A basket case of a country! Venezuela's currency is worth so little that locals now WEAVE goods out of it because they are worth more Inflation in the troubled Latin American nation has soared to 13,000 per cent Bank notes are worth so little they are often dropped as litter on the streets Street vendors are making baskets, bags and hats to make them more valuable
Mena: Oil exporting Venezuela use to be one of the richest country in Latin America during the time President Hugo Chavez was in power, now Venezuela is a poor country who have problem feeding its people under the rule of President Marduro.
Venezuela was so rich under Hugo Chavez that the debt of Venezuela to the international banks was paid completely. Venezuela was debt free. Venezuelo sold oil below the market price to Caribbean countries like Cuba, Haiti, Jamaica and Central American countries like Honduras and Nicaragua. Today Venezuela cant feed its population and give them basic goods. Part of the population are migrating as refugees to Colombia. The Venezuelian currency who is use to be one of the strongest in Latin America is worthless today after a 13,000% inflation.
The reason Venezuela is having an economic crisis is maybe because the USA is buying less oil from Venezuela due to the fact that the USA is extracting its deep shell oil. The USA even begin to export its oil to the international market to compete with OPEC country like Venezuela, Saudi Arabia and Nigeria. The International banks who didnt like the socialist government of Hugo Chavez and his nationalization of Venezuelian industry probably devaluated lthe Venezuelian Bolivar causing misery
Street vendors in Venezuela are weaving baskets from banknotes after 13,000 per cent inflation rendered them practically worthless
Jose Leon, a 26-year-old designer, draws the faces of Star Wars characters over the image of Simon Bolivar and other famous Venezuelans pictured on the notes
Foreign customers pay him up to £14 ($20) for each piece of 'money art', which he said increases the note's value by nearly 5,000 per cent.
Cash is worth so little there bank notes are often seen littered on the streets
Pictured: The savvy street seller who paints over bank notes to make them more valuable
These incredible images show the thousands of desperate Venezuelans trying to flee the crisis-hit country by pouring into neighbouring Colombia
Thousands of desperate Venezuelans are currently trying to enter Colombia in a bid to escape the hunger and soaring crime rate caused by the economic crisis
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Mena: The USA is disturbing the World neocolonial economic system when they decided to become an oil exporting country. The neocolonial economic system established a rule that third world or developing country in the continents of Africa, Latin America and Asia were supposed to export minerals, unprocessed foods, oil and raw commodities to the industrialize Western imperialist country in exchange for western country manufactured products like cars, planes, gas turbines, computer etc.
The problem was for many developing countries the manufactured goods imported from Western countries cost more then the minerals and raw foods they exported causing those country to borrow money from Western international banks like the IMF and World Banks and Western banks. The USA becoming an oil exporting country because of the deep shell oil exploiting technology is going to compete with OPEC oil exporting countries like Nigeria, Angola, Venezuela, Irak, Iran, Saudi Arabia and non OPEC Russia. The USA who is the number one oil importer in the world will reduce their importation of oil from OPEC countries. The USA exporting oil and reducing oil import will create economic problem in many OPEC countries. Some of those countries like Nigeria, Iran and Saudi Arabia will need to industrialize to reduce their manufactured goods import from the West.
A victim in the oil trade is a country like Haiti a so call sh1t hole country were the USA had discovered oil in the 1950s. According to the geologist the Mathurins instead of investing in Haitian oil the USA to put an embargo on Haiti oil and put it on their strategic reserve until the Middle East oil reserve was depleted in 100 years or more. Haiti oil reserve is as big as Venezuela according to the Mathurins. an oil exporting Haiti could have been as rich as Brunei, Guinea Bissau, Kuwait and Dubai. with the Canadian trying to export their dirty sand oil and the USA exporting their deep shell oil I dont see the oil company investing in Haiti.
I think Haiti should still extract their oil in order to produce gasoline to eliminate their $500 million a year gasoline import from the Western oil corporations. Guest what the Western oil corporations and the USA will keep that from happening in order to not lose their $500 million.
All misery on earth is a business model. Dutch banker Ronald Donald.
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Maduro was trying to impose a Castro-like system in Venezuela but he failed. He is an ex-bus driver so he probably doesn't have the intellect to effect such changes.
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Never bite the hand that feeds you. I remember Venuezela under Chavez talking a lot of sh*t about the US. Now, look at them, expecting the "devil" buy their wares. Very comical; tragicomedy at its finest.
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