In a bold push to be the leader in the creative use of NewSpeak, the BBC is covering the new Venezuelan currency regulations without once mentioning the economic system whose name cannot be spoken. Here’s their above-the-fold opener:
Venezuela pulls highest-value banknote ‘to strike against mafia’
8 hours ago
From the section Latin America & Caribbean
The Venezuelan government has announced it will remove the country’s highest-denomination banknote from circulation within 72 hours to combat contraband.
Central bank data suggests there are more than six billion 100-bolivar notes in circulation, making up almost half of all currency.
President Nicolas Maduro said the move would stop gangs hoarding the notes.
Venezuelans will have 10 days from Wednesday to exchange the notes for coins and new, higher-value bills.
Now here’s the beauty part. Because of the oft-recurring and totally predictable collapse of yet another socialist country, in this case a democratic socialist country, you know the hundred bolivar bill that they show above? The bill that the Venezuelan government doesn’t want circulating as a bold strike against the Mafia? The “country’s highest denomination banknote”? Care to guess what it’s worth?
Two cents US …
Seriously. The highest denomination Venezuelan banknote in circulation is worth two cents.
So instead of saying “It’s just my two cents worth” when commenting on something, I can now puff myself up and say “That’s a hundred Bolivar opinion right there, yes, sir!”
Here’s how the Beeb explains the problem …
Venezuela’s currency has fallen dramatically amid skyrocketing inflation.
On the black market, its value dropped by 55% against the US dollar just in the past month, and the International Monetary Fund estimates that next year’s prices will rise by more than 2,000%.
Gangs can therefore buy up Venezuelan banknotes cheaply on the black market in exchange for dollars or Colombian pesos.
They then use the Venezuelan currency to buy subsidised goods in Venezuela, which they in turn sell at a profit in neighbouring Colombia.
Many Venezuelans living near the border buy Colombian pesos to purchase goods in Colombia which they cannot get in Venezuela due to chronic shortages.
President Maduro blames both the shortages and Venezuela’s record inflation on “imperialist forces” he says are trying to bring down his government.
He said the aim of these “forces” was “to destabilise out economy and our society, to leave the country without 100-bolivar notes”.
Really? This is the queen of British news outlets? They give air-time to that lame claim of President Maduro’s that it is all the result of the famous Yankee Imperialism, and they never once mention democratic socialism? Inflation is so bad that if you want to rob a corner store you better bring a wheelbarrow, and they don’t mention democratic socialism?
The collapse of this democratic socialist economy is so bad that people are eating their pets. It’s so bad that people broke into the Caracas zoo and butchered a horse. If there ever were a poster child for democratic socialism, it’s Venezuela.
And the BBC discusses this huge tragic economic collapse that has cost people their life savings, their jobs, their purchasing power, and even their pets … and says not one word about democratic socialism …