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Venezuela Orders 71 Tons of Paper To Print New Banknotes Worth 23 Cents Each! MAGIC MONEY!

 
Don Draper from Nantucket
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10/06/2020 02:05 AM

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Venezuela Orders 71 Tons of Paper To Print New Banknotes Worth 23 Cents Each! MAGIC MONEY!
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One of the core tenets of MMT, or Magic Money Theory, is that a nation which prints its own fiat money can never go broke or be insolvent (unless a political decision to do so is taken). Well, that may be true, but in Venezuela things appears to have taken an unexpected detour into one of the more grotesque circles of economic hell as the hyperinflating country proceeded to print its way out of its endless economic crisis.

So much so that according to Bloomberg, Venezuela is now importing 71 tons of paper from Italian money printer Fedrigioni (majority owned by US Private Equity giant Bain Capital) which it will use to print new bills with the highest, 100,000 new bolivar, denomination yet. In dollar terms: each new banknote is worth about 23 cents, courtesy of the raging hyperinflation that has been sweeping the nation for the past 6 years
Too late too late will be the cry!
Jury Nullification, learn it, live it!
If ignorance is bliss than knock the smile off my face.
Everyone has a plan til they get punched in the face. M Tyson
They don't need to burn the books they just remove em!
Don Draper from Nantucket  (OP)

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10/06/2020 11:46 AM

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Re: Venezuela Orders 71 Tons of Paper To Print New Banknotes Worth 23 Cents Each! MAGIC MONEY!
Many believe this is our future!
Too late too late will be the cry!
Jury Nullification, learn it, live it!
If ignorance is bliss than knock the smile off my face.
Everyone has a plan til they get punched in the face. M Tyson
They don't need to burn the books they just remove em!
Don Draper from Nantucket  (OP)

User ID: 57553864
United States
10/06/2020 03:59 PM

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Re: Venezuela Orders 71 Tons of Paper To Print New Banknotes Worth 23 Cents Each! MAGIC MONEY!
Ahhh magic!
Too late too late will be the cry!
Jury Nullification, learn it, live it!
If ignorance is bliss than knock the smile off my face.
Everyone has a plan til they get punched in the face. M Tyson
They don't need to burn the books they just remove em!





GLP