The people in Venezuela are currently said to be dealing with the highest inflation rate in the world. Though, the hyperinflation that they've been struggling with, still isn't the most crippling hyperinflation that any country in the world has ever seen in history. The people in the region are still suffering greatly however, with a large majority that have seen their standard of living drastically decrease over the last several years.
The hyperinflation in the country is alleged to have recently surpassed 18,000 percent and some economists predict that it might grow to more than 100,000 percent by the end of the year.
A variety of chat rooms and Facebook pages have been created that have been helping people to connect with one another and find items that they can trade. These are the sorts of exchanges that you can find taking place:
- parking lot attendants accepting baguettes as payment
- street vendors taking sugar in exchange for flour
- haircuts being exchanged for bananas, eggs, or yuccas
- cigarettes being exchanged for cab rides
- burritos and tacos in exchange for packages of paper napkins
- dishwasher repair services in exchange for spaghetti and beef
Some folks have said that they are a big fan of this method of trading and they are willing to work with their customers when they come in looking for things that they need.
One plumber from Venezuela says that he's open to accepting a variety of payments in exchange for his services, things like soda, mayonnaise, sugar, rice, flour, and vegetable oil.
Some individuals have started taking those failed central bank notes and weaving them into various products to sell for food and other necessities.
Some other artists say that they've been able to sell their money art for $20. And along with the purses and other art items that have been made, some artists are also painting and drawing on the worthless fiat notes and selling those as well.
The annual inflation rate for Venezuela is alleged to be 10,500 at the moment and they expect that it will surpass 13,000 by the end of this year.
It's estimated that over 1 million people have already fled the country, looking for a better way of life elsewhere. And for many of those who are still living in the region, they still struggle with food shortages, political unrest, scarce medical supplies, and other worries.
In many ways, the authorities in Venezuela have only taken further steps to worsen the problem and speed-up the hyperinflation spiral that they have been going through. Some say that the situation is so unstable that it's practically impossible to try and estimate what the hyperinflation rate for the year might be.
Pics:
Reuters via carbonated.tv/news/venezuela-bolivar-devalue-shopkeepers-weighing-money-instead-counting
Wes Michael Tomaselli via Time
Youtube - via youtube.com/watch?v=OBkmdy6SkmU
Sources:
http://fortune.com/2018/05/07/venezuela-bolivar-currency-bartering/
http://time.com/5265941/venezuelan-migrants-bolivares-banknotes/
https://sg.news.yahoo.com/venezuela-inflation-hits-13-779-percent-parliament-says-184515699.html
http://www.miamiherald.com/news/nation-world/world/americas/venezuela/article210282264.html
http://www.miamiherald.com/news/nation-world/world/americas/venezuela/article194511929.html
http://news.kuwaittimes.net/website/worthless-currency-becomes-art-venezuela/
https://www.indy100.com/article/venezuela-currency-people-woven-goods-hyperinflation-8209996
Related Posts:
Venezuela: Starving For Some Freedom
https://steemit.com/venezuela/@doitvoluntarily/venezuela-starving-for-some-freedom
OMG "The hyperinflation in the country is alleged to have recently surpassed 18,000 percent"
Its surprising or shocking ?
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I am in shock after observing hyperinflation surpassed 18,000 percent & predict that it might grow to more than 100,000 I think other countries should think about Venezuela situations atleast Venezuelian are also humans thanks for this great post @doitvoluntarily .
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In fact, the unfortunate thing is that in practice hyperinflation is much worse: it is buying something today at 1 $ and tomorrow to see that it is worth 10. It is a genocide and there is no way to explain it from the economic point of view.
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Bueno paisano, puede que si haya alguna explicación. Puede que la haya, ya que nada surge por pura generación espontánea. ;)
A lo mejor y hasta escribo más tarde un post con mayores detalles al respecto.
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No, claro que la hay. Por supuesto que la hay. A lo que me refiero es a que desde el punto de vista económico, desde lo que nos enseñaron en la universidad, a la teoría económica generalmente aceptada, no hay explicación posible. Por ejemplo, este es el único país del mundo en el que los activos en vez de depreciarse con el uso, se revalorizan. Podríamos hacer una publicación con veinte mil razones de porque está pasando todo esto en nuestro país, pues las cosas malas nunca vienen sin causa.
