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Money Talks from The Economist

Money talks: Chopping zeros off the Bolivar

Money Talks from The Economist

The Economist

News, Business, Economy, Finance & Economics, Business News

4.41.2K Ratings

🗓️ 21 August 2018

⏱️ 21 minutes

🧾️ Download transcript

Summary

What effect will President Maduro’s desperate measures have on the Venezuelan economy? Stephen Gibbs reports from Caracas. Also on the show: how can companies protect themselves against intangible risks and dealing with congestion in cities. Andrew Palmer hosts.

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Transcript

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0:00.0

This is a passenger announcement. You can now book your train on Uber and get 10% back in credits to spend on Uber eats.

0:11.0

So you can order your own fries instead of eating everyone else's.

0:15.0

Trains, now on Uber. T's and C's apply. Check the Uber app. Hello I'm Andrew Palmer, the Business Affairs Editor of The Economist.

0:27.0

Welcome to Money Talks.

0:32.0

Coming up on the programme. Can't see it, can't hear it, but it could

0:36.0

bring your company down. What risks are companies facing to their intangible assets?

0:40.4

And that's ultimately where companies are more worried about, right, the sort of Black Swan events or the types of things that they can't control suddenly bringing their reputation down.

0:50.0

And as Uber hits a roadblock in New York, how can cities tackle traffic and pollution?

0:55.1

An alternative plan might be to do congestion pricing.

0:59.1

Basically the idea would be to charge drivers more money when they want to use roads during peak hours.

1:05.0

First though, to Venezuela, where President Nicholas Maduro has resorted to

1:14.0

desperate measures to try to tackle hyperinflation. He's chopped five zeros off

1:18.5

the currency, issued new notes called the Sovereign Bolivar and anchored them to the petro, a state-run

1:24.4

cryptocurrency. The International Monetary Fund has predicted that inflation in

1:28.7

Venezuela could reach 1 million percent this year and economists have warned that the new measures

1:33.6

could exacerbate an economic crisis which is already making life incredibly hard

1:38.1

for millions of Venezuelans many of whom are going hungry or fleeing the country.

1:42.3

Stephen Gibbs joins us on the line from Corrach. whom are going hungry or fleeing the country.

1:43.0

Stephen Gibbs joins us on the line from Caracas.

1:45.3

Good morning.

1:46.5

Perhaps you can start by telling us a little bit about the situation now.

1:49.1

The banks were closed for one day, but they're back and reopened reopened how has the introduction of this new

...

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