Spicoli’s Paradise: Inflation now at 200%

getting the eggs in spicoli's paradise 1 getting the eggs in spicoli's paradise 2

Next door in Venezuela the economic situation is so bad that the government will no longer reveal key economic statistics. The government has also bought or shut down most privately owned mass media. But the bad news still gets around, just not as quickly. It appears that inflation is now over 200 percent and unemployment over 20 percent, with underemployment (mainly of people with government make-work jobs) even higher. Food shortages are getting worse, in large part because Venezuela imports most of its food and those imports are down by nearly half compared to a year ago. That’s because the world price for oil is down by half and the government simply does not have the money. No one is willing to lend either, because Venezuela already has lots of foreign debt and some of it looks like it won’t get paid back.

1Stone chavez 1 belafonte_chavez 1spacey_chavez1glover-y-chavezvia Colombia: Venezuela Slides Towards Revolution.

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