The Venezuelan economy continued to collapse this week after the failed assassination attempt on socialist President Nicolas Maduro, with the exchange rate reaching levels so bad that just $1 can purchase over 900,000 gallons of gasoline.
According to Yahoo News, the Venezuelan Bolivar plunged even further in recent trading, with a single egg costing residents as much as 200,000 Bolivars.
“In Venezuela’s inflation-hit economy, a single US dollar can buy 3.5 million liters of gasoline — an absurdity that the government says it will tackle with a hike in the cost of state-subsidized fuel,” writes the AFP. “A liter of 91-octane gasoline currently costs one bolivar, while 95-octane gas costs six. By contrast, a single egg in Venezuela’s hyperinflation ravaged economy — estimated by the IMF at one million percent in 2018 — costs 200,000 bolivars.”
The ultra-inflation took a turn for the worse just hours after a series of drone-controlled explosives attempted to take the life of President Maduro as he addressed a military parade in the nation’s capital, Caracas.
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PARADISE LOST: Inflation Nears 1,000,000% in Venezuela, Eggs Cost 2 WEEKS PAY
The economic crisis engulfing Venezuela reached new heights this week, with the nation’s currency seeing inflation rates nearing 1,000,000% as the socialist government struggles to contain the economic collapse.
According to the Washington Post, the Venezuelan Bolivar plunged in foreign exchange rates as the price of a dozen eggs reached 2,600,000 Bolivares in local supermarkets and shops.
“This week, for instance, the price of a dozen eggs topped 2.6 million bolívares — equal to two weeks’ pay at the minimum wage. But for a Venezuelan who can exchange dollars at the black market rate, those same eggs are a relative bargain, costing only 60 cents,” writes the Post.
“I never feel clean anymore,” said one citizen. “We’re hungry most of the time. I don’t think things will get better.”
Just this week, socialist president Nicolas Maduro admitted his government’s economic policies have totally “failed,” vowing to implement new guidelines to stabilize the crumbling currency.
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PARADISE LOST: Venezuela's Socialist President Tells Starving Residents to ‘STOP WHINING’
Venezuela’s socialist President Nicolas Maduro urged his nation’s starving and impoverished citizens to quit “whining” about the escalating food and water crisis; saying he “wants solutions comrades!”
According to France 24, Maduro was speaking to members of his government after a crippling power outage shutdown nearly 80% of the country’s capital; admitting his economic programs and production models “have failed.”
“The production models we’ve tried so far have failed and the responsibility is ours, mine and yours,” said the President. “Enough with the whining… we need to produce with or without (outside) aggression, with or without blockades, we need to make Venezuela an economic power,” he added late Monday, with the country grappling with a four-year long recession.”
“No more whining, I want solutions comrades!” he added.
Venezuela is in the midst of a four-year depression, with food, water, fuel, and electricity nearly vanishing throughout the nation.
Leading economists warn the struggling country may see inflation as high as 1,000,000% within the year.
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