Venezuela Orders 71 Tons of Paper To Print New Banknotes

 

"Paper money eventually returns to 

its intrinsic value: zero."

Voltaire

(Zerohedge)  -  One of the core tenets of MMT, or Magic Money Theory, is that a nation which prints its own fiat money can never go broke or be insolvent (unless a political decision to do so is taken). 

Well, that may be true, but in Venezuela things appears to have taken an unexpected detour into one of the more grotesque circles of economic hell as the hyperinflating country proceeded to print its way out of its endless economic crisis.

So much so that according to Bloomberg, Venezuela is now importing 71 tons of paper from Italian money printer Fedrigioni (majority owned by US Private Equity giant Bain Capital) which it will use to print new bills with the highest, 100,000 new bolivar, denomination yet. 

In dollar terms: each new banknote is worth about 23 cents, courtesy of the raging hyperinflation that has been sweeping the nation for the past 6 years.

Zerohedge.com

Marc Antony as Triumvir (43-31 BC)
.The Roman Republic of Marc Antony died 2,000 years ago.  While American paper money becomes more and more worthless, Roman Republic gold coins have held their value to this day.  Maybe our hack politicians could learn a thing or two from Rome on money.

And the endless printing of money goes on and on.