Presales of the "Petro", allegedly backed by petroleum that Venezuela cannot produce, started today. Maduro hopes to resuscitate the economy.

The move cannot possibly work. The problem is Maduro, and socialism in general. Some Tweets will explain.

Case closed.

MIke "Mish" Shedlock

Venezuela to Launch "Petro" Cryptocurrency

With Venezuela in default as well as hyperinflation, president Maduro vows to fight a US "blockade" with the "Petro".

Venezuela Officially Defaults; Annual Inflation 2689 Percent: When Does the Military Take Over?

Electricidad de Caracas, a Venezuelan state-owned electric company, officially defaulted on a $650 million bond payment. The company was already a month late on its payment before the trustee, Wilmington Trust, issued a statement. Meaanwhile, Professor Steve Hanke notes annual inflation is 2689%.

Venezuela Knocks Three Zeros Off Its Currency to Halt Hyperinflation

Redenomination is Venezuela's sorry story of the day. It won't work.

Chicago Teachers Union Goes to Venezuela, Praises Maduro for Not Closing Schools

Four Chicago Teachers Union representatives went to Venezuela, a failed nation, singing praises of its corrupt leader.

Kodak Soars 77% on News it Will Launch "KodakCoin" Cryptocurrency

Kodak wants in on the hype. It announced its own cryptocurrency today, the KodakCoin.

In Praise of Hugo Chavez and Venezuela (Not By Me): Venezuela Cash Crunch

Hugo Chavez is gone, but his policies live on. Nicolas Maduro is president now. Hyperinflation which started under Chavez is even worse under Maduro. This is what happens when socialists run countries in the ground. It always starts with promises of free handouts to end poverty.

China Faces Interest Rate Dilemma With No Winning Options

Michael Pettis at China Financial Markets has an interesting chain of Tweets on China's unsolvable interest rate mess.

Bernie Sanders 2011: "American Dream More Apt to Happen in Venezuela"

A comment by Bernie Sanders from 2011 is worth a revisit especially in context of what's been happening in Venezuela.

Cryptocurrencies "Greatest Opportunity" to Get Millennials to Trade

TD Ameritrade hopes to get millennials to trade. Cryptocurrencies is the way.