Hyperinflation in Venezuela - merchants are weighing, not counting, currency

Venezuela's currency is on track to inflate by 720 percent this year. Why? The drop in the price of oil hurt Venezuela's economy, and President Nicols Maduro thought he could solve the problem by printing more money. It didn't work and now people are starving.

From The Independent:

When the price of oil on the global market collapsed by two-thirds in 2014, Venezuela had little else to fall back on, so a natural reaction would have been for the bolvar to collapse. But Mr Maduro, who succeeded Hugo Chvez following the revolutionary leader's death in 2013, instead tried to control the exchange rate, creating a massive black market for currency.

Figuring out scams to get dollars and then sell them for bolvars became hugely lucrative business for Venezuelans, setting off a feedback loop that drove the inflation rate higher and higher.

In one of Caracas richer neighbourhoods, the owner of a tiny kiosk selling newspapers, cigarettes and snacks told the Washington Post that every evening he quietly stuffs a plastic bag full of the days earnings, around 100,000 bolvars (about 42) in notes of 10, 20, 50 and 100 bolvars. Venezuela has one of the highest crime rates in the world, and he said carrying that much cash frightens him.