Wednesday, April 5, 2017

This is What Economic Madness Look Like: The Venezuelan Money Supply Has Climbed 200% Over the Last Year

                                                                Venezuela's currency now worth so little shopkeepers weigh vast piles of notes instead of counting them. (via The Independent)
Venezuela's money supply has surged over 200 percent in a year, its fastest rise since records began there in 1940, and putting it on track for what is likely the world's highest monetary inflation.

After a month-long hiatus from publication, the central bank said late on Friday the total amount of local money (M2) in circulation as of March 24 was 13.3 trillion bolivars, up 202.9 percent from a year earlier.

Fed chair Yellen is mad, but not that mad. The United States' money supply was up 6.4 percent in the same period.

Venezuela's opposition-led National Assembly, which accuses the leftist government of destroying the country's economy, says the money increase has resulted in a price inflation of 741% in the year to February.



1 comment:

  1. I am surprised that people don't stop using the sucky "money" and use some other country's currency (US dollars for example).