It’s hard to imagine daily life with an annual inflation rate of 1,000,000%. At that rate, the price of a cup of coffee doubles between your weekly paychecks. That is what the citizens of Venezuela are facing, according to a recent report from the IMF. The story of how the country went from relative stability to hyperinflation involves more than economics; it’s a tale of corruption, social unrest, self-serving politics, capital controls, price-fixing, and a global commodity bust.
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