Authored by Steve H. Hanke of the Johns Hopkins University. Follow him on Twitter @Steve_Hanke

In the past week, Venezuela’s economic death spiral has picked up speed. When, Venezuela’s hyperinflationary episode began in November 2016 the bolivar was valued on the black-market (read: free-market) at roughly 1,500 VEF/USD. Today, 6/8/18, a greenback will fetch a stunning 2.3 million bolivars. Less than a month ago, that same greenback would have fetched “only” 800,000 bolivars. With the collapse of the bolivar, inflation has soared to a record high of 37,076%.