The Venezuela Myth Keeping Us From Transforming Our Economy
by Ellen Brown
Posted March 3, 2019
Venezuela’s problems are not the result of the government issuing money and using it to hire people to build infrastructure, provide essential services and expand economic development. If it were, unemployment would not be at 33 percent and climbing. Venezuela has a problem the U.S. does not, and will never have: It owes massive debts in a currency it cannot print itself, namely, U.S. dollars.
When oil (its principal resource) was booming, Venezuela was able to meet its repayment schedule. But when the price of oil plummeted, the government was reduced to printing Venezuelan bolivars and selling them for U.S. dollars on international currency exchanges. As speculators drove up the price of dollars, more and more printing was required by the government, massively deflating the national currency.
It was the same problem suffered by Weimar Germany and Zimbabwe, the two classic examples of hyperinflation typically raised to silence proponents of government expansion of the money supply before Venezuela suffered the same fate. More…
The corporate controlled main stream media is constantly repeating lies about the Venezuelan economy.
Could the propaganda narrative of the main stream media be keeping the U.S. from reforming its own debt based monetary system? What would be the benefits if we were to eliminate the banker middle men and their interest charges in the creation of U.S. dollars?