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cost more to print than worth

cost more to print than worth | IF YOU KEEP PRINTING MONEY; THIS IS WHAT 1 $ US EXCHANGED TO VENEZUELAN $ | image tagged in politics | made w/ Imgflip meme maker
5,387 views 21 upvotes Made by RedBarron1 5 years ago in politics
20 Comments
[deleted]
4 ups, 5y,
2 replies
4 ups, 5y,
1 reply
No, it can used to wallpaper your room.
[deleted]
1 up, 5y,
1 reply
2 ups, 5y,
1 reply
I might be, hyperinflation has stuck Venezuela. Looking it up found 1 US Dollar = 3,294.50 Venezuelan Bolivars as of 4/7/2019
[deleted]
1 up, 5y,
2 replies
4 ups, 5y,
1 reply
If possible, they'll ultimately just revalue the currency, at something like 1000 Bolivars for 1 New Bolivar, for example, so nothing to gain. With inflation so severely high, people will all already have tons of nearly worthless bills, so it's not like the system will work it so they'll be allowed to become mega rich over night.

They've already revalued it in the past under Chavez, as have many other countries facing similar.
[deleted]
2 ups, 5y,
2 replies
1 up, 5y
In case that's hard to make out, check out the site:

http://www.joelscoins.com/latinamerica.htm

Joel Anderson is a great source of affordable coins and info about them, background, countries history, etc.
He's also got some wonderfully droll observations tossed in an already good read.
For example, on that page, scroll to Paraguay and this title:

WITH HEROES LIKE THESE, WHO NEEDS VILLAINS 

Also search the site for North Korea and their currency set, especially the line about 5, 10 & 20 Won.

The pic of the coins I added is of the Bolivar Fuerte set. Note the ones with the reverse, the country's crest. The horse used to have its head turned the other way, but Chavez's daughter asked him to have it changed because it looked like it was looking backwards.
What idiots.
1 up, 5y
Yeah, that was hard to make out, so here's from one below,

"VENEZUELA'S NEW CURRENCY

On August 20, 2018 Venezuela did a 100,000 to 1 revaluation, replacing the worthless Bolivar Fuerte (Strong Bolivar) with the Bolivar Soberano (Sovereign Bolivar). The value of the Bolivar Soberano is supposedly tied to the a crypto-currency created by the government of Venezuela called the Petro, with 1 Petro being equivalent to 1 barrel of oil. In reality the currency was not tied to anything. The socialist government of Venezuela continued its disastrous political and economic policies, resulting in frequent blackouts. lack of running water, and continued hyper-inflation in Venezuela, which some estimate at a million percent per year. Eight denominations of Bolivar Soberano notes were released.
.....
The lower denomination notes are difficult to obtain as many people refuse to accept them due to their minimal buying power - the effort spent counting the notes is more than the notes are worth! With increasing hyper-inflation, political and economic instability in Venezuela the notes may not be around for long."
2 ups, 5y
Maybe, but the currency could just go under as well. Hyperinflation is like a death spiral where you need to inflate more and more by printing more money to pay debts with a weaker and weaker currency,
3 ups, 5y,
1 reply
Great analogy
[deleted]
3 ups, 5y,
1 reply
3 ups, 5y
:) yw
2 ups, 5y,
2 replies
The germans had the same issue post WW1 during the Wiemar era.

hyper inflation to pay off a debt they couldnt afford.
2 ups, 5y,
1 reply
Yes, wasn't that fun. Ein Brot für ein Korb DMark. (One loaf for a basket of Dmark (Deutsche Mark))
1 up, 5y,
2 replies
You say that like you were there
2 ups, 5y
No, but I am joking about it
[deleted]
1 up, 5y
The comparison is accurate though. Historically, it took a grocery cart full of cash to buy one loaf of bread in Germany prior to WW2.
1 up, 5y
Same thing happened in Zimbabwe and even with the American Continental. When governments are allowed to just print money willy-nilly they think that it's some kind of solution.

The reality is that they just wasted MORE time, energy, and resources making useless confetti.
1 up, 5y
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IF YOU KEEP PRINTING MONEY; THIS IS WHAT 1 $ US EXCHANGED TO VENEZUELAN $