IN VENEZUELA, money is worth less than toilet paper. A 2.4kg chicken is pictured next to 14,600,000 bolivars, the equivalent of $US2.22 ($A3.04), at a street market in Caracas on August 16. Another photo shows a single roll of toilet paper next to 2,600,000 bolivars, equivalent to 40 US cents (A55c). On Monday, Venezuela slashed five zeros from its currency with the release of the new “sovereign bolivar”, equivalent to 100,000 old bolivars. The government also announced a 3000 per cent increase to the minimum wage, tax increases, and a plan to peg the currency to the petro, a state-backed cryptocurrency widely considered to be a scam. On Tuesday, Venezuela’s central bank devalued the bolivar by 96 per cent, setting a new exchange rate of 68.65 sovereign bolivars to the euro, from the previous rate of 2.48 sovereign bolivars to the euro. Economist and hyperinflation expert Professor Steve Hanke from Johns Hopkins University said removing zeros from the currency would have no effect. “They’ve exchanged 100,000 old bolivars for one new ‘sovereign’ bolivar, (but) the value is roughly the same, one cent in US dollar terms,” he told the BBC. “Yesterday the inflation rate was 61,500 per cent on an annual basis, today it has surged up to 65,500 per cent, so clearly nothing has changed.” Prof Hanke said the currency was “in a death spiral and things will get worse”. MORE… Of course Socialists will say, “Oh no, this isn’t really socialism. No, with socialism you get lots of food and happiness every day.” This is what a large percentage of Millennials want for America. Socialism - a giant pyramid scheme designed to make the few at the top rich, while millions suffer starvation.