Venezuela’s currency has lost so much value that people simply throw away their small bills — they are virtually worthless anyway.
Enter Wilmer Rojas, 25, who scoops them up off the street, uses an origami-like folding technique, a needle and thread to make handbags with an eye to selling them — maybe even abroad, where people have real money.
Rojas can use as many as 800 bills to make such a purse. If you add up the face value of all that money, it is enough to buy only half a kilogram of rice. Rojas and his wife have three kids to feed, and another is on the way.
“People throw them away because they are no good to buy anything. No one even accepts them anymore,” Rojas told reporters outside a subway station, where he also sells coffee and cigarettes in addition to his unusual bag-weaving work.
Meanwhile, inflation in the oil-rich, cash-poor economy churns on and on: Since August last year, the bolivar has lost 87 percent of its value against the euro. Inflation this year is forecast by the IMF to come in at a staggering 13,000 percent.
With two, five and 10-bolivar notes, “you can’t even buy a piece of candy,” Rojas said, explaining how he used 400 such bills to make a smaller handbag.
Rojas then pointed to a queen’s crown he made out of bolivar notes.
“Here there are about 50,000 bolivars [US$2], which is maybe enough for a pack of cigarettes,” he said.
Rojas said he learned his craft from another makeshift artist.
“You can use magazine paper or newspaper pulp, but currency notes are better because they are not worth anything, they are all the same size and you don’t have to waste time cutting them,” Rojas said.
He hopes to start selling his creations soon, but he fears that Venezuela’s economic crisis might foil his plans.
“Here, people barely have enough to put food on the table and are not going to shell out money for something that required a lot of work,” he said.
In downtown Caracas, other hungry artisans are selling woven bags like these. They get as much as 300,000 bolivars for one of them. That would buy 1 kilogram of meat.
That Venezuela’s currency is being used as play money is the ultimate expression of how much value it has lost, economist Tamara Herrera said.
With 1,000 two-bolivar notes that nobody wants, Jose Leon, a 26-year-old designer, began a protest on Instagram in 2016 that featured doctored notes and the hashtag #venezueladevaluada, or devalued Venezuela.
Deadpool, the anti-hero in the Marvel comics, was the inspiration for his first work on currency notes, using his face to replace that of independence hero Simon Bolivar.
Leon has also drawn the faces of Star Wars characters over that of Bolivar and other famous Venezuelans pictured on the notes.
Leon’s customers live abroad and pay him up to US$20 per piece of “money art.”
“With a bit of Wite-Out and some pens, I can raise the value of the currency by nearly 5,000 percent,” Leon said at his workshop in San Cristobal, a city on Venezuela’s border with Colombia.
Leon is doing well with his art, but Rojas is still struggling to make money — in the meantime, he is using notes to make a carnival costume for his daughter.
“These things are no good for buying anything. At least I am putting them to good use rather than throwing them away,” Rojas said.
FIVE NEW FABS: An acquisition of Siltronic would boost GlobalWafers’ market share from 17 to 30 percent, easily surpassing Japanese rival Sumco’s 25 percent GlobalWafers Inc (環球晶圓) yesterday said it is in final talks to acquire Germany-based Siltronic AG in a 3.75 billion euro (US$4.5 billion) deal, which might help it compete with its closest rival Sumco Corp of Japan. The acquisition would be the fifth for GlobalWafers since 2008, as it has grown to become the world’s No. 3 supplier of silicon wafers through such deals. GlobalWafers, which has a 17 percent market share, would see its market position greatly elevated to 30 percent when combined with Siltronic’s 13 percent, according to a presentation Siltronic gave to its investors at a quarterly conference in August. Sumco
With the speed cryptocurrency is emerging as the millennial generation’s alternative asset of choice in India, it is hard to imagine that just two years ago a couple of blockchain pioneers were briefly in police custody. Sathvik Vishwanath and Harish BV, cofounders of a then five-year-old start-up, were arrested in late 2018. No, they had not pulled off a shady initial coin offering. Their “crime” was that they put up a kiosk in a mall in Bangalore where customers could swap bitcoin, ether or ripple for cash or vice versa. That was the whole point of unocoin, their crypto token exchange.
CONCERNS: The bank would act if it noticed currency speculation, the governor said, but he did not comment on a likely trajectory of the NT dollar against the greenback The central bank would intervene in the market whenever necessary to help stabilize the New Taiwan dollar, central bank Governor Yang Chin-long (楊金龍) said yesterday, adding that it is concerned Taiwan might be placed on the US watchlist for currency manipulation. The Control Yuan recently sent letter inquiring about the central bank’s market regulation efforts, Yang told a meeting of the legislature’s Finance Committee on the NT dollar’s appreciation and property price hikes. “It is the central bank’s top responsibility to stabilize foreign exchanges,” he said. The central bank has often stepped in toward the end of trading sessions to moderate the NT
Qualcomm Inc expects global shipments of 5G smartphones to more than double to between 450 million and 550 million units next year from this year, driven by increasing 5G network deployment worldwide and broader adoption of 5G technology beyond smartphones, a company executive told a virtual news conference yesterday. The San Diego-based company said that more than five times more telecoms have commercially launched 5G services in the first 18 months of the 5G era, compared with wireless technology transitions to previous generations. The momentum is to pick up speed in 2022, with the shipment volume of 5G-ready smartphones projected to reach