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Así es paisano, estoy de acuerdo contigo en tu apreciación. Y tal como te lo mencioné antes, he aquí el post con el que amenacé dar mayores detalles al respecto. }:)
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Es realmente una crisis terrible la que afecta a mi pais, dia a dia año tras año todos vemos las posibles soluciones, tal cual como los espectadores que vemos las fallas del arbitro y los jugadores, pero creo que es imprescindible que nos volvamos activos participantes del destino del pais y no solo mostremos este gran talento para el debate, es un buen momento para actuar y participar, gran post muy buenos comentarios de todos....
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this is a sign of what is to come, i believe. this is the end and base of our current systems. we're starting to build this resiliency of things we actually need now. the worthless bank notes do make beautiful art tho!! at least they are good for something. these people are so resilient.. resteemed... good article, friend.
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👍👍👍
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Thank u so much for the publication dear friend @doitvoluntarily. Sadly, you fall short in your assessments and approaches. In practice, the hyperinflation that my country suffers, was never seen by any country in the world at any time in history; all economic theories will be rewritten from the "Venezuela case". Thank God, Steemit has become the boat of salvation for thousands and thousands of Venezuelans, including myself. Greetings and a big hug friend.
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It is a sad reality what happens in our country, those of us who are still here, struggling day after day to support this inflation if we see an improvement in how to give the day's food to those who can and do not settle when they get to eat .. thanks to GOD there are alternatives such as STEEMIT that provides the apollo and give the opportunity to those who need it and their people are supportive to our country thanks good post thanks STEEMIT for giving us your voice to go to all corners of the world thanks for your support
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look out for yourselves look out for each other. do not lose hope! all hope is hope for change for the better. united we stand divided we fall
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Bueno amigo @doitvoluntarily soy una venezolana más afectada por la terrible situación que atraviesa nuestra amada Venezuela. Lamentablemente nos tocó a los Venezolanos, pero así como otras naciones también han tenido sus crisis económicas y han sabido salir de ella, también acá en Venezuela se puede salir de la crisis. La esperanza es lo último que se pierde, mientras haya esperanza hay vida. Debemos ser optimista y luchar con esta situación junto a nuestros familiares. Esta situación nos ha enseñado a ser ahorrativos, a economizar, a compartir, ser unido y ayudar nos unos a otros. Debemos verle lo positivo. Anteriormente votabamos la comida, derrochabamos el dinero ect, debemos aprender algo de esta situación. Gracias por tu artículo. Un gran saludo, Nos vemos en la cima.
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Government and Economics are a terrible combination.
In socialist Venezuela, inflation is 18,000% and people are eating pets.
This is what the Elite want for America and other nations. They must be stopped!
#Venezuela #debt #inflation
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Everything will get worse. It's practically a dystopian territory. An as long as the corrupts stays, nothing will change. They have done terrible things, including criminal activities such as drug distribution or trafficking. If they let democracy takes over, they'll know people will put them in jail. That's why they're going to go beyond the limits to cling to power.
Meanwhile, groups of brats like UN and OEA send letters demanding the corrupts to stop their criminal activities against the innocent people who starve to death on the streets. I think they give those letters to first homeless that passes by to wipe his ass. Because let's face it... This is a region where there's not even toilet paper!
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Hello friends, I am also Venezuelan and I have had to share what little I have with my neighbors and friends.
People with many needs come to my humble home every day and they are treated to help as much as we can. That's if nobody leaves my house with empty hands.
Among other things that I do for the benefit of my community was volunteering to use the VQR application of my Sansung Galaxy S4 to scan the already well-known and famous country card. I tell you that I got a government recognition for my dedication, I am going to upload the photo of my trophy, it is not in money, it is an acknowledgment of the work I have been doing with the humblest of my community. I have already earned more than 500 blessings in just two months that I have been working for the community.
The people I help and who have the ID card of the country are not necessarily from the government party, many of them just try to survive waiting anxiously for some of the bonds that the government offers monthly.
