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Caribbean-Latin America
Venezuela unveils 100,000 bolivar note, worth a few US Dollars
2017-11-03
[DAWN] Venezuelans living with hyper-inflation and a scarcity of cash for buying daily goods will soon have the country's largest paper bill circulating in recent history.

The country's president announced on Wednesday that the new 100,000-bolivar note will hit the streets this week. It will be worth less than $2.50 in US currency in black market dealings.

In a nationally broadcast appearance, President Nicolas Maduro held up the new paper bill, while also unveiling a 30 per cent boost to the minimum wage.

The new denomination is stop-gap measure in an economic plan by Maduro's government aimed at doing away with the need for paper money.

"The use of the physical currency is being replaced," the socialist leader said.

Posted by:Fred

#8  Tell the folks in Florida or Texas

"Who cares as long as we're in control"
Posted by: g(r)omgoru   2017-11-03 10:45  

#7  Cashless is a great way to control a society.

Tell the folks in Florida or Texas who went without power for weeks. Pre-cash societies operated by barter. I suspect post-cashless societies will operate the same.
Posted by: Procopius2k   2017-11-03 07:20  

#6  They are about to default on debt repayments, which means things will get worse.
Posted by: phil_b   2017-11-03 06:06  

#5  Print the new currency on toilet paper. That guarantees a floor to its value.
Posted by: gorb   2017-11-03 05:16  

#4  Cashless is a great way to control a society. 100% record of every transaction, easily taxed, 100% control of money. Someone you don't like, cut them off. They starve. Easy.
Posted by: Harcourt Angoluting9366   2017-11-03 03:29  

#3  Re #2: more likely they'll refer to their future currency as "U.S Dollars", as all of their electronic replacements vanish into the ether.
Posted by: PBMcL   2017-11-03 02:52  

#2  "The use of the physical currency is being replaced," the socialist leader said.

... while we destroy the last remaining remnants of our economy.

Prediction: in the future, Venezuelans will refer to their currency using exponential notation. Ex: "Hey, buddy! Lend me a 8 until payday" or "Sorry, smallest I've got is a 13".
Posted by: SteveS   2017-11-03 01:21  

#1  
Posted by: 3dc   2017-11-03 01:04  

00:00