Monday, July 31, 2017

This Is Where Socialism Leads

Ignore Bitcoin, buy World of Warcraft tokens--if you live in Venezuela:
Digital gold from Blizzard’s massive multiplayer online game “World of Warcraft” is worth more than actual Venezuelan currency, the bolivar, according to new data.

Venezuelan resident and Twitter user @KalebPrime first made the discovery July 14 and tweeted at the time that on the Venezuela’s black market — now the most-used method of currency exchange within Venezuela according to NPR — you can get $1 for 8493.97 bolivars. Meanwhile, a “WoW” token, which can be bought for $20 from the in-game auction house, is worth 8385 gold per dollar.

According to sites that track the value of both currencies, KalebPrime’s math is outdated, and WoW gold is now worth even more than the bolivar.
I've written before about hyperinflation (here, for example).  This is what hyperinflation looks like at the beginning.

Venezuela is starving. And it was only a few years ago when Chavez and his socialism were being praised by American leftists (here's another).

Update, 8/2/17:  A couple of days behind me is the Los Angeles Times with this op-ed:
Remember all those left-wing pundits who drooled over Venezuela?

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