Venezuela: Where Inflation Is so Bad That $1 Can Buy You 3.5 Million Liters of Gasoline

Venezuela is a total disaster. Inflation is through the roof. Medical supplies are low. Basic commodities, like toilet paper, are in short supply. Readily available medicines, which we take for granted, are not around. Crime has risen. Economic destitution abounds—and yet democratic socialists in America want to exportthat misery here. The people are starving. It’s become so bad that people are eating out of garbage cans. In some cases, Venezuelan doctors, teachers, and even childrenare not prostituting for food. Zoo animals, dogs, cats, and birds have been targeted for food. In the meantime, waiting in line at the supermarket could land you in legal trouble with the police. With food so scarce, people wait overnight to try and get something for their families, an illegal activity in the country. So, how bad is Venezuela’s inflation problem?

The International Monetary Fund says the rate could hit 1 million percent. No, that’s not a joke. It’s on that projected path. Right now, French news agency AFP reported that one U.S. dollar could buy you 3.5 million liters of gasoline:

In Venezuela’s inflation-hit economy, a single US dollar can buy 3.5 million liters of gasoline– an absurdity that the government says it will tackle with a hike in the cost of state-subsidized fuel. . .

Maduro announced on July 29 plans to adjust the price of gasoline and regulate sales based on the so-called “fatherland card,” an electronic card that provides access to subsidies. As a first step the government began a census of motor vehicles, set to end on Sunday.

A liter of 91-octane gasoline currently costs one bolivar, while 95-octane gas costs six. By contrast, a single egg in Venezuela’s hyperinflation ravaged economy — estimated by the IMF at one million percent in 2018 — costs 200,000 bolivars.

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