How Venezuela imploded (update)
Planet Money
Embrace Reality to Revive Economy
A country's economic recovery requires accepting the true value of its currency and allowing market dynamics to operate freely. In the face of a failing currency, efforts to manipulate exchange rates only deepen the crisis, leading to rampant inflation and increased corruption. While the painful consequences of adjusting to true exchange rates can make basic necessities unaffordable, failing to do so only prolongs economic suffering. The creation of multiple exchange rates complicates the situation, fostering further exploitation and economic instability. Transparency is essential; hiding inflation data only misleads the public and hinders recovery.
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