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November 8, 2018

LATE-STAGE SOCIALISM: Venezuela’s consumer prices rose 833,997 percent in past 12 months.

“The figure is still scandalously high,” opposition lawmaker Angel Alvarado said. The legislature has become the only source for economic indicators after the central bank stopped publishing such information nearly three years ago as the economy unraveled amid a collapse in crude oil prices.

Socialist President Nicolas Maduro in August slashed five zeroes off the ailing bolivar currency and boosted the minimum wage thirty-fold in an effort to stabilize inflation, which has eroded purchasing power and contributed to an exodus that has seen 2 million Venezuelans migrate since 2015.

Plus: “The IMF expects hyperinflation to reach 10 million percent in 2019.”

Zeros remain in abundance, comrades.