How much is the bolivar really worth? Well, just to give you some idea,
thieves are no longer bothering to steal them .
How can Venezuela work itself out of this mess? Here was Ludwig von Mises suggestions for the Austrian crown, updated to the Venezuelan bolivar:
1. Abandon socialism. A little obvious, but it's the first step.
2. Abandon the bolivar. Ideally, it would go back to the gold standard. And since you're starting over anyway, it wouldn't be all that hard. But any commonly accepted currency - even the dollar - would work.
3. Privatize the Venezuelan economy. Sell off the oil companies, and return the seized oil wells to their rightful owners. Put into private hands, the oil industry would soon flourish again.
4. Abandon "official" currency exchange rates.
5. End prohibitions and regulations on importing and exporting goods and services. Venezuela needs free trade.
That should get the ball rolling. I'm not holding my breath for Maduro to implement them.
Onward and upward,
airforce
