Ocasio-Cortez: ‘If socialism doesn’t work then how are there so many trillionaires in Venezuela?’
The fall of Venezuela’s currency over the last four years has been one of the most sensational bear runs in recent times. And yet, US Representative Alexandria Ocasio-Cortez has found a silver lining:
Inflation has made the Venezuelan paper virtually worthless and required multiple 100,000 bolivar notes to buy basics such as a loaf of bread. Everyone is a billionaire in Venezuela, but their exponential numbers don’t equate to wealth.
Logically speaking, nothing can depreciate more than 99.99 percent and the Venezuelan bolivar had reached that point a long time ago. Now, if anyone wants to know what it is worth, all one can go by is how many bolivars he or she would have to pay for one dollar in the black market.
“The democratic socialism in Venezuela is making everyone a billionaire and that is a fact!” Ocasio-Cortez added.
Today’s rate was 108,279 bolivars for a dollar, up from just 3,500 bolivars to the dollar a year ago.