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With Venezuela's move, we can now add the insolvent Latin American country to an increasingly large group of countries including India, Sweden, and Australia, which in recent months have been on a quiet crusade to eliminate all forms of paper money.Certainly, Venezuela will not be the last as only full control over a nation's currency will allow governments to enact global negative rates, something which is inevitable once the current "Trumpflation" euphoria finally ends.Maduro was a fucking bus driver before being allowed to take over Venezuela. Most people in the USA truely have very little cash and very little to none precious metals (anything less than ,000 in gold and silver isn't really very much and even that would not last long supporting your family even if you could convert it to useable stuff without getting yourself killed, your wife and daughter raped when people find out you have it). So let me get this straight: the man first orders larger denominations to prevent people from developing a really bad hernia while shopping for a loaf of bread, then decides to eliminate those same larger denominations because naughty people use them to buy goods in Venezuela which they can then sell for a profit right across the border. I can almost hear the immortal Oliver Hardy say: "Well, here's another nice mess you've gotten me into! It's just the tribe at work again bankrupting another nation into getting its huge natural resources for soon pennies on the dollar. Fuckin' A It doesn't get any more fucked up than this. I'll go out on a limb and say that USD paper money will still be around after Trump is out of office in 4-8 years.The reason I laugh about Bit Coin haters is this: ... ....and,,,and..if a huge meteorite hits the earth....and, yeah, what about alien invasion...say the world cracks in half or something! If anything the US might be one of the last countries to go digital as long as the US is still the worlds reserve currency.DRUMROLL....their money is in digits representing fiat currencies stored on bank computers. The collapse and death of the dollar was greatly overblown. But yeah, nobody wanted, nor accepted USD$ where I lived.In fact, there is a global shortage of paper USD as strange as that sounds. I was about a 3hour drive from the border though, so that played a role, no doubt. They allegedly brought boats with planes down the St Lawrence seaway to Duluth and disguised them as wine barrels being shipped by rail to Napa and took off from Sausalito.Keynesian economics (Fabian socialist inspired) has never "worked", it only masks the economic issues as the debt never goes away. (and we thought India had problems distributing their new notes?
However, getting cash in recent months has proven difficult, and the country's credit-card machines have recently suffered problems, leaving many businesses asking customers to pay by bank transfer.
But at the end of the day the currency is always a national currency, the target is that nation.
That is what they don't want to tell anyone, whether its Venezuela willingly going down that road on its own or this one being dragged down it kicking & screaming. Haven't had enough money to resupply their current notes for months.
Having observed the economic chaos to emerge as a result of India's shocking Nov.
8 demonetization announcement, and perhaps confident it can do better, today president Nicolas Maduro of Venezuela, Latin America's most distressed economy, mired in an economic crisis and facing hyperinflation, likewise shocked the nation when he announced on state TV that just like India, Venezuela would pull its highest denominated, 100-bolivar bill (which is worth about two U. cents on the black market), from circulation over the next 72 hours, ahead of the introduction of new, higher-value notes, as large as 20,000.