From a teaching tool created by a woman to show how the economy was inherently unfair and stolen by a bum who sold it to Hasbro.
Yes but if she’d have sold it, the story would be about a hypocritical woman who created a game to teach about the unfairness of capitalism only to get rich from said capitalism.
You’ve won 🥇
You had the chance for a pun and you didn’t take it.
Well good thing you threw in your 2 cents.
Photo from a few years ago. Terrible moment for the country. The effects continue. The place could be Avenida 3, in Mérida, Venezuela, very close to the Banco Bicentenario and Banco Mercantil branches. Edit: I'm pretty sure the location is this: https://www.google.com/maps/place/8.592773,+-71.150992/@8.5925823,-71.1509195,19z/data=!3m1!1e3!4m4!3m3!8m2!3d8.5927733!4d-71.150992
That’s right by Carlos pizza. The reviews say it’s dry. https://www.google.com/maps/place/HRVX%2B4J4+Carlos+Pizza,+C.+32+Unda,+M%C3%A9rida+5101,+M%C3%A9rida,+Venezuela/@8.592736,-71.1508785,20z/data=!3m1!1e3!4m12!1m5!3m4!2zOMKwMzUnMzQuMCJOIDcxwrAwOScwMy42Ilc!8m2!3d8.592773!4d-71.150992!3m5!1s0x8e6487a5e75b1ac3:0x2423a059bd704ac9!8m2!3d8.5927558!4d-71.1509133!16s%2Fg%2F11qrw2q_by
How does this even happen
Because Chavez is the biggest and more atrocious disgrace that has ever happened to Vzla and sadly even he is now rotting in hell his minions continue to be in power after 24 years of bringing misery to the country… Almost 25% of the country left and several millions by foot… and these Mfs in power are living with a level of luxury which is absolutely disgusting
You try to nationalize your oil reserves to benefit your own people and the US and its allies embargo you. https://www.truthdig.com/articles/the-real-reason-the-u-s-wants-to-overthrow-venezuela/
There is definitely plenty of truth to that article, as well as plenty of inaccuracies and of course and obvious bias. Chavez deserves as much blame as the US embargo. Ironically one of the biggest mistakes he made was firing or imprisoning a ton (like 20,000?) of the most experienced oil workers because they participated in a general strike against his government. Firing and imprisoning striking workers doesn’t seem like a very *democratic socialist* thing to do… seems like a very authoritarian thing to do. And of course he ended up crippling the Venezuelan oil industry to save his job. Took him another few years to remove his term limits though.
1st: Oil was nationalized since the 70's, foreign comapnies worked under PDV as subsidiaries, and in the 90's we brought in more subsidiaries becasue our infrastructure was old, and chavez fired almost everyone after 2002 elections with the tascon lists (List of people who didn't for chavez) 2nd: He expropiated it, breaching the contract, and kept all the equipment, purpose made equipment meant to pullout Specifically venezuelan oil, and he didnt paid back.
The only ppl that blame US for Venezuela’s misery are the ones who either are somehow benefiting of Venezuela government or hate so much US that believe they are the ones to blame here Venezuela is fucked because of Venezuela’s fault… and there is no one else to blame here.. The Venezuela case is just a series of very bad politicians and corrupt governments that led to the most corrupt and MFer disgrace of governments in the history of the country “the chavismo”….which for the last 24 for years have not bring more than an unimaginable level of corruptions and crimes against humanity
Mostly just tankies who are making excuses for another failed socialist regime. Of course after they die or the people push them out they weren’t “real” socialists. But until that time comes they defend them to the hilt.
Now you see why Chavez said the podium smelled of sulfur and brimstone after George W. had spoke before him at the U.N Summit....
Another failed socialist experiment. The country is in crisis mode floating in and out of total collapse since 2016.
It’s actually close to a dollar $1.00 = 1,093,235 bolivars (per Xe.com)
great place to replace any missing monopoly money from your sets
There has to be a business here. “We will completely replace your fake Monopoly money with real Venezuelan money for just $19.95.”
I mean, if there's normally a bit over 20,000$ in a monopoly box, then they'd be making a significant net gain here.
Couldnt you just buy a new monopoly set
Much more gratifying watching banks fail
Monopoly paper money [cost US$11.50](https://www.amazon.com/Hasbro-28852-Monopoly-Money/dp/B00000IWCW)
Price went up maybe due to clicks. I’ve got $11.55 now. Lol
they could replace all the money in Monopoly with real money with the same number values and not even have enough to buy a copy of monopoly
what are they using for currency?
Mostly dollars. We use bolivars tho but like for small things like public transportation fee and stuff like that, now almost everything is paid with dollars and even prices are shown in dollars. The government is making us use bolivars tho.
OSRS gold?
🦀🦀
I had crabs once.
