A Look At The Venezuelan Economy

An opposition supporter with a giant 100-bolivar note with the word "Hungry" written on it seen at a gathering to protest against the government of Venezuelan President Nicolas Maduro along with economic insecurity, and shortages. REUTERS/Carlos Garcia Rawlins

Sydney Morning Herald: It costs $200 to buy a dozen eggs in Venezuela right now

The International Monetary Fund has predicted that inflation in Venezuela will hit 720 per cent this year. That might be an optimistic assessment, according to some local economic analysts, who expect the rate to reach as high as 1200 per cent.

A sharp drop in global prices for oil - on which Venezuela depends for most of its foreign currency - is a big part of the problem. Critics also accuse the government of irresponsible spending on social welfare programs and oil subsidies to Cuba and other countries.

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WNU Editor: Some are still trying to dispute reports that the price of eggs in Venezuela are that high .... Do Eggs in Venezuela Actually Cost $150 a Dozen? (Telesur). I can only reflect on my own experience in the former Soviet Union .... eggs were super cheap (if you can get it at the state store). But I could never get it (neither could anyone else) .... however I (and everywhere else) could get it on the black market .... which at that time were going for about $1 US/egg or $12 US/dozen. Since the average person at the time was making no-where near that type of money .... it could have been worth $200/dozen if not more. Sighhh .... Venezuelans are experiencing an economic nightmare that most people cannot relate to and/or understand. Being one who has lived through all of that .... I understand it completely .... and I can say without hesitation that as long as people like Venezuelan President Maduro stay in power .... the economic situation is only going to get worse.

Update #1: This also reminds me of the old Soviet Union .... empty stores for the citizens, a different store for those in power .... Rich Eating Well in Venezuela, Basque Executive Shows (Venezuela Analysis/Telesur). The funny part of this report is that they are branding these stores as a place for where the rich go, they conveniently ignore that this is also primarily the place where government officials go .... just like the old Soviet Union.

Update #2: To have an idea on what the average Venezuelan now eats, go to this link .... 'We want out of this agony': What it's like to eat in a country that's on the verge of collapse (Business Insider).

More News On The Venezuelan Economy

Venezuela is running out of everything: Bread, sugar, toilet paper... -- CNN
Venezuela Is Running Out Of Beer Amid Severe Economic Crisis -- NPR
LATAM is latest airline to bolt Venezuela -- USA Today
Oil tankers in limbo as Venezuela's PDVSA fails to pay BP: sources -- Reuters
U.S. companies fleeing Venezuela to escape country's collapsing economy -- FOX News
'We can't go on like this': Shortages, economic crisis make Venezuela a nation of lines -- L.A. Times
Venezuela blocks humanitarian aid as crisis gets crazier -- Fusion