Caracas Venezuela blackouts.

[ZenOps]

http://www.businessinsider.com/the-lights-are-going-out-in-venezuela-2014-12

http://www.businessinsider.com/venezuela-price-inflation-2014-10?op=1

Official inflation is in the 40% per year range, but the black market is pricing in 60%, much more after the oil bbl plunge.

At this rate by my estimation assuming oil stays low, Venezuela has no more than one year left before they must default.

[3drian]

I was born in Venezuela, and I travel there every two years, actually my dad got back from a week visit last night.

The country has a lot of political problems, there is no way the country will default, not under this government, they would rather keep borrowing money from china.

Inflation is INSANE, and the currency exchange is out of this world, last year when I was there the rate was 60-1 black market of course, right now only a year later the rate is 170-1, nonsense. This mean minimum wage is less than $50 a month.

if the crime rate was not as high it would be so cheap to go down there, last year I partied hard for 2 weeks straight for $400, this year considering everything is more expensive, I would still be able to spend $200 bucks and party like a rockstar for 2 weeks.

pretty sad situation actually.

[CanmoreOrLess]

If only I had a dime for every ZenOps panic sky-is-falling post, I'd be knee deep in shiny steel.

[Xtrema]

Originally posted by CanmoreOrLess
If only I had a dime for every ZenOps panic sky-is-falling post, I'd be knee deep in shiny steel.

Zenops would have preferred nickels.

[ZenOps]

Shiny steel does have nickel, usually 5%. Rusty steel has 0% nickel.

Canadian dimes were only made of nickel metal pre-1999. Everything made post-2000 were 2.5% nickel plated, containing 0.044 grams for each dime.

Wikipedia states that the coin version of the Bolivar changed from 99% nickel and 25%/75% cupronickel to all coinage being iron with 2% nickel coating way way back in 1989.

Without doubt, does underline that when a country moves to iron coinage - there usually is trouble abrewing in the future. Cause or effect is up to debate, but its definitely a "all the frogs and birds" just left type of thing for a nation.

PwQcVx9-bpw

Interesting side effect of inflation and low availability of goods - Not as many petty thefts, as there is nothing to steal off store shelves. Stores are guarded by the mobs of people lining up every day to buy rationed goods.

Also of note: Venezuela has the worlds largest reserves of oil.