Venezuela Creates Legions of Impoverished Millionaires
Through the power of socialism, Venezuela has been creating large numbers of millionaires. However, being a millionaire in Venezuela is about as meaningful as the government’s collectivist rhetoric.
Amid rampant inflation, widespread shortages of everything from toilet paper to medicine and a failing economy, the Venezuelan government recently introduced three new bank notes into the market ranging from 500 to 20,000 bolivars.
You could easily carry a million bolivars in your wallet. It would be the equivalent of $300.
“That won’t get you very far,” Chris Sabatini, a professor at Columbia University’s School of International and Public Affairs, told FoxNews.com. “It’s like the government has almost given up. They are just adding zeros to the end of these bills and they don’t mean anything.”
Socialists often give up on presiding over functional economies. However, they never give up on what socialism is actually about — power. Hugo Chavez’s successor Nicolas Maduro isn’t going anywhere until he is dragged out of the Presidential Palace, hopefully feet first.
On a tip from R F. Cross-posted at Moonbattery.