Under the Left, America really is going down the same road as Venezuela.
This was one of my favorite stories out of the failed socialist state.
The Socialist government tried to solve its money problem by printing more money. But it wasn’t able to pay for the money it wanted to print because of the inflation which officially did not exist.
Venezuela needs 10 billion bank notes in its new inflationary economy, more than America, and it can’t pay for them.
Venezuela’s central bank (under socialism, everything is centralized) can’t pay for the paper to print all the worthless money. And none of the companies that might sell the socialists the paper will take its worthless paper money in exchange for their paper. There’s no point in printing anything less than 50 bolivar notes because they’re worth less than the cost of the paper. But putting Obamanomics in action, Venezuela ordered billions more bills: more than the United States and Europe have combined.
Biden is starting to run into the same problem.
Biden officials are taking a second look at whether the federal government could send rebate cards out to millions of American drivers to help them pay at gas stations — an idea they examined months ago before ruling it out. Aides had found that shortages in the U.S. chip industry would make it hard to produce enough rebate cards, two people familiar with the matter said.
We’d like to mass produce some more money, but we can’t get the chips.
Call it a ‘market signal’ or the ‘invisible hand of the market’ slapping the checkbook out of Biden’s hand.
This is why a switch to a digital currency will be convenient. Then you can just create more money without having to actually print it. Ask Venezuela where the minimum wage is half a Petro.
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