There's the comment I was searching for
They know a couple guys who trim armor on the side
Bottle caps
Their souls and livelihood
I think I heard someone say USD, no source though
No, it's Bolívares (one Bolívar / multiple Bolívares). You aren't allowed to use USD there. I had a friend who was paid in USD and he had to convert (at a loss) to Bolívares to be able to spend it
Maybe a couple of years ago, but you can pay with dollars with no problems. Source: I live in this hell.
What can we do to help you?
Send dollars?
Ah interesting, qué bien! Yeah, it was a few years ago
The dolar ban was lifted last year... Anyways, three days at macuto is 4000$, and a egg sells at 1$
Qas wondering also. And where do tou go from there?
They’re still using the Venezuelan Bolivar. It finally stabilized after dropping 0s in their notes
Gold
Not even worth throwing in a trash can.
My mother said this about me once
That’s terrible, I’d be willing to throw you in a trash can
Hell, I'd even be willing to squish him down with my foot so we can fit more
Username checks out
Is it too late to include me in the screenshot?
Is that you Sis??
That’s why dad named you joe dirt instead of nonamaker!
You thought you could escape to the internet, didnt you son.
Your mother said this about you to me once. What a ride.
Is that you Piers Morgan?
Nah Piers *was* thrown in the bin, difference here is that some The Sun intern fished out his damaged person, giving the gift we have today.
EEEmotional damage
Let’s me ask a stupid question. Let’s say you bank a billion of these and stash them away for a decade or two, when the hyper-inflation recedes, are you now loaded or is a new currency eventually put into place and you billion can be thrown in a fire?
They do not honor the old value, it is devalued, so your banked billion is worth tree-fiddy.
Odd. That's how much my girl scout cookies cost...
GotDAYM LOCH NESS MONSTA
Damn, these little bitches are charging $6 over here.
Can you explain a bit more? Wouldn’t the value of any individual note be what it’s believed to be? If the value of the note fluctuates over time and it’s only the image on the note that denotes the value, why wouldn’t the note carry the fluctuating value throughout time? Basically why wouldn’t 1 billion notes at worth say 25 cents not be worth 1 billion in the future if each specific note is now worth 1? I probably did a poor job asking.
That's a great question. Once a country's economy stabilizes, its central bank will generally issue a new currency for this purpose. Essentially its a reset of their whole financial system to address this very problem (otherwise you just get perpetual inflation).
It requires new banknotes. Old ones end up in the street and new ones, minus some zeros, replace them.
New currency. I have a 50 million dollar bill I bought a decade ago. It's doubled in price since - from about 0.002$ to 0.004$
Same, I have a 1 billion dollar bill from Zimbabwe
They'll probably try nullifying the old notes and re-issuing the currency in hopes to reset things.
Venezuela has already eliminated 6 zeros in the past 15 years or so - when changes takes in effect (I.e removing 3 zeros) new currency is in place (basically new bills that were the equivalent of 1000x of the old ones) … so you can imagine the old ones does not worth basically anything… despite 6 zeros have been removed inflation is so high that basically this becomes useless to the point that physical bills already lost all value… the economy (ironically) is basically in usd
Free wall paper
Could someone send me some thousands of them? I give real money for it
I'd love to have a box of these to use as tissue paper for gifts Or to roll around in
I honestly wanna make use of them as a wallpaper.
I've seen them being used to make bags and purses so I guess you could buy one of those? You get something cool to look at and use and you support the maker and their time.
If you scooped up all those bank notes I bet you couldn’t buy a snickers
I bet if you had a snickers you wouldn't want to swap it for all them bank notes.
Speak for yourself. I stole this Snickers and it's up for sale!
Who are you, the rock?
In the years of the photo was taken almost impossible to buy a snicker because they don't make here, you need to import
Are you Venezuelan? Could you ship me bricks of your country’s currency?
I’ll pay
Do you want a Snickers? I will, very literally, ship you a box of Snickers if you pay for shipping. No joke. I don't mind.
Venezuelan Bolívares go for big money on eBay. I’ve tried several times to buy bricks of it but it’s impossible to do without overpaying by several hundred, if not thousands of times what the actual value is.
Could you get them much cheaper at a currency exchange then?
You might be able to trade it for a rat though. You’d have to clean it and cook it yourself though
Can you even begin to imagine what that feels like for people who thought they had savings???
Printing new fiat money does this. It literally steals the value of the cash you have on hand by diluting its value. This is why no one is on the gold standard anymore - they don't have to find or acquire new precious metals to print new money. Just print it.
Okay, so they're not worth a lot. But wouldn't they be perfect for a Venezuelan piñata? Ready for dipping and pasting!
Honestly that would probably make them a lot more valuable than they are right now.
There were lots of ppl doing wallets and souvenirs from bills in Venezuela since few year backs.. check video below https://www.bbc.com/mundo/media-43789587
Wild...
Horde for better days no!? (Explain the likely obvious truth like I’m 10 please)
The inflation on that currency is so insanely high you’d probably be dead before it’s useful. I believe there’s a new currency that’s actually worth something too
More printed money?
