Socialism Works: Venezuela to Pass 700% Inflation January 22, 2016 Daniel Greenfield 12 has become worthless. The International Monetary Fund says Venezuela inflation will blow past 700 percent this year. In a note published Friday, IMF Western Hemisphere Director Alejandro Werner said inflation would more than double in the economically struggling South American country in 2016, reaching 720 percent. Venezuela already suffers from the world's highest inflation rate. The IMF estimates that inflation here was running at 275 percent last year. This is your country. This is your country on Socialism. The Bolivarian revolution has destroyed Venezuela. So Maduro, despite just getting whomped in legislative election, is running his emergency economic decree backed by a Supreme Court that his party packed. The newly free market legislature is defying him. Think Obama vs. Republicans all over again. Venezuela's opposition said on Friday it would not approve President Nicolas Maduro's "economic emergency" decree in congress as it did not offer solutions for the OPEC nation's increasingly disastrous recession. Maduro's decree, issued a week ago, would give the socialist government wider powers to control the budget, companies and currency. But the opposition says he already has sufficient powers and insists he is the real problem. Sound familiar?