Venezuelan president announces new economic reforms experts say will make matters worse

Venezuela is in a downward spiral.

Sadly, reforms announced by Venezuelan President Nicolas Maduro may only make matters worse.

Worthless Currency

The recent problems in Venezuela have caused the nation’s currency to become virtually worthless.

Maduro has since announced a complete currency overhaul.

The new currency will be called the sovereign bolivar, which is going to replace the strong bolivar.

The president is going to anchor the value of the new currency to the petro, a cryptocurrency that has come under considerable fire since its inception.

The petro is based off the current price of a barrel of Venezuelan oil.

That value converts to 3,600 sovereign bolivars.

Other Measures

In addition to revamping the currency, Maduro is also significantly raising the Venezuelan minimum wage.

Maduro is raising the wage by more than 34 times what it was, to $28 per hour.

Finally, the president announced a single, fluctuating rate of exchange for currency.

This is also going to be based off the new cryptocurrency.

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Not Enough

Most experts are predicting the new measures will only exacerbate an already problematic economy.

One of the major causes of the country’s economic problems is the dependence on public services, which are financially crippling the country.

Liberals need to take note, as the problems Venezuela is experiencing are the future of this country if someone puts Sen. Bernie Sanders’ (D-VT) socialist plans in action.

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