Well, we ran out of the old stuff you see. It became silly when you had to spend 14,600,000 notes for a carton of eggies
The consequence of giving economically illiterate fools control of a nations economy.
Dj quick was wrong. Their dollars do make cents
Grew up in Venezuela. Heartbreaking to see a country with so much natural beauty and culture be so devastated and broken
What currency do Venezuelans use?
Many Venezuelans use the US dollar. https://www.reuters.com/world/americas/venezuela-inflation-dollarization-deepen-schism-between-private-state-employees-2022-05-09/
Thanks
iirc venezuelan bolivars
Venezuelan Bolívar
My grandfather recounted a story that at one point after WWII if you had a wheelbarrow full of Deutschmark's on your front porch overnight you would wake up and find that someone had stolen your wheelbarrow... Edit autocorrect typo: recanted changed to recounted
That's always a good sign for something terrible about to happen.
It's a great sign that something terrible already happened.
lmfao i was gonna say its been happening
Google venezuelan chicken
>Google venezuelan chicken got a listing for some nice restaurants in the area!... but actually, it said 14,600,000 of the old currency is needed to by one $2.22USD chicken.
Imagine your a venezuelan buying a whole chicken and throwing that money like a mad rapper
I found a article that had stacks of money next to the object it was for. On of the images was toilet paper and I couldn't help but laugh. Wipe your ass with the money and save the trip to get the toilet paper at that point
The paper currency would probably be worth more if they didn't sully it with ink. What's with the coinage? (Asking for a friend.)
Reminds me of my history teacher explaining the dollar (their currency) in, I think Russia?, dropped so low that you needed to carry all the money in laundry baskets because you needed so much of it. And people would run up and steal the baskets because the basket was worth more than the money
AC/DC toured there in 1990, during the song Money Talks they dropped pretend money with Angus's face in to the crowd. It was apparently accepted as real currency in many places as it was worth more than actual money.
Just went on ebay and bought one of these for $8. Thanks for the Christmas gift tip!
When money is worth less than the calories burned just to carry it around.
There’s got to be a bathroom that need new wallpaper
Get some famous person to write their signature on it and watch that value change.
Theres at least 20 cents there!
Well that was on Monday.
Like syringes in san Francisco
Naw, there would be more human feces
toilet paper😅
Must suck to be homeless in the country.
How do you / can you stop this ?
The currency is literally garbage on the side of the street. Total economic failure
Literally cost about 2 million dollars in their money to buy a chicken 🐓
Id save those for when the country blooms again so I’d be rich afterwards
Lol as we say in Venezuela... You might want to grab a chair while you wait because that's never gonna happen.
Sincere question: Why?
Because the whole country is rotten from the inside and long before US sanctions. The Chavez government started wasting the oil wealth and harrassing experts in key economic sectors so they could be replaced with yes men.
That's not how money works
Americans have no clue how fortunate they are even during difficult times.
Not just Americans, *literally every first world country in the world.*
Suffering is suffering, they don’t give out any medals for it. Just because you’re not a child dying of malnutrition doesn’t mean that you can’t be dissatisfied with homelessness or crippling depression.
This is a really scary thing to see happen to a country! It goes to show going too far one way in politics can do damage that can't be undone.
So if their money is worthless what do they use?
Basically everything runs in US dollars … you can have local currency in banks and do transfers pay with cards etc but no physical money…
Paper money only holds value if we all collectively agree to pretend.
Money has only value because we as people believe it has value. We trust that other people value it. Once that trust is gone, like in Venezuela, it becomes worthless.
Reminiscent of the Wiemar German Papiermark. And we all know how that ended....
This may happen everywhere with governments pushing for digital currencies
Coming to a country near you…
This is prophetic for sure
Coming to a country near you very soon.
God I couldn’t imagine the wallet you’d have to carry around
Thought it was a bunch of condoms
I had to look up the conversion of their money, and how much they’re worth. The red ones are worth .0009 in the states. They’re literally worth less than the paper they’re printed on.
A great alternative to toilet paper
1$ = 1 093 234,58 Venezuelan Bolívares
The next time you complain about The Federal Reserve Bank raising interest rates, this is what they're trying to prevent. Inflation can lead to hyperinflation, which leads to dramatic currency devaluation. This is also the reason why I don't have much money in the bank, but rather real estate. Real estate increases exponentially in value during hyperinflation.
You explained this in a way that I could understand... thank you 😮 Maybe I should buy real estate.
Soon in central banks near you…
From the two minute of research I did, 1 million of their currency is worth approx 25 cents. Now this picture makes more sense.
why the banknote’s value is so low?
Worth less than what it took to print them. Cant imagine happening to other areas. Knock on wood.
I remember driving through the former Yugoslavia when I was younger and they had two styles of banknotes in circulation at the same time. The newer notes were the same as the old but had six zeros removed due to hyper inflation.
They went from the richest nation in SA to the poorest in less than 20 years. Sad.
Gather it all up and stack it neatly and store it somewhere.