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Monetary Chaos in Caracas



This promises to be quite a week in Venezuela. President Nicolás Maduro is rolling out his economic recuperation plan, which is supposed to rescue the once-wealthy nation from the economic damage that socialism has delivered. But on the evidence of the plan Mr. Maduro announced Friday, Venezuela could be in for a monetary meltdown.

The main feature of the Maduro plan is a giant devaluation. The new fixed rate for what he calls the “strong bolivar” is 6,000,000 to the dollar. The preferential price from the central bank…



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