Re: Venezuela Launches Virtual CurrencyFrom: firstname.lastname@example.org
The Dictator's Handbook
Feb 27 2018 16:38:41
nOn Tue, 20 Feb 2018 22:45:38 -0600
JAB <email@example.com> wrote:
Venezuela Launches Virtual Currency, Hoping to Resuscitate Economy
MEXICO CITY With Venezuela suffering one of the most severe economic
collapses of modern times, the beleaguered administration of President
Nicolás Maduro announced on Tuesday that it had begun a presale of
virtual currency backed by the nations vast petroleum reserves.
The government, which had announced plans for the new digital currency
late last year, said the initiative was a response to a financial
crisis marked by a profound devaluation of the national currency, the
bolívar, and quadruple-digit inflation.
The country is suffering desperate scarcities of food and medicine,
soaring crime rates and the collapse of public services and the health
system. The crisis has driven hundreds of thousands of Venezuelans to
flee the country seeking a better life.
I'm speechless. But I'm not surprised. This sort of populist bullshit
works too often in Latin America, where "sticking it to the (gringo)
man" often means aiming the pistol squarely at your own foot.
I doubt it will work this time because crypto-currencies are too
esoteric for most, because even in the developed world they're
producing marginal results, and because Maduro is hanging on by a
thread (and the power of his military).
Still, what a douche.