Venezuela

July 26, 2018

Just a few brief thoughts on Venezuela, which seems to be in an economic free-fall as hyperinflation continues to devalue its national currency, the bolívar.

 

Venezuela's minimum wage is now about the equivalent of $1 per month.  How far could you stretch a dollar?

 

The price of a cup of coffee is now up to 2,000,000 bolívars this week.  As of today's currency exchange, that's nearly $17 (USD) for a cup of coffee.

 

I've spoken with several Venezuelans, both in the U.S. and in Canada, within the past couple months and they've all said that, if not for foreign remittances, the effects of the economic situation -- in terms of survival versus mortality -- would be massive.  As it is, the situation in Venezuela is a crisis.

 

It appears that the solution must be political before it can be economic, considering that Venezuela is a resource-rich country, which in juxtaposition to its neighbor Colombia was historically more prosperous, and especially since political decisions clearly seem to have caused the economic crisis in the first place.

 

For the sake and human rights of the people of Venezuela, I hope for a positive resolution soon.  People are suffering right now, and it shouldn't have to be that way.

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