Venezuela's Oily Hyperinflation Story | Case Study - Learning IRL By ABGLP

Imagine this: you the common man or woman, is struggling to buy daily rations and 2 meals a day. Everything from soaps, to the internet seem out of your financial effort zone, because everything is expensive. While you struggle to make the 2 ends meet, your country’s president visits with international communist and socialist leaders and makes impossible deals with other countries in a bid to buy political clout and show off his power. Your nation’s greatest natural resource, a matter of pride for many, the natural oil wells in your country, are used as a political tool by the president to gain public support and stay in office. Meanwhile, you wait in a long line to convert pesos into dollars so that you can pay an exorbitant amount for a cup of coffee. Sounds morbid right? But this is exactly what happened and is happening in Venezuela. Hyperinflation has the country in its vice like grip. Once known as the pioneer in oil mining and policy across the world, today Venezuela has fallen on harsh times. How did this happen. Check out the case study below and answer the following questions to understand Venezuela’s situation.This is a part of the Learning IRL series brought to you by ABGLP.