Two examples of rampant runaway inflation in recent history . .
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Venezuela’s epic shortages are nothing new at this point. No diapers or car parts or aspirin — it’s all been well documented. But now the country is at risk of running out of money itself.
In a tale that highlights the chaos of unbridled inflation, Venezuela is scrambling to print new bills fast enough to keep up with the torrid pace of price increases. Most of the cash, like nearly everything else in the oil-exporting country, is imported. And with hard currency reserves sinking to critically low levels, the central bank is doling out payments so slowly to foreign providers that they are foregoing further business.
Venezuela, in other words, is now so broke that it may not have enough money to pay for its money.
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Zimbabwe’s central bank promised yesterday to issue large denomination travellers’ cheques to ease a chronic cash shortage, caused because the nation cannot afford many of the printing inks.
However, many traders said they would refuse to accept the cheques, which were still not widely available yesterday. “Sorry, they haven’t arrived yet,” said a teller at a branch of Standard Chartered Bank.
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The country is so short of hard currency that it cannot afford many of the inks required to print higher denomination notes.
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(Same place as my last posting. Zim.)
http://www.forbes.com/sites/timworstall/2016/04/28/congratulations-to-bolivarian-socialism-now-venezuela-cannot-afford-to-pay-for-its-own-money/#4c7d981e4544
Mad Poet Strikes Again.
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