Venezuela Has Run Out of Other-People’s Money

I thought the Greek economy was in bad shape. Venezuela is toast.

10% economic contraction in 2015. Estimate that the economy will contract 8% this year. And then there is hyperinflation. IMF Sees Venezuela Inflation Rocketing to 720 Percent in 2016 – Bloomberg Business

“A lack of hard currency has led to scarcity of intermediate goods and to widespread shortages of essential goods — including food — exacting a tragic toll,” Werner said. “Prices continue to spiral out of control.”

There was time – not that long ago – that all sorts of celebrities were running down to Venezuela to congratulate them on their Socialist Paradise. Wonder why they stopped going.

Hat Tip to Gun Free Zone.