Droves of People Seek Refuge From Venezuela’s Financial Collapse
Central planners worldwide continue to wreak havoc on the world’s economy and a few South American countries like Argentina and Venezuela are seeing their financial systems decline at a rapid rate. In Venezuela, the inflation rate is expected to reach 10,000,000% by the end of 2019 and monthly figures for July were roughly 265,000%. Since the region has been suffering from hyperinflation, millions of Venezuelans have left to seek refuge elsewhere but many have also stayed behind. Fernel Ricardo, a resident of Maracaibo, recently explained what is happening to his city in an interview during the first week of September.

Streets of Maracaibo.
Maracaibo is the second-largest city in Venezuela and Ricardo detailed that many people living there were dealing with rotten food and sometimes water won’t come out of the taps. Despite the fact that Maracaibo is an extensive metropolitan city comprising two municipalities, telecommunications infrastructure is often dead, leaving the whole city with a single state-radio station. When the communications infrastructure recently went down, Ricardo said: “Nobody told us what was going on, the station just played music.” The economic situation is the same in rural areas and other cities like Caracas, Maracay, Valencia, and San Cristobal.

Sourced through Scoop.it from: news.bitcoin.com