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One Idea to Stop Venezuela's Downward Spiral: Switch to the U.S. Dollar
By Patrick Gillespie CNN, Atlanta Tuesday, March 13, 2018
Venezuela's currency, the bolivar, lost nearly all its value last year as the country spiraled into an economic crisis. One solution gaining popularity: Get rid of the bolivar and replace it with the U.S. dollar.
The idea is called dollarization. Ecuador, El Salvador, and some small island nations have done it. Now it could be coming to Venezuela, widely considered the world's worst economy not mired in an armed conflict.
Venezuela has a presidential election this spring, and Henri Falcon is seen as the top opposition candidate to the incumbent, Nicolas Maduro. Francisco Rodriguez, a former Wall Street economist who advises Falcon, says he would shift the nation to the dollar to cure its biggest problem, soaring inflation. ...
... For the remainder of the report:
http://money.cnn.com/2018/03/13/news/economy/...uela/index.h...