If the blessings I have received have been in steem dollars I would have made a millionaire and had more chance to use the money to help my community, but I do not have a registered foundation for that purpose, so it is difficult for me to earn money with the work of a writer in this social network, the reason already took two months writing day and night and still not accumulate two (02) U.S.
Well between scanning with my VQR application and using social networks I occupy almost all day and night, I sleep very little, maybe 4 or 5 hours no more. but everything I do fills me with great satisfaction.
https://steemit.com/venezuela/@yokondap/yo-tambien-soy-venezolano-i-am-also-venezuelan
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Es una completa locura lo que ocurre con la economia en nuestro pais, un total desastre como con los billetes hacen carteras, bolsos y ni hablemos de la inflación que en lo que va del año nos esta comiendo el bolsillo @doitvoluntarily
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Hello, my friend, I am Venezuelan and I see it every day with everything that does not have any value and still comes out, what we Venezuelans live is not easy, everything is very expensive and nothing is achieved, what little we can buy is doing terminal tails or bachaqueado but it is very expensive, thank you for this publication that everyone see it and find out about everything that we are going through
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Venezuela is a country that has much to offer, its people are the friendliest of Latin America always willing to help the visitor and leave the name of our country at the top, is our law. In recent years we have gone through a myriad of problems in the economic field, which have affected our economy and our pockets.
When they touch on the issue of increasing 50% the salaries of public employees, and how much emotion has caused in many of our naïve compatriots. Taking into account that it is a compulsive increase and it is like for people to cheer up and take away the impetus to the recall, among other things. This increase becomes salt and water before 1 week, that will generate more inflation still, until a financial restoration of the country and a total sanitation of the economy of the country is made, nothing will be fixed and nothing here will improve.
First, it should lead to a one-to-one exchange rate with the dollar, sinterize and dollarize the economy, reactivate the expropriated companies and privatize them again, stop producing inorganic money, cease the subsidies to the Caribbean nations and countries ideologically related to the regime, From here, more than 40% of the national budget escapes in such aid and corruption, eliminate ministries and political patronage. Does it sound impossible? Until that is not done Venezuela will not recover! As Jesus of Nazareth said: heaven and earth will pass but my words will not fail. While not the productive apparatus of goods and services to counterbalance the aggregate volume of circulating in final demand what we will have, with this increase in wages, is a bestial inflation with stagnation of the productive apparatus. the perfect Storm! Oh, as the ignorant vulgar says, "Real that fucks" in the street.
Inorganic money without real purchasing power the same immediate sensation of fullness felt by those who eat a bag of popcorn and another of cotton candy and put a soda. He feels the domed stomach and thinks he was fed. What he did was fill up and not nourish himself. By the way, he will get sick with everything that is so elementary that I'm sorry to explain it to people with greater and better knowledge than me. If I say it, it is because I am very concerned about these increases in these, that not only change the president, but change the Castro model can correct this crisis with the same men and with the same ideas that produced it. "DESPIERTA VENEZUELA"
We find ourselves stuck in an economic crisis that does not give breathing to an immediate solution, this accompanied by the political problems that generate a slowness to possible solutions. The Opposition and the Officialism have been in charge of general chaos in the Venezuelan population, with their inefficiency in not solving the problems that daily drown the common citizen, they have focused on a fight of children where they do not know who is better or worse. the opposition in the parliamentary elections of December 2015, emerged as winners, thanks to the support that the people gave in giving that vote of confidence to this political group, which for years is promising a change, but instead of working for and for the people, they focused on getting revenge on the ruling party, with absurd decisions and thus lost in a direction that according to them, was to bring a change to the country. Added to that the ruling party using its power took advantage and against attack, removing the opposition from the national assembly.
The Venezuelan is already at the limit with this situation, we do not see an immediate exit to this enormous economic problem, day after day, many of the young people choose to leave the country, looking for a better life style for their families, that youth with dreams and goals. That Venezuela is losing because of the lack of manliness of a government that no longer cares about its country and wants to consume what little we have left.
