“The story of the Venezuelan economy and its troubled currency, the bolivar, can be summed up with the following phrase: ‘From bad to worse’—over and over again. Yes, the ever deteriorating situation in Venezuela has taken yet another turn for the worse. In a panicked, misguided response to the country’s economic woes, Venezuelan president Nicolas Maduro has requested emergency powers over the economy. And the Maduro government recently announced plans to institute a new exchange rate for tourists in an attempt to quash arbitrage-driven currency smuggling.”

http://www.cato.org/blog/venezuelas-house-cards

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