Why Are People In Venezuela Starving (Hyperinflation Explained)?

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  • Published on:  Wednesday, December 19, 2018
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    What is hyperinflation and what is causing Venezuelans to starve?

    Venezuela’s economic crisis has made headlines all over the world for the past few years. Hunger is widespread there. Unable to afford the small amount of food available in supermarkets, many Venezuelans have resorted to eating garbage to survive. Even zoo animals in Venezuela are starving according to a report by the Daily Mail, and people have been breaking into zoos to eat them. A recent survey found that the “food crisis has also created an education crisis, as more than 1 million children no longer attend school, mostly due to hunger and a lack of public services.” Moises Rendon and Mark L. Schneider of the Center for Strategic & International Studies provide a bleak assessment of Venezuela’s current situation, saying the country is suffering “an unprecedented man-made humanitarian crisis.” They say Venezuela resembles “a country at .. and notes some of its major social problems, including “extreme food and medicine shortages,” “rampant crimes in every city,” “constant electric blackouts,” and “looting and repression.” When you see and hear these stories, you can’t help but wonder what went wrong. How could a country that was once one of the most affluent countries in South America reach such a sorry state? One source of the misery in Venezuela is its out-of-control inflation, which we will examine in this episode of The Infographics Show, “Venezuelan Hyperinflation Explained.”

    Before we discuss Venezuelan hyperinflation, let’s begin with a discussion of what hyperinflation is in general. Simply put, hyperinflation is very high, rapid, and continuous inflation. In a hyperinflation situation, the prices of goods and services in an economy quickly rise to a level so high that they become difficult to afford for most people. While experts cannot agree what that exact level is, economist Michael K. Salemi states that hyperinflation is generally used to “describe episodes when the monthly inflation rate is greater than 50 percent.” He gives the example that “at a monthly rate of 50 percent, an item that cost $1 on January 1 would cost $130 on January 1 of the following year.”


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Comment

  • The Infographics Show

    The Infographics Show

     11 months ago +1589

    For all Venezuelans who live(d) there - how bad is it on a day to day basis? Do you have faith that there will be a change or is exodus your only rescue?

  • Luciano Martinez

    Luciano Martinez

     5 hours ago

    This is what Socialism does

  • Daniel Lassander

    Daniel Lassander

     9 hours ago

    So what do we see here, an excuse for the failures of socialism.


    It was a far larger drop in oil value in the 1980s and venezuela did fine with a more laizzes-faire economic policy. Larger drop in oil value and venezuela did fine. Even though at that point in time oil stood for around 40% of their GDP. It is as if the other products stabilized the economy at that point in time.


    Then we come with the minor hiccup in oil price compared to the drop in the 1980s, and venezuelas economy crashed. Meanwhile chavez had started the nationalization of companies, and maduro had disarmed the citizens while chavez daughter became the richest person in venezuela without actually having done anything.


    When Maduro took power the economy of venezuela was in a freefall already, they were printing money to pay of the governments debt which also grew constantly. Maduro comes to power and the first thing he does is print more money and nationalize even more companies.


    What happens after that is very easy to track, their GDP dropped significantly meaning that the economic output of the people had dropped signigicantly, less and less people who worked, less and less products being produced, and since supply and demand dictates prices with more and more money with less and less products we end up at hyperinflation.

  • Jackfrosfire

    Jackfrosfire

     20 hours ago

    Who came here after the meme

  • Vic 2.0

    Vic 2.0

     22 hours ago

    Trump dog-whistled to the Jewish Nazis (because those are his friends), then colluded with Russia and bribed Ukraine to go with Jeff Bezos and the rest of the 1% and steal their money... If you deny that these abuses of power occurred, you're just a racist.

  • Tore Foncello

    Tore Foncello

     yesterday

    Deo puru caru maturo so in crisi e is sardoso ci sese Como

  • TheOerdin

    TheOerdin

     yesterday

    He destroyed the economy with his dictatorship.

  • Hey Hey

    Hey Hey

     yesterday +1

    Honestly I see people make memes out of it.
    This isnt something you could make fun out of it, trust me !

    YOUR COUNTRY COULD BE NEXT !
    US is totally on it's way to hyper inflation, money printed out of thin air.

  • Azerbaijani Identarian

    Azerbaijani Identarian

     2 days ago

    Socialism is the answer

  • Kevin Kennedy

    Kevin Kennedy

     3 days ago +2

    This is what happens after Bernie Sanders and AOC run a country

  • K.Sheja Peace

    K.Sheja Peace

     4 days ago

    The problem is the one who caused the prices of oil to go down , in some kind of stealthy trade war . Who is it ? You all know it deep inside .

  • Rtdcx

    Rtdcx

     5 days ago

    (´;︵;`)

  • Rakesh Mahajan

    Rakesh Mahajan

     6 days ago +1

    Freebies in the name of socialism or helping the poor always play havoc.

  • SemorreButte

    SemorreButte

     6 days ago

    lol how much is a house? $350.000.000.000.000.000.000.000.000.000.000.000

  • Norm475

    Norm475

     6 days ago +5

    And yet every frickin Demorat wants Socialism in this country. Their excuse is "it just wasn't done right." Give me one country where it worked. There are none.

  • Roberto Perez Marchese

    Roberto Perez Marchese

     6 days ago

    Maduro is pure evil, just like peronistas in Argentina 🇦🇷

  • Cryo Gaming

    Cryo Gaming

     7 days ago +3

    Venezuela: Prints more money
    Well bois we did it. Inflation is no more.

  • Manuel E. Itriago M.

    Manuel E. Itriago M.

     7 days ago

    You forgot to mention that Chavez also slashed 3 zeros from the currency. So it's not 5 zeros, but rather 8 zeros slashed from the Bolivar. Meaning what was 800.000.000 when Chavez did it, is now just 8. Again, meaning in dollars, what was 100.000.000 dollars, is now just 1.

    Edit: When Chavez did it, he slashed 3 zeros and went from being known as Bolivar to Bolivar fuerte (Strong Bolivar). Now Maduro did the same thing a year ago, Bolivar Soberano (Soberan Bolivar) which is the one you mentioned in this video. But those other 3 zeros are important man. Just think of having 1000 bucks in your account and now all of the sudden, it's just 1 dollar (when Chavez did it). Now I repeat the previous example; imagine your life savings were 100.000.000 dollars and now you only have 1 dollar. It's f'ed up, man.

    These small details you missed don't help others to understand the real economic crisis here.

  • J. Gona

    J. Gona

     7 days ago +1

    Of course, this channel didn't identify the actual problem... SOCIALISM! 😑 Can anyone name a single socialist country that HASN'T ended like this..? I'll save you the trouble.. The answer is "no" !

  • Jayshaun Pearce

    Jayshaun Pearce

     7 days ago

    This channel is showing its BIAS & thats very SAD. I will seriously consider watching this channel again. Propaganda & Lies