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The currency crisis in Venezuela continues as country slashes five zeros from its currency


As inflation soars in Venezuela, the country slashed five zeroes from its currency on Monday.

The move is part of President Nicolas Maduro's economic plan to stall hyperinflation.

On Monday, Pat Gray and Keith Malinak discussed the sad state of affairs in the country and cited another devastating report.

According to Reuters, the streets were closed and quiet on Monday after Maduro issued a national holiday for the first day of his new economic plan for Venezuela's collapsed economy.  Some experts are predicting that the worst is still yet to come.

The International Monetary Fund predicted that the country will witness 1 million percent inflation by the end of this year.

According to Pat, inflation was 32,000 percent in Venezuela as of last week.

Pat quoted an applied economics professor from Johns Hopkins University who said it's just a "cosmetic thing that's happening regarding the zeroes. It means nothing unless you change economic policy," Pat said.

To catch more of Pat's analysis, see the clip above.

To see more from Pat, visit his channel on TheBlaze and listen live to “Pat Gray Unleashed” with Pat Gray weekdays 12 p.m. – 3 p.m. ET, only on TheBlaze Radio Network. Want more of Pat? Check him out on Facebook, Twitter, and YouTube.

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