I just read a article on local news paper about the disaster happening in Venezuela.. that is really a bad news..
Even millionaire are not able to buy food with millions of money.
Venezuela's economy is worse situations.
Years back a African country Zimbabwe was facing same situation but right now Venezuela is facing same disaster..
This shows that crude oil never replace the hunger of man..
haha that was funny to read, but I understand that can sound surprising. Last time I check (a few days ago) 3.5 million Bolivares (the local currency) was the same as an american dollar. So:
3,500,000 vef = 1 $ , but this changes constantly.
In a month there will be a monetary conversion, and they will eliminate 5 zeros to the currency, besides it is going to have some kind of relationship with the Petro which is the fraudulent crypto currency created by this government. Really crazy stuff, difficult to believe to people who are use to stable and normal economies.
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Yeah, I think Petro currency, create a doubt about Venezuela government..
And launching of Petro currency was one of the badest decision by president of Venezuela
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So if we were to buy $100 in Venezuelan money would we when Venezuela gets back to a good financial situation be real millionaires?
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No, because the lost value is lost forever. After periods with high inflation, that inflation is never reversed.
What could happen is that your 100$ end up being worth less than 10$, probably less than 1$.
I mean, you would be a millionaire, but with a currency that doesn't hold value so it is pretty much worthless.
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@devekapoor you dont´t live here how can you give such opinion, the pictures are of indias called goajiros and even in the best venezuelan´s moment they were begging in the streets, and the other picture are colombians steeling our money to sell it in colombia
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