The economic meltdown under the moronic Chavez-Maduro government in Venezuela is now moving toward an impressive milestone: hitting an estimated inflation rate of 1,000,000% by the end of the year. According to the International Monetary Fund, the hyperinflation devastating the country will continue — making the currency little more than decorative elements in an economy reduced to a barter system. Socialists have now taken one of the most successful economies in the region and returned most people back to a subsistence existence.
Maduro is widely viewed as an economic dolt who is increasingly turning to the military to sustain the existence of his failed government. He has repressed the press and political dissidents while praising authoritarian governments like Cuba.
The historical analogy in the hyper-inflation is easy and worrisome. In the 1920s, the Weimer Republic allowed hyperinflation to gut the value of its currency, which was used for wallpaper as a cheaper material than actual wallpaper. People would go to the bread store with wheelbarrows of cash. The meltdown led to the rise of national socialist Adolph Hitler.
The problem is that Venezuala is now pulling down its neighbors with hundreds of thousands of refugees fleeing the country.
Hugo Chavez once ominously warned that “there is no turning back.” He might be right as the country lurched toward a 1,000,000 inflation rate.