“Economy Shattered, Currency Collapsing” – Venezuelans Wait in 6 ATM Lines For Enough to Buy Rice

venezuela-inflationBy Mac Slavo

Is this how the economic crisis will play out in America? A cash-strapped population, forced to the brink and stripped of their dignity?

Unfortunately, it is already underway in Venezuela.

Of course there is a higher standard of living in the United States overall, but tens of millions of people are already on the edge of poverty and tens of millions more can be brought to their knees in a matter of hours.

Some 46 million Americans are already on food stamps, and reliance on digital systems, EBT debit cards and electronic transactions could make Americans more vulnerable than they appear on the surface.

If the system shut down tomorrow, what would you do? How would you feed your family? Unless you are a prepper, the answer could make you uneasy.

Long lines have been the norm in Venezuela for over a year now; shortages and rations just another part of their upended lives. But now, the sheer free fall of their currency’s value has made live even more precarious – forcing many to visit as many as six ATMs just for enough to buy very basic, cheap goods.

via Bloomberg:

“I’ve had to go to six different ATMs just to get 6,000 bolivars,” said [Domingris] Montano… She needed to buy groceries. A package of rice would cost 3,500 bolivars, more than half the daily withdrawal limit, and the automated teller machine might be empty by the time her turn came. Maybe she could hit a few more before dark?

Lines are nothing new in Venezuela, where the economy is shattered, inflation is soaring and the currency fell a staggering 67 percent against the U.S. dollar on the black market last month alone — making 6,000 bolivars worth just $1.30.

[…] It takes almost six minutes for it to spit out, 3,500 bolivars at a shot, and the victor walks away with a 3-inch stack worth $5.32.

“Sometimes I go to five ATMs without getting anything at all,” he said, because the devices are busted or bare.

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[…]

“The last time I cashed a check [with a live bank teller], it was for 44,000 bolivars and they gave it to me in bills of 5 and 10,” said Elyn Hernandez, a 27-year-old assistant chef. That many bolivars in notes of 10 would fill a Duffel bag. An ATM delivers in larger denominations.

(emphasis added)

Most of the people are poor, and cash has long been the only fluid transaction for most vendors, and the wide segment of the population that don’t have bank accounts.

This has proven to be an especially difficult logistical problem – as banks have responded to an accelerating crisis by placing harsh limits on the amount of money that can be withdrawn from ATMs – with the maximum equating a huge fistful of bolivars but only a few U.S. dollars of purchasing power.

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That is why President Maduro has ordered a revaluing of the currency, and will issue higher denomination bills sometime early next year. But that will do little to alleviate the problems that everyday people are facing in the meantime.

They have been desperate already, but now things are reaching a point of outright hyperinflation and spiraling collapse.

Pray for these people, and prepare so that it might not happen to you or yours.

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You can read more from Mac Slavo at his site SHTFplan.com, where this article first appeared.

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8 Comments on "“Economy Shattered, Currency Collapsing” – Venezuelans Wait in 6 ATM Lines For Enough to Buy Rice"

  1. To cash or not to cash that is the question.
    So much for so little.
    How it got that way is beyond comprehension.
    They had twenty five cent per gallon gasoline.
    Kaint eat them purdy Boliars all for naught.

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  2. I would imagine that there is no one here who does not think that this was engineered by the CIA, the banks and an awful lot of money. The USA, my country, has struck again.

  3. Why cant they get some gardens growing veggies or something edible and work together. There must be fruit trees as well. After all it cant be desert but I can be quite sure no humanitarian aid will be coming from the UN as they have stock piles waiting in Turkey for east Aleppo.

    • All food is confiscated from anyone that is not a member of the communist party and given to party members.
      Growing a garden is only feeding the enemy.
      The U.S. already has plans to confiscate your food. Be prepared.

      • Uh, don’t think so. The bankers control the economy and as long as the US is on board with their policies, the dollar will be kept afloat.

        • We and Venezuelans give complete control of the economy to the bankers.
          No difference.
          .
          Check the inflation from the start of the federal reserve until now.
          Today’s dollar is worth what about 2 cents compared to what it would buy when the federal reserve started.
          Look at QE, QE2, and QE3. Forced inflation of the money supply that is not as high as Venezuela yet, but give it a few more months or I hope years.
          .
          The fact that we and Venezuelans give complete control of the economy to the bankers does not nullify the other facts that the Venezuela government is confiscating food from anyone that has any and giving it to party members or that the U.S. already has plans to confiscate food.

  4. Venezuela was one of the most prosperous countries in Latin America until Hugo Chavez came to power promising to “soak the rich”. The double-digit IQ masses put this Communist in power to steal from the productive to give to the “parasites”.
    The Venezuelans are now reaping the whirlwind. “Let them eat cake”!

    Ain’t democracy great?

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