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When Money Dies: In Venezuela, A Haircut Costs 5 Bananas And 2 Eggs

Fatrat

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#81
A chess match across the globe...
 

searcher

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#82
FULL DOCUMENTARY - Venezuela: State of Disaster | The Big Story | Real Vision™
Real Vision


Premiered Dec 11, 2018
The downfall of Venezuela serves as a modern-day macro tragedy. Once the richest nation in Latin America, Venezuela is now a broken economy enveloped in crime, corruption and hyperinflation. To tell the story, Brian Price works alongside legendary investor Jay Newman to produce a ground-breaking documentary that captures the contrast between millions of starving Venezuelans and the government officials who continue to thrive. Real Vision also explains how a surplus of commodities, from oil and gas to cocoa and coffee, have been squandered under the rule of former President Hugo Chavez and current President Nicolas Maduro. However, despite the dire state of affairs, hope comes in the form of potential outside investments once economic sanctions are lifted. Filmed in 2018 in New York and Caracas, Venezuela. Published October 31st, 2018 on Real Vision
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FULL DOCUMENTARY - Venezuela: State of Disaster | The Big Story | Real Vision™
https://www.youtube.com/c/RealVisionT...

Transcript:
They haven't told me anything. I want to know about my child. I've never seen a case that really fits this complexity.
In terms of decline from their peak, I don't think I've seen anything quite like this.
I don't have any information on him, I don't know anything.
We need to get people eating. Fundamentally, we need to get people eating. That comes, actually, before the politics. Of course, it does. The state's a disaster. This is not a functioning place of sort.
Cops just shoot people in the street, because they don't trust the penal system.
It's not clear if Maduro falls what would replace him.
In order to learn how Venezuela went from being the richest nation in Latin America to becoming a disaster state, we went directly to the impoverished nation to speak with the people living, working, and surviving there every day.
The minimum wage is five million Bolivares. You have 3 million in salary, and a two million food voucher. But it's not enough, because the basic shopping basket is well above that amount.
In order to make ends meet, Luis quit school to find work, so he could buy food for him and his mother.
Well they're many people who have two or three jobs and earn a little bit more and it's enough at least to buy bread on a daily basis. But in my case, I only have one job and one wage. This morning, I only had arepas for breakfast because I didn't have anything to fill them with. I don't know what I'm going to have for lunch at noon. I haven't seen what's in the fridge. In a normal country people don't talk like this. I talk to my family members who live abroad and who live a normal life. They send me photos. Honestly, their lifestyle is what every youngster in Venezuela dreams for.
The story Luis shares is heartbreaking, but it's not unique to him. This is the day-to-day life in Venezuela. People can't buy food, because the cost continues to rise by over 50% each month. That's the hyperinflation.
Paper money is essentially worthless. That's the broken economy. And the shelves at stores are bare, because the government keeps reducing imports in order to try to balance the budget. That's the corruption.
For clarity on these factors, Real Vision is fortunate to be working with Jay Newman, who came to us with this project in mind. Nobody knows the geopolitical world better than Jay does. He's been an investor in developing countries for over 30 years and was recently profiled in the Wall Street Journal, saying that the situation in Venezuela has captured his focus for a variety of reasons. Jay and I got to talking, and we realized stories like Luis' need to be told.
Venezuela is one of those slow-motion train wreck. People have seen it coming through years. They've been part of it for years. They've watched Chavez and now Maduro for years. And for at least a decade, probably even more, people have said things cannot get any worse in Venezuela.
 

Fatrat

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#83
When the USA uses its economic might against you, you fall unless you hold gold in hand, not in the Bank of England...
 

Pyramid

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#84
Goodyear Shutters Venezuela Plant, Gives Out Tires As Severance

Venezuela's economic depression has claimed yet another victim, as Goodyear Tire announced it would shutter its Venezuela operations and lay off its entire local workforce, the latest foreign corporation to close shop in the crisis-torn county. On Monday, employees arrived at the company’s lone plant in the industrial city of Valencia to find it closed with a letter posted on the door. “Goodyear Venezuela has been forced to cease operations,” according to a copy seen by Bloomberg.

Venezuela's economic depression has claimed yet another victim, as Goodyear Tire announced it would shutter its Venezuela operations and lay off its entire local workforce, the latest foreign corporation to close shop in the crisis-torn county. On Monday, employees arrived at the company’s lone plant in the industrial city of Valencia to find it closed with a letter posted on the door. “Goodyear Venezuela has been forced to cease operations,” according to a copy seen by Bloomberg.

Years of economic depression and a hostile government have forced companies such as Kellogg and Kimberly-Clark to abandon Venezuela as hyperinflation rendered most of their business conducted in local currency unsustainable.

Other companies have slashed their work forces and limited their product offerings as they hold out for better days. Last week, Ford Motor began offering its employees buyouts as it further scaled back its remaining Venezuela operations. It was unclear if Ford would give out cars as a parting gift to its local employees.