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Venezuela just devalued the bolivar by 95% and pegged it to a cryptocurrency

By Business Insider

Venezuela has announced another series of desperate measures to try and save its economy from collapse. The government will devalue to Venezuelan bolivar by 95%, and peg it to the government’s oilRead full story

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  • Wow! I can't even begin to wrap my brain around this move. It will be fascinating to see how such a bold gambit pays out.

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    EDIT: @Philip Keever, what you described in your comment is fascism, not socialism. I recommend you watch this linked video to get a better understanding of our common

    Wow! I can't even begin to wrap my brain around this move. It will be fascinating to see how such a bold gambit pays out.

    ----------

    EDIT: @Philip Keever, what you described in your comment is fascism, not socialism. I recommend you watch this linked video to get a better understanding of our common governmental and economic systems.

    https://youtu.be/cxOmaQx4BY4

  • Pegging your currency to crypto at the exact moment that nearly every coin is tanking — Venezuela, you have impeccable timing. I'd say that, given how bad things have been there, anything is worth trying. But there are real costs to real people with every failure and Venezuela should be focused on ensuring

    Pegging your currency to crypto at the exact moment that nearly every coin is tanking — Venezuela, you have impeccable timing. I'd say that, given how bad things have been there, anything is worth trying. But there are real costs to real people with every failure and Venezuela should be focused on ensuring people can eat instead of hitching its long-term future to the instability of crypto.

  • Adios, bolivar.

  • Socialism is the best #WheelbarrowEconomy

  • Profanity is not necessary to express yourself.

  • Marshall is, indeed, correct in that profanities are not always needed... but John also raises a good point in spite of his language: Venezuela has one of the most corrupt governments in history and the people proposing solutions is the same group causing the problems in the first place.

    I have read

    Marshall is, indeed, correct in that profanities are not always needed... but John also raises a good point in spite of his language: Venezuela has one of the most corrupt governments in history and the people proposing solutions is the same group causing the problems in the first place.

    I have read a number of very smart opinions in this group... but they all fail in one respect; mainly, that they do not see the wolf in sheep’s clothing. How can we continue to evaluate the fraudulent activities of one the most corrupt governments in history on the merits of harebrained ideas presented to a broken electorate by a group of incompetents with no previous training in their respective fields who do not even speak proper spanish? Have you heard Maduro talk?

    We legitimize this circus any time we consider any of its harebrained ideas as ‘feasible’. In my humble opinion: their purpose seems to be to break the people’s will to resist, cripple the local industry, and create the necessary conditions of popular dependency to give the clique in power the time, leisure and freedom to rape the oil industry.

  • Who gives flying fuck what their government does.........it is their government that caused this in the first place........supporting the military to protect them and screwing the population....,..they are in the top 3 countries of the world with proven oil reserves.........the time is ripe for a serious

    Who gives flying fuck what their government does.........it is their government that caused this in the first place........supporting the military to protect them and screwing the population....,..they are in the top 3 countries of the world with proven oil reserves.........the time is ripe for a serious revolution in that country! This is not socialism....... this is outright thievery!

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