Venezuela’s Hyperinflation Crack-Up Boom On Its Way To Outer Space

‘With oil prices under great pressure, the government of Venezuela can no longer finance its socialist program. Having nationalized countless companies and replaced their managers with cronies of the ruling party, while restricting the remaining private sector in every imaginable way – de facto creating a full command economy that is a mixture of the Marxist and fascist economic models, i.e. a mixture of Marxist state-ownership of the means of production with a fascist Zwangswirtschaft (literally: “coerced economy”) for what remains of the market economy – there is no way for the government to obtain the revenue it needs to keep its socialist system funded.

Consequently, the only source of revenue for the government is the printing press of its central bank, which it is abusing quite liberally. There are several fixed exchange rates for the Venezuelan bolivar, which have long ceased to make even the faintest shred of sense. The reality is better reflected by black market exchange rates. Dolartoday.com keeps data on the black market in US dollars in the border town of Cucuta, which we are charting further below. In recent months, the bolivar has been in free-fall.’

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