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Venezuela Doesn't Have Enough Money to Pay for Its Money

Carjosse

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I was browsing Bloomberg and I found this hilariously titled article. Apparently Venezuela has run out of money to pay the companies who print their money, so essentially if they want more money they have to print it themselves. The companies could barely keep up with the pace that Venezuela needed the new bills, the largest bill printing company in the world, UK-based De La Rue had to subcontract the Canadian Bank Note Company in order to meet demand.

Venezuela’s epic shortages are nothing new at this point. No diapers or car parts or aspirin -- it’s all been well documented. But now the country is at risk of running out of money itself.
In a tale that highlights the chaos of unbridled inflation, Venezuela is scrambling to print new bills fast enough to keep up with the torrid pace of price increases. Most of the cash, like nearly everything else in the oil-exporting country, is imported. And with hard currency reserves sinking to critically low levels, the central bank is doling out payments so slowly to foreign providers that they are foregoing further business.
Venezuela, in other words, is now so broke that it may not have enough money to pay for its money.

In case you needed more proof Venezuela was going to hell. Their government is printing so much money they cannot even pay for the money that is being printed.
 

faithful_servant

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I was browsing Bloomberg and I found this hilariously titled article. Apparently Venezuela has run out of money to pay the companies who print their money, so essentially if they want more money they have to print it themselves. The companies could barely keep up with the pace that Venezuela needed the new bills, the largest bill printing company in the world, UK-based De La Rue had to subcontract the Canadian Bank Note Company in order to meet demand.



In case you needed more proof Venezuela was going to hell. Their government is printing so much money they cannot even pay for the money that is being printed.

Well at least there is a silver lining in this. Since they can't get more money printed, it will help slow down the "hyper-inflation" that's killing Venezuela.
 

PoS

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Print more money? Isnt that what MMT advocates want?
 

Blue_State

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I was browsing Bloomberg and I found this hilariously titled article. Apparently Venezuela has run out of money to pay the companies who print their money, so essentially if they want more money they have to print it themselves. The companies could barely keep up with the pace that Venezuela needed the new bills, the largest bill printing company in the world, UK-based De La Rue had to subcontract the Canadian Bank Note Company in order to meet demand.



In case you needed more proof Venezuela was going to hell. Their government is printing so much money they cannot even pay for the money that is being printed.

images.jpg
 

David_N

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Print more money? Isnt that what MMT advocates want?

Look, another person who doesn't understand MMT!
You'd be hard pressed to find an MMT advocate who advocates what Venezuela has done. More spending is what, in my opinion, needs to occur when we have plenty of potential output and unused resources. (Labor being the main resource.)
Of course, you will get inflation when you destroy your supply when there is still demand, and don't forget that Venezuela pegs their currency. Did I mention the socialist government?
 

David_N

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Well at least there is a silver lining in this. Since they can't get more money printed, it will help slow down the "hyper-inflation" that's killing Venezuela.

Err, I don't think you understand. The people of Venezuela are going to suffer either way, regardless of how many pieces of paper Venezuela produces.
 

apdst

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This is what happens when you destroy the private market and the government picks winners and losers.
 

joG

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I was browsing Bloomberg and I found this hilariously titled article. Apparently Venezuela has run out of money to pay the companies who print their money, so essentially if they want more money they have to print it themselves. The companies could barely keep up with the pace that Venezuela needed the new bills, the largest bill printing company in the world, UK-based De La Rue had to subcontract the Canadian Bank Note Company in order to meet demand.



In case you needed more proof Venezuela was going to hell. Their government is printing so much money they cannot even pay for the money that is being printed.

They should practice MMT. That will fix it.
 

jmotivator

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I was browsing Bloomberg and I found this hilariously titled article. Apparently Venezuela has run out of money to pay the companies who print their money, so essentially if they want more money they have to print it themselves. The companies could barely keep up with the pace that Venezuela needed the new bills, the largest bill printing company in the world, UK-based De La Rue had to subcontract the Canadian Bank Note Company in order to meet demand.

In case you needed more proof Venezuela was going to hell. Their government is printing so much money they cannot even pay for the money that is being printed.

Maybe they can start trading in bottle caps.

enhanced-17040-1446660609-11.jpg
 

Orly?

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They should just adopt Bitcoin..
 

SocialD

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I was browsing Bloomberg and I found this hilariously titled article. Apparently Venezuela has run out of money to pay the companies who print their money, so essentially if they want more money they have to print it themselves. The companies could barely keep up with the pace that Venezuela needed the new bills, the largest bill printing company in the world, UK-based De La Rue had to subcontract the Canadian Bank Note Company in order to meet demand.



In case you needed more proof Venezuela was going to hell. Their government is printing so much money they cannot even pay for the money that is being printed.

Venezuela is the modern model case of failed state socialism.
 
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