Solving the currency chaos in Venezuela

Baltimore

VENEZUELA is embroiled in history's 57th hyperinflation crisis - on top of the existing problems of economic mismanagement, corruption, and incompetence.

Since the beginning of November, the bolivar currency has lost 42 per cent of its value, worsening conditions for a country in which wheelbarrows have replaced wallets. In response, Venezuelan officials announced a misguided and foolhardy plan to issue higher-denomination bills to mitigate the damaging effects of hyperinflation.