WEB Notes: First it was India, now it is Venezuela. Banning cash to force citizens to place the cash into their digital bank accounts. This is not freedom.
Venezuelans are rushing to the banks this week in a desperate attempt to protect their savings from the government’s latest spasm of reckless financial policymaking.
On Tuesday morning thousands of people across Venezuela played hooky from work to line-up outside banks and deposit bundles of cash into their savings accounts after the government gave everyone a 72-hour countdown to turn in all their 100 bolivar notes before they’re removed from circulation.
“I’ve been saving for so long, withdrawing money every week and for what? Nothing!” complained José Orozco, who was holding a backpack full of money as he stood in line.
Thousands rushed to their banks today. The 100 Bs. note will be out of circulation in the next 24h pic.twitter.com/XPFpUQ4x5P
— Mariana Zuniga (@marazuniga) December 13, 2016