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.
Photo :AFP
“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.
Among the rows of vibrators, rubber torsos and leather harnesses at a Chinese sex toys exhibition in Shanghai this weekend, the beginnings of an artificial intelligence (AI)-driven shift in the industry quietly pulsed. China manufactures about 70 percent of the world’s sex toys, most of it the “hardware” on display at the fair — whether that be technicolor tentacled dildos or hyper-realistic personalized silicone dolls. Yet smart toys have been rising in popularity for some time. Many major European and US brands already offer tech-enhanced products that can enable long-distance love, monitor well-being and even bring people one step closer to
Malaysia’s leader yesterday announced plans to build a massive semiconductor design park, aiming to boost the Southeast Asian nation’s role in the global chip industry. A prominent player in the semiconductor industry for decades, Malaysia accounts for an estimated 13 percent of global back-end manufacturing, according to German tech giant Bosch. Now it wants to go beyond production and emerge as a chip design powerhouse too, Malaysian Prime Minister Anwar Ibrahim said. “I am pleased to announce the largest IC (integrated circuit) Design Park in Southeast Asia, that will house world-class anchor tenants and collaborate with global companies such as Arm [Holdings PLC],”
TRANSFORMATION: Taiwan is now home to the largest Google hardware research and development center outside of the US, thanks to the nation’s economic policies President Tsai Ing-wen (蔡英文) yesterday attended an event marking the opening of Google’s second hardware research and development (R&D) office in Taiwan, which was held at New Taipei City’s Banciao District (板橋). This signals Taiwan’s transformation into the world’s largest Google hardware research and development center outside of the US, validating the nation’s economic policy in the past eight years, she said. The “five plus two” innovative industries policy, “six core strategic industries” initiative and infrastructure projects have grown the national industry and established resilient supply chains that withstood the COVID-19 pandemic, Tsai said. Taiwan has improved investment conditions of the domestic economy
MAJOR BENEFICIARY: The company benefits from TSMC’s advanced packaging scarcity, given robust demand for Nvidia AI chips, analysts said ASE Technology Holding Co (ASE, 日月光投控), the world’s biggest chip packaging and testing service provider, yesterday said it is raising its equipment capital expenditure budget by 10 percent this year to expand leading-edge and advanced packing and testing capacity amid strong artificial intelligence (AI) and high-performance computing chip demand. This is on top of the 40 to 50 percent annual increase in its capital spending budget to more than the US$1.7 billion to announced in February. About half of the equipment capital expenditure would be spent on leading-edge and advanced packaging and testing technology, the company said. ASE is considered by analysts