Amid the death of a 14-year-old boy killed by a policeman
during anti-government unrest, the arrest of a key opposition mayor by armed
government intelligence agents and talk of a coup plot against the government
spearheaded by Washington, this last week also saw another another turn in
Venezuela’s growing crisis. At DolarToday, a website little known outside of
Venezuela that has become a key indicator of the country’s black market
exchange rate, the bolívar local currency passed the psychological barrier of
200 per greenback. Four years ago, the dollar cost eight bolívares per dollar;
five months ago it was 100; now it is already at 221 and counting. This rapid
deterioration in the value of the local currency, 61% drop against the dollar
over the last year, is one of the best indicators of just how much trouble
Venezuela—and President Nicolas Maduro—is in. More…
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