Lessons from Venezuela’s free fall

The economy is decaying exponentially fast in respect to the moment Chavez died,” Noguera says. “The decay is exponential. In the last three years our entire way of life has disappeared.” He consistently sees people digging in the trash, desperate to find food, he says. As a result of hyperinflation, roughly 80 percent of the population has to stand in line for the basic fundamentals such as corn flour and powdered milk, as well as household items such as toilet paper and deodorant. More…