Venezuela Economy...Just when you thought it couldn't worsen.....

Venezuelan Economy
It is more than perplexing to see a country already forecast to reach one million per cent inflation this year, announce an inflationary 95% devaluation against the dollar, and lop more than a few zeros off its currency.

In the aftermath of WWI, the German Republic(Weimar Republic) approached this inflation level, as prices doubled every few days.  Virtually anything one could buy had more sustaining value than the currency.  Unfortunately there wasn't much for sale. A man named Hitler was eventually the result of that mess.

I visited Zimbabwe when its hyperinflation was unchecked about 2006.  At its worse, Zimbabwean currency notes each carried a maturity date after which it became useless.  Later the German currency printer cut off Zimbabwe for non-payment.  The last note printed was for 5 billion Zimbabwean $. (about $0.25 US). Zimbabwe later shifted to a $US economy with some success.

Argentina has had its bouts with hyperinflation, as has Brazil.  The US has had bouts with inflation under President Carter with mortgage rates reaching the high teens, and the prime rate somewhere around 19%.

The Reuter's link below summarizes this fiasco for blog followers with an interest in complete sovereign financial mismanagement.

https://www.reuters.com/article/us-venezuela-economy/with-inflation-soaring-venezuela-prices-shed-five-zeros-idUSKCN1L51H7