Silver Report Uncut: Hyperinflation Hail Mary, Venezuela Cuts 6 Digits from Bolivar, 72 Million Live Paycheck to Paycheck

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Silver Report Uncut
Jul 4, 2021

Hyperinflation has been hitting the Bolivar for years but has reached a new insanity, the response is even crazier as Venezuela has a novel idea, cut 6 digits off of the end of each note (for accounting purposes) in fact, a single 1 million bolívar note would not currently be enough to buy a single cup of coffee, as a million bolivars is worth just over $0.32 US. The vast majority of working-class people still need cash for daily transactions, including for public transit or local grocery and goods stores.

And now the next iteration of an attempted “solution” to the ongoing crisis is a fresh currency redenomination, which will mark no less than the third one in 13 years.

“Venezuela is preparing once again to eliminate zeros from the national currency, in order to simplify daily transactions that hardly fit on a calculator or that require swiping the card several times to complete a purchase.”

Starting in August the central bank will cut six zeros from the bolivar, thus a single dollar would cost 3.2 bolivars instead of the current whopping 3,219,000.

Finder has just published the results of a recent survey attempting to gauge the financial stability of the average American.

More than 2K adults to were interviewed to try and ascertain how long they could survive without income. It turns out that approximately 72.4MM employed Americans – 28.4% of the population – believe they wouldn’t be able to last for more than a month without a payday.

Another 24% said they expected to be able to live comfortably between two months and six months. That means an estimated 133.6MM working Americans (52.3% of the population) can live off their savings for six months or less before going broke.

On the other end of the spectrum, roughly 8.7MM employed Americans (or 3.4% of the population) say they don’t need to rely on a rainy day fund since they have employment insurance which will compensate them should they lose their job.

Amusingly, men appear to be less effective savers than women. Some 32.4MM women (26.7% of American women) say their savings would stretch at most a month, compared to 40MM men (29.9% of American men) who admit to the same. Of those people, 9.7MM women (8% of American women) say their savings wouldn’t even stretch a week, compared to 15.5MM men (11.6% of American men) who admit to the same.

A majority of employed Americans over the age of 18 say their savings would last six months at most. About 70.7MM men (52.8% of American men) and 62.8MM women (51.8% of American women) fear they’d be in dire straits within six months of losing their livelihood.

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