Devastating Hyperinflation In Venezuela: Prices Rise 1.29 Million Percent
Devastating hyperinflation is destroying Venezuela and forcing its people into a “hellish, never-ending struggle for survival.” In particular, Venezuela had a hyperinflation rate of 1.29 million percent in November.
As a result, prices in Venezuela were increasing at a rate of 1.29 million percent a month because of such devastating hyperinflation, Newsweek reports. Under those circumstances, it is impossible for families to buy food because prices increase overnight.
“You may think tomorrow’s meal will only cost 10 million bolivars, but instead it might cost 20 million, meaning you go might hungry if you don’t buy immediately,” Noah Smith writes in Bloomberg. To explain, the bolivar is Venezuela’s worthless national currency.
Venezuelans Go Hungry Because Of Devastating Hyperinflation
Currently, 92% of Venezuelans admit they do not eat protein every day because of high food prices, The Miami Herald states. Moreover, 75% of Venezuelans admit that their families went hungry because of devastating hyperinflation.
Additionally, over one-third of Venezuelans eat just one meal deal a day because of devastating hyperinflation. Now even middle-class Venezuelans are going hungry because of hyperinflation.
“My husband works as a watchman, but his salary is not enough to buy food,” Joselyn Morales tells The Miami Herald. “We have gone up to two days without eating.”
A Herald reporter found Morales and her children standing in line at a church soup kitchen. As a consequence, the only way the Morales family can eat is by accepting charity as devastating hyperinflation runs rampantly throughout their country.
Devastating Hyperinflation Could Get Much Worse In Venezuela
Furthermore, Venezuela’s disastrous hyperinflation could get worse in 2019. Particularly, the International Monetary Fund projects that Venezuela’s inflation rate could hit 10 million percent in 2019.
Significantly, critics blame the socialist policies of Venezuelan President Nicolás Maduro for the devastating hyperinflation. However, Maduro blames low oil prices and foreign enemies like the United States for the inflation surge.
To explain further, oil is Venezuela’s only export. On the other hand, other oil-rich countries such as Saudi Arabia, Nigeria, and Kuwait are not experiencing devastating hyperinflation.
Therefore, Maduro policies like price controls, government seizure of business, and violation of property rights are causing Venezuela’s crisis. For instance, foreign companies are afraid to invest in Venezuela. They fear that Maduro and his henchmen will seize their assets.
Will Devastating Hyperinflation In Venezuela Lead To War In South America?
In the long run, devastating hyperinflation could lead to war between Venezuela and its neighbors. In fact, Brazil’s new president, Jair Bolsonaro, has promised to “do whatever is possible to see that government deposed” in Venezuela. Specifically, Brazil is South America’s largest country and Venezuela’s close neighbor.
Moreover, Brazilian newspapers claim that the government of Colombia, another neighbor of Venezuela, will support Bolsonaro in military action against Maduro. Additionally, The Guardian reports that anti-Maduro Venezuelan rebels think Bolsonaro supports their cause.
Also, Maduro himself believes that Bolsonaro will attack Venezuela. For example, Maduro says he thinks Bolsonaro is planning “a military adventure against the Venezuelan people.”
Consequently, Maduro could order a preemptive military strike against Brazil to stop Bolsonaro. In addition, a war against Brazil could distract the Venezuelan people from Maduro’s failed policies and the scourge of devastating hyperinflation. Finally, a war between Brazil and Venezuela could involve the United States. In fact, Bolsonaro is an admirer of President Trump, who wants a U.S. military base in Brazil.
Devastating Hyperinflation In Venezuela Will Flood America With Migrants
Americans must worry about devastating hyperinflation in Venezuela because it will flood the border and beaches with refugees.
More Venezuelans are seeking asylum in the United States than people from any other country. Notably, the number of Venezuelans seeking refuge in America is increasing at a rate of 160%, The Dallas Morning News declares.
Nevertheless, desperate Venezuelans could bypass the asylum process by simply walking or sailing north in boats. Ultimately, hordes of Venezuelan refugees could land in Florida and on America’s Gulf Coast.
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What are your thoughts on the devastating hyperinflation that is ongoing in Venezuela? Let us know in the comments below.
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