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Planet Money updates their Venezuela hyperinflation story: from oil-fueled prosperity to economic collapse, hyperinflation that reached 1,000,000%, the introduction of the digital bolivar, and the political crisis between Maduro and opposition leader González.
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Canon
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Planet Money profiles Venezuelans who adapted to hyperinflation: pricing goods in dollars, accepting crypto payments, weighing cash rather than counting it (because the denomination was worthless). They couldn't control the macro; they innovated in the micro.
Highlights
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Venezuela's collapse is a case study in how resource wealth can be more curse than blessing
Planet Money traces Venezuela from the richest country in South America (oil wealth) to one of the poorest (economic collapse). The pattern: oil revenue enabled government spending without taxation, which eliminated accountability, which enabled corruption, which produced collapse.Was this useful?