ANYTHING India does, Venezuela can do worse. Last month, in
a dramatic effort to curb corruption, India’s government cancelled all its
high-denomination banknotes without warning. Since 98% of transactions in India
are done in cash, commerce seized up. It is a huge mess, but India will after a
while print enough replacement notes. And it has a plausible plan to help its
many poor people join the cashless digital economy. Not so Venezuela. President
Nicolás Maduro says that the constant shortages of more or less everything in
Venezuela are caused by evil speculators. (They are actually caused by his
price controls.) Mr Maduro claims that “mafias” in Colombia are stockpiling
lorryloads of bolívars, the Venezuelan currency, and sneaking across the border
to buy up price-controlled goods. More…
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