The podcast "The Indicator from Planet Money" has had several episodes talking about Venezuela's problems. One lady, who is paid in USD, exchanges just enough money for groceries on the way to the grocery store. If she get's delayed, the value of the money isn't enough to buy what she needs.
I forget the quantity, but milk costs 30% of the average Venezuelan's monthly salary. Everything is paid for electronically because (as you can see from your photo) you cannot physically carry enough cash. Blackouts and crappy internet mean electronic payments don't process and cause crazy long lines at grocery stores.
One episode talks about how price caps for what stores and farmers can charge caused the food shortage in a country that has great farming land. The government ended up taking over the farms, but corruption kicked in and things are still a mess.
The podcast "The Indicator from Planet Money" has had several episodes talking about Venezuela's problems. One lady, who is paid in USD, exchanges just enough money for groceries on the way to the grocery store. If she get's delayed, the value of the money isn't enough to buy what she needs.
ReplyDeleteI forget the quantity, but milk costs 30% of the average Venezuelan's monthly salary. Everything is paid for electronically because (as you can see from your photo) you cannot physically carry enough cash. Blackouts and crappy internet mean electronic payments don't process and cause crazy long lines at grocery stores.
One episode talks about how price caps for what stores and farmers can charge caused the food shortage in a country that has great farming land. The government ended up taking over the farms, but corruption kicked in and things are still a mess.