Venezuela, Nicholas Maduro and 'enemies'

Everything in Venezuela, from a tin of tomatoes to a carton of eggs, costs not hundreds of thousands of bolivars, but millions

In a bizarre attempt at face-saving, the government of Venezuela insists inflation is “induced” by its enemies and believes that it can control prices. However, time seems to be running out.

Considering that the country is experiencing such runaway inflation in what is fast becoming a voodoo economy, it is hardly surprising that most Venezuelans say they have lost weight over the past 12 months.



As at today the Venezuelan bolivar is worth almost nothing. A chicken cost 15 million bolivars last week. This year, Venezuela became the first country in history where everyone was a millionaire, but most of the people were still living in poverty.

Inflation is now running at about 60,000 per cent, but the IMF expects it will hit one million per cent by the end of the year.




It is not clear what Venezuela's ideological soulmates China, Russia, Cuba and North Korea are doing to help resolve the situation. The chances are that it is still the 'enemy', that is, the US that Venezuela will call upon for help.




In his latest move, President Maduro has said that a “new economic future” for the country will begin with a reconversion of the bolivar today. Five zeros will be removed. Every 100,000 “strong bolivars” in bank accounts will become one single “sovereign bolivar”.