Unfortunately we are under pressure that does not leave us alone, and every day we wonder if this will improve. We see that the road to change is uphill and we have a long way to go and fight.
Faith and hope is what keeps the Venezuelan standing, as always struggling to move our families forward.
In addition to economic problems, lack of food and medicine. We struggle with the constant lack of our public services such as water, which different sectors of Venezuela last up to 3 months without water, or electricity.
This generates great concern in our communities, affecting in the worst way children who are not to blame for all this disaster.
The problem of sewage that affects the poorest neighborhoods of Venezuela, which bring with them a series of diseases that protect the ordinary citizen from leaving their homes until the problem is solved, which usually takes weeks.
I feel so helpless in this situation, to see how every day we lie in the face with false promises, which only aim to win votes. They forget that people who put them in power, who sacrifice so that their families can have a plate of food on their table.
For many of us, there is still that passion for wanting a change, not only expressing it with words but with echos, taking to the streets to fight for our country, working every day more for the welfare of the entire community. @doitvoluntarily
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Another display of how centralised currency minting can go horribly wrong. I believe Hungary had the worst hyperinflation ever at 41,900,000,000,000,000% for July 1946, meaning prices doubled every 15 hours.
You'd have to take a day's wage back home in a wheelbarrow, and by the time you woke up the next day, it was almost worthless.
Hyperinflation happened in Germany and led some people to do some very drastic things. Germany learnt from their mistakes though and have one of the most stable currencies in the world.
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Just think that each note was actually worth it’s printed value at one stage and now no more. History repeating itself like Germany when they had their hyperinflation.
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sad.... maybe the paper itself is worth more than the face value right now...
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Are there any mention of petro performance in the Venezuelan news, @doitvoluntarily?
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This is an excellent article. Very well described part of the economic disaster that happens in my country. I'm Venezuelan, a medical student. And I can assure you that you are quite right in what you say, and that this situation gets worse every day. I spend my days in a hospital trying to help save lives, although the economic deficit and shortages of medication is difficult and often impossible. This economic problem has led many people literally to madness, despair, malnutrition and many other things. I live this every day and I am very sad to see how a country that was so beautiful, has been gradually collapsing, to the extent that young people see no way out but to leave the place that I love so much.
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Barter is a great way to avoid currencies and some websites I heard already working on it as a method of trade.
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People should consider the resale and trade value of every hard good they buy. One of the best things that people can do to keep their local community secure is to encourage swap meets, garage sales and consignment stores as they provide as they help conserve wealth.
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yes, ^^^ !!!
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yes, we all need to be going in this direction for this is the ultimate path of our current systems. we need each other, ultimately and these are the bonds that will save us in the end.
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venezuela is not a normal country to start laws are not met, I think that only Newton's laws are fulfilled, I think that the sense of humor of Venezuelans is what keeps us sane, I do not know if the hyperinflation already exceeded 18,000% but here the prices increase every day for you to have an idea of inflation so crazy I leave an example: in December buy a new smarphone and today a hamburger costs the same as I cost that phone in just 5 months
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this is a sign of what is to come, i believe. this is the end and base of our current systems. we're starting to build this resiliency of things we actually need now. the worthless bank notes do make beautiful art tho!! at least they are good for something. these people are so resilient.. resteemed... good article, friend.
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Friend thanks for this publication that the whole planet sees, that and much more we are living Venezuelans can not stand this situation the economy is eating us, there is no medicine, there is no food and when you get there you have to sleep in a tremendous queue that never ends, this is a real madness, and still this useless government continues to extract those bills that are worthless, people throw them as a piece of paper, all this is a mockery, we are desperate to leave my beautiful Venezuela, but I have faith that will happen soon, thanks again
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There may be no medicine ... but it is free.
PS: I feel sad that so many are sold on the notion that health care must be free. The economy works better when people pay for things.
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Venezuelan here, living here. It's crazy how prices go up daily! You lose the understanding of money.
One week ago I paid for a coffee 100,000 Bs. today it was 250,000 Bs.
Minimun wage is 2,500,000 bs. per month!
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La economía venezolana debe ser una de las economía mas dificil de estudiar o analizar
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