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@6:00 it wrenches my heart when hearing Venezuela think they need IMF loans for fighting COVID. They probably do of course, since they peg to the US dollar! But only because of that! If they adopt a floating exchange rate the Bolivar would be free, they'd need no USD debt, and could fully fund their social programs, provide a job guarantee and gradually become domestically self-sufficient, so the sanctions would eventually not cripple them. It would also stop their high inflation (which is almost entirely due to the peg to the US dollar, and only a little due to the sanctions).

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