A HYPERINFLATION PREDICTION FOR VENEZUELA FROM TEN YEARS AGO. Over ten years ago (on March 16, 2007), I posted here about Venezuela’s policy at that time of imposing price controls in a period of inflation.
I said that imposing price controls to hold down prices while inflation was running between 10% and 20% would end badly, and gave as an example, the “tactic of using price controls while stepping on the economic accelerator [which] was used in 1972 by President Nixon. Based on that experience, it is likely that the long run will be difficult for Venezuela…..”
The inflation rate in Venezuela is now in the tens of thousands.