The currency is worthless in Venezuela

Once upon a time, circa 1980, I visited Venezuela.  The exchange rate was 4.29 Bolivares for one U.S. dollar.  The city of Caracas was alive, and the restaurants were fantastic.  I'm not saying that the country was perfect, but things were doing a lot better. Today, we got some bad news about the Bolivar, or the national currency: Just a month ago, $1 was worth 279 bolivars. That was already pretty dismal for Venezuela. Now $1 equals 408 bolivars, according to the unofficial exchange rate, which most Venezuelans get when they try to trade currency. Put another way, one bolivar equals $0.002 -- less than a penny. The country's currency has lost nearly half its value since the beginning of May, according to dolartoday.com, a website that tracks the unofficial exchange rate. It's another sign that Venezuela is arguably the world's worst economy.  Venezuela primarily relies on oil exports to support its economy, which was...(Read Full Post)

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