Hyperinflation has driven thousands to seek out unorthodox currency.
From The Atlantic.com – Rene Chun In Venezuela, home to some of the worst hyperinflation since the Weimar Republic, a Big Mac costs about half a month’s wages. Or rather, it did, until a bread shortage forced the burger off the menu. The annual inflation rate is expected to hit 1,600 percent. Life resembles an old newsreel: long lines, empty shelves, cashiers weighing stacks of bills.
To survive, thousands of Venezuelans have taken to minería bitcoin—mining bitcoin, the cryptocurrency. Lend computer processing power to the blockchain (the bitcoin network’s immense, decentralized ledger) and you will be rewarded with bitcoin. To contribute more data-crunching power, and earn more bitcoin, people operate racks of specialized computers known as “miners.” Whether a mining operation is profitable hinges on two main factors: bitcoin’s market value—which has hit record highs this year—and the price of electricity, needed to run the powerful hardware.
Continue reading Big in Venezuela: Bitcoin Mining
Venezuela’s currency, the bolivar, is disintegrating at an incredible pace under the country’s political and economic crisis that has left citizens broke, desperate and in many cases, homicidal. The depreciation accelerated this week, after a disputed vote electing an all-powerful “Constituent Assembly” filled with allies of President Nicolas Maduro, which the opposition and dozens of countries have called illegitimate.
Just two days ago, on August 2, we reported that one dollar would buy 14,100 bolivars, up from 11,280 the day before.
The next day, the bolivar slumped nearly 15 percent on the black market, to 17,000 to one US dollar. Today, it has crashed again, tumbling 16% to 20,142, and down almost 40% in just the past three days.
The rise of the greenback: unstoppable?
Continue reading Venezuela Currency Disintegrates: Down 16% in 24 hours
[7/12/17 SABRINA MARTÍN] The cataclysmic devaluation of the bolivar in Venezuela and the brutal repression in the South American country now go hand in hand; state security agencies are increasingly demanding bribes in relatively strong Colombian pesos to release unjustly detained protesters.
It is already public knowledge that the Bolivarian National Guard (GNB) and the Bolivarian National Police (PNB) take advantage of opposition protests to arrest innocent young people, torture them, and then request bribes of between USD $500 and USD $1,000 to free them; however, in border states they are also increasingly charging such payments in Colombian pesos.
Continue reading Venezuela’s Currency Is So Devalued that Cops Are Demanding Bribes in Colombian Pesos
When Governmental Service Corporations are totally out of control, Generals’ discussing snipers on civilian demonstrators is but one of many manifestations.
In a secret recording obtained by el Nuevo Herald Venezuelan generals discuss using snipers against protesters in the ongoing anti-government unrest that has besieged the country for almost six weeks. Source: el Nuevo Herald; edited by Mario Mateo
Claiming to be primed for civil war, a Venezuelan general issued orders to prepare for the future use of snipers against anti-government protesters, according to a secret recording of a regional command meeting held three weeks ago at a military base in the northwestern Venezuelan city of Barquisimeto.
On the recording, obtained from a Washington source that has provided el Nuevo Herald with information on Venezuela for previous stories, the generals discuss the legality and risks of using snipers during the massive demonstrations taking place almost daily against President Nicolás Maduro.
Continue reading Venezuelan General Pushes for Snipers to Control Demonstrators in Secret Recording
By James Holbrooks
Venezuela, a country with only $10 billion left in reserves to run on, is in trouble. The people are starving. The government has gone full-on authoritarian, and now desperate human beings are dying in the streets.
From an Associated Press report on Friday:
Authorities in Venezuela say 12 people were killed overnight following looting and violence in the South American nation’s capital amid a spiraling political crisis.
Continue reading Venezuela On The Verge Of Revolution: A Quick Overview
By Michael Snyder, on June 8th, 2016
Widespread reports continue to pour in from all over the nation of “glitches” with the food stamp system. It is eight days into the month and large numbers of people still have not received their benefits, and in other instances it is being reported that EBT cards are simply not working correctly. So what in the world is going on here? On downdetector.com there are scores of reports of problems with the EBT system from people all over the nation. Could this simply be another example of government incompetence, or is something else at work here? Continue reading EBT Card Outage?: It Is 8 Days Into June And Many Americans Are STILL Waiting For Food Stamp Money
For those wondering, the fistful of cash is worth about $25.
The good news: those locals lucky enough to still have money in a Venezuela bank don’t need a wheelbarrow to carry it.
The bad news: those same locals soon will.
Things are so bad in Venezuela that they are requiring FINGER PRINTS to get food. Continue reading Venezuela Hyperinflation Destroying Nation, Canary in Coal Mine for World
Mainstream news outlets are already starting to use the phrase “economic collapse” to describe what is going on in some areas of our world right now. For many Americans this may seem a bit strange, but the truth is that the worldwide economic slowdown that began during the second half of last year is starting to get a lot worse. In this article, we are going to examine evidence of this from South America, Europe, Asia and North America. Once we are done, it should be obvious that there is absolutely no reason to be optimistic about the direction of the global economy right now. The warnings of so many prominent experts are now becoming a reality, and what we have witnessed so far are just the early chapters of a crushing economic crisis that will affect every man, woman and child in the entire world.
Let’s start with Brazil. It has the 7th largest economy on the entire planet, and it is already enduring its worst recession in 25 years. In fact, at the end of last year Goldman Sachs said that what was going on down there was actually a “depression“.
But now the crisis in Brazil has escalated significantly.
Continue reading Economic Collapse Is Erupting All Over The Planet As Global Leaders Begin To Panic