We have been following the unfolding disaster in Venezuela where the socialist dream of Hugo Chavez and his dim-witted successor Nicolas Maduro has reduced a major nation to virtual starvation. The central planning of Maduro’s nation has destroyed the oil-based economy and triggered inflation that is projected to reach one million percent within the year. Maduro however continues to follow the absurd economic model of Chavez and his chief ally, Cuba (another economic basket case). Rather than change course, Maduro ordered five zeros to be simply erased on the inflated currency while increasing the minimum wage by over 3000 percent. Venezuela now has been confirmed as having an annual inflation rate at the end of 2018 was 80,000%.
The Banco Central de Venezuela (BCV) stopped reporting inflation statistics on a regular basis in 2014, but outside groups have fulfilled the role in tracking the economic basket case that is Venezuela.
The hyperinflation has caused widespread food shortages and shutdowns with millions fleeing the country.