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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’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.