“There’s No Cash To Spend” – Elorza Becomes Largest Venezuelan City To Launch “Community Currency”

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With the IMF projecting an inflation rate of 13,000% next year, Venezuelans are abandoning the bolivar in droves as prices for necessities like bread and meat double every month.
After we reported back in December that a socialist collective in one Caracas neighborhood launched its own currency, the panal.
Here’s the Associated Press:
The panal, which means honeycomb in Spanish, can be spent in just a few stores. But residents of one neighborhood desperate for spending cash said the…

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