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Venezuelan President Nicolas Maduro announced a 40 percent increase to the minimum wage as of January, a move that will foment what many economists already consider hyperinflation in the oil-rich but crisis-stricken nation.
Printing money and increasing minimum wages is never the way out. While increasing wages, they will keep the money printing going, resulting in in money depreciation.
#Austrian-economics
#free-economy ![venezuela.PNG]
jeez that's high. Where I am in Canada, they just increased our minimum wage by 22%, which in all honesty is a populist move that trades tomorrow for today. 40% is really bad.
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Lets hope that their crypto coin (The Petro) can save the nation.
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