Venezuela’s 100,000 Bolivar note worth 23¢ (US), printer ships 71 tons of paper notes to economically blighted country

Bloomberg/Patricia Laya and Fabiola Zerpa

“Venezuela has begun to import banknote paper and is mulling plans to print bills with larger denominations as hyperinflation causes shortages of cash …”

USAGOLD note:  Difficult to avoid drawing parallels between Venezuela’s hyperinflationary nightmare and what occurred in Germany in the 1920s when people pushed wheelbarrows loaded with currency from store to store. One hyperinflation, though, is pretty much like any other – with the destruction of life savings the chief feature. Other, more stable currencies are a hedge, but nothing holds a candle to gold – the ultimate store of wealth under such conditions.

Repost from 10-6-2020

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