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Thursday, January 19, 2017

Venezuela a nation of broke millionaires


VENEZUELA may now be the country in the world with the most millionaires. There is, however, a caveat. That money isn’t worth much anywhere else in the world. Amid rampant inflation, widespread shortages of everything from toilet paper to medicine and a failing economy, the Venezuelan government recently introduced three new bank notes into the market ranging from 500 to 20,000 bolivars. But while somebody in Caracas can now carry 1 million bolivars in his billfold, in terms of US currency those 50 bank notes are only worth only about $US300 ($400) on the country’s black market and one bill is valued at less than $US6 ($8). More…

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