May 1, 2018

LATE-STAGE SOCIALISM: Venezuela boosts minimum wage 155 percent to fight inflation.

Not that it will do much good: “President Nicolas Maduro’s announcement of the 155 percent rise – or 13 percent fall, in dollar terms – came three weeks before a presidential election. It accompanies a monthly food ticket now worth just over 1.5 million bolivars.”

At the official exchange rate, 1.5 million bolivars is worth about $22. On the black market, where food might actually be available, it is worth substantially less.

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