As a continuation of the previous thread: Enjoy comunism: Venezuela raises monthly minimum wage to $2.40 today we can continue to see that because communists consider wealth as a cake, rather than as something dynamic that you can create, what they end up doing is distributing misery with simplistic measures:
source: https://cointelegraph.com/news/venezuela-to-launch-cbdc-in-october-and-cut-six-zeros-from-its-currency
Quote
The Central Bank of Venezuela will launch a CBDC in October alongside a monetary redenomination that will cut six zeros from the currency due to raging inflation.
...
This the second time in three years that Venezuela has readjusted the bolivar after Maduro cut five zeros from the currency in 2018 as inflation hit its peak of 1.8 million percent. In 2020, the annual inflation rate was estimated to be around 2,300%.
Luis Vicente Leon, economist and president of Caracas-based Datanalisis, criticized the move, telling Bloomberg on Aug. 5 that another redenomination of the currency will do nothing to address the underlying issues that are debasing its value:
“Removing those zeros does not solve, at all, the reason that originated the problem. Without resolving the root of the issue, we will have the same problem in months.”
...
This the second time in three years that Venezuela has readjusted the bolivar after Maduro cut five zeros from the currency in 2018 as inflation hit its peak of 1.8 million percent. In 2020, the annual inflation rate was estimated to be around 2,300%.
Luis Vicente Leon, economist and president of Caracas-based Datanalisis, criticized the move, telling Bloomberg on Aug. 5 that another redenomination of the currency will do nothing to address the underlying issues that are debasing its value:
“Removing those zeros does not solve, at all, the reason that originated the problem. Without resolving the root of the issue, we will have the same problem in months.”
source: https://cointelegraph.com/news/venezuela-to-launch-cbdc-in-october-and-cut-six-zeros-from-its-currency
Removing zeroes is a common "solution" for latin america countries
We lived that in Brazil when I was a kid. I will show you some pictures:
Do you see the value of 100000 in the banknote? You can also see the stamp of 100. The government just cut off 3 zeroes from our money in the 80s and 90s
One more example here. Original 10000 banknote became 10:
Brazil managed to take care of the inflation later on after a few decades... if we only had bitcoin back then, certainly a lot of people would have a better life here.
, but I am sure that you got my point. And yes, fillippone has found pretty much the best way to express it in words.
)
