Hyperinflation causes Venezuelans to use gold flakes as currency

In about 1961 my father took me to a cafe.
He bought me a big real meat hamburger and an Orange flavored Mission brand soda for thirty cents.
Today the same if you could find a real all meat hamburger, it and a drink would cost at least ten dollars.
That $9.70 of wealth eaten by inflation did not just evaporate, it was stolen by usury bankers.

I just passed an outlet for a local BBQ chain coming home and sitting at the red light I read their revolving sign.
Must be their thanksgiving “special” dinners to go.
Honey glazed ham $64.XX and “Best tasting Turkey, Hen Package $63.XX.

I remember when my father would load up the back of a pickup with a camper shell on it for $20.00 at the grocery store.

The header photos above are from post WW 1 Germany.
After Germany surrendered they were turned over to zionist usury bankers who have always known how to rip the morals and economy of any place they get power to shreds.

Before it was over a German’s employer would pay them for the days work before the work day started so the wife could go buy food before the price doubled or tripled that day.

Children and housewives were prostituting themselves on the streets to survive.
Children used the bundles of worthless currency to play with, a wheelbarrow full of high numbered fiat notes would get a loaf of bread.

Any student of history has seen the same senecio through the ages.
When the Romans wanted to spend more than they had coming in, they slowly, one step at a time started putting less gold and silver into their coins with higher percentages of base metals till no one wanted to take the coins for anything of value, solders did not want to fight for the worthless coins, and the empire fell.

In 1933 the Communist FDR took the US dollar off the gold standard putting it on the silver standard to debase the dollar.
In 1964 the dollar was taken off the silver standard so the dollar could be debased more.
Until 1972 foreign banks and government could still ship paper dollars to US and get gold in return but the inflation caused by the mass printing to pay for the Viet Nam War was threatening to suck all the gold DC had out of their vaults, so Nixon defaulted and refused to trade gold for paper dollars overseas any longer.

US went to Arab oil producing countries and said they would protect them militarily from Communist Russia and in return these oil producers would sell their oil for nothing but US dollars.
Now the US Fiat currency was backed by other countries oil.

That is falling apart, the printing presses are going at warp speed, there is “trillions of dollars” on computer screens which the US has not even enough worthless paper currency to redeem.

America will soon be financially right where Venezuela is.
How much gold and silver do you have?

A warning here.
Old women whoring on the street will bring very little.
Young girls and young good looking women will not bring much because whoring will be so common.
The more a supply of something, the lower price a product brings.

If there is one pack of ground meat at the store, several people waving worthless green paper currency, and one guy has a silver dime or two, guess who’s going to eat that night.

Have you planned for the death of the USA empire?
If not, your death is probably assured.
Even if you have not taken the killer jabs.
If you have taken the killer jabs and you have some gold or silver, decide who you want to have it when you die so they won’t have to die of starvation.

The Ole Dog!

The Venezuelan government recently took off six zeroes from the bolivar, its hyperinflating currency. What used to be the highest denomination note of one million bolivars, worth less than $0.23, was replaced by a one-bolivar note. At the same time, a 100-bolivar note was introduced as the new highest denomination of the bolivar.

It was designed to let people purchase everyday items without having to carry around bundles of notes, given that the price of a loaf of bread has risen to 7 million old bolivars.

This currency conversion does nothing for inflation, as new currency notes can be printed just as cheaply as the old ones. The bolivar has now lost 73 percent of its value in 2021 alone, and the International Money Fund (IMF) estimates the annual inflation rate to reach around 5,500 percent by the end of the year.

Many Venezuelans have abandoned the bolivar as a medium of exchange. The U.S. dollars are the exchange medium of choice in Caracas and other large cities, while the Colombian peso dominates along the Colombian border, particularly in the regional city of San Cristobal. On the southern border with Brazil, the Brazilian real is becoming the currency of choice. Even the euro and cryptocurrencies have their niches in different parts of the country.

But what caught the attention of many is the use of gold flakes as currency in the remote region of southeastern Venezuela, around the towns of Tumeremo and El Callao.

The region is rich with precious metal ores and has a long history of luring prospectors and miners seeking fortune. However, many of the larger mines are controlled by the government military, who are fighting local gangs and guerillas. Jobless Venezuelans from different parts of the country are flooding in to work in the thriving illegal mines in exchange for payment in gold nuggets.

Gold flakes, which are peeled off nuggets with hand tools, have become the currency of choice in the region where prices for commodities and services are quoted in grams of gold. Half a gram could buy one a one-night stay in a local hotel, while a meal for two at a Chinese hotel can cost a quarter of a gram. (Related: Surviving economic collapse: How to prepare for hyperinflation.)

Bolivar notes used to wrap gold flakes

The gold flakes are usually carried around in people’s pockets and wrapped in the nearly worthless old bolivar notes.

While some shops are equipped with scales to weigh the gold flakes, others evaluate by sight. A haircut could equal to three gold flakes, which is the equivalent of one-eighth gram price.

An owner of a small hotel in Tumeremo said he pays his staff in gold using flakes handed to him by customers. According to the hotel owner, about two-thirds of customers pay with gold. He also takes dollars and other foreign currencies. As for the bolivars, he can’t say no by law so he takes them reluctantly and unloads them fast to avoid loss.

Gold is also beginning to penetrate nearby cities such as Ciudad Bolivar, where stores in shopping malls gladly accept the gold in exchange for dollars from miners who are looking to cash out.

However, for gold to become a full-blown currency that can compete with depreciating dollars and other foreign currencies, the raw nuggets need to be minted into convenient shapes and sizes, with their weight and fineness certified by reputable firms. Additionally, sales and capital gains taxes on gold must be abolished.

Most of the world has moved on from using gold as a medium of exchange more than a century ago. The fact that it is resurfacing in Venezuela today is an extreme manifestation of their rejection of the bolivar. The bolivar has been rendered almost worthless by hyperinflation.

MORE:
https://www.naturalnews.com/2021-11-04-venezuelans-turn-to-gold-flakes-as-currency.html

Leave a Reply

Your email address will not be published.

The maximum upload file size: 256 MB. You can upload: image, audio, video, document, spreadsheet, interactive, text, archive, code, other. Links to YouTube, Facebook, Twitter and other services inserted in the comment text will be automatically embedded. Drop file here