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Venezuelans Break Off Flakes of Gold to Pay for Meals, Haircuts


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Venezuelans Break Off Flakes of Gold to Pay for Meals, Haircuts

To fathom the magnitude of Venezuela’s financial collapse, travel southeast from Caracas, past the oil fields and over the Orinoco River, and head deep into the savanna that blankets one of the remotest corners of the country.

There, in the barber shops and restaurants and hotels that constitute the main strip of one dusty little outpost after another, you’ll find prices displayed in grams of gold.

A one-night stay at a hotel? That’ll be half a gram. Lunch for two at a Chinese restaurant? A quarter of a gram. A haircut? An eighth of a gram, please. Jorge Pena, 20, figured that eighth came to three small flakes -- the equivalent of $5. After getting a trim one recent weekday in the town of Tumeremo, he handed them over to his barber, who, satisfied with Pena’s calculation, quickly pocketed them. “You can pay for everything with gold,” Pena says.

In the high-tech global economy of the 21st century, where tap-and-go transactions are the rage, this is about as low tech as it gets.

Most of the world moved on from gold as a medium of exchange over a century ago. Its resurfacing in Venezuela today is the most extreme manifestation of the repudiation of the local currency, the bolivar, that has swept the country. After years of meddling in the economy by Nicolas Maduro’s socialist regime, the bolivar has been rendered almost worthless by hyperinflation. (Maduro just lopped another six zeroes off it this month.)

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This is what the democrats in the United States will drive our economy to do, end up where we have hyperinflation and the only thing of value will be gold or silver just like in the old days when they used it to coin money. For those that laugh and think it can't happen, every penny spent will be paid at some point, and adding trillions of dollars can't go on forever. The Soviet Union also collapsed and everyone was in the street begging for food.

PS Go watch Dr. Zhivago, it has happened more than once in Russia.

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If we ever experience  hyperinflation of the old Weimar Republic (Germany) more likely gold will the practical currency.

Many are investing in gold as a precaution.  What's the dollar now worth? :(

210_arts_evans.jpg

 

Revelation 6:6....."Then I heard something like a voice among the four living creatures say....A quart of wheat for a denarius, and three quarts of barley for a denarius"

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