If you like your socialism, you can keep you socialism........Venezuela Hits 510% Inflation

Venezuela Hