Venezuela's socialist debacle where even having the money makes transactions virtually impossible
A night out in a Caracas restaurant to celebrate a friend’s birthday was going well - until the time came to pay. We had enough money in our accounts to foot the bill, the equivalent of roughly £30, but no way to transfer the cash.It is a complete mystery why there are still socialists in this world. One has to be ignorant of history and economics to support such a flawed system.
Successive attempts to use our debit cards were met with a machine error. Thirty minutes later, we tried again. No luck.
Our plans for a night out had been hijacked by Venezuela’s rampant hyperinflation and resulting collapse of the banking system. In a country where £30 amounted to about 56 million bolivars at the time, there was no chance of the banks handling our transaction. We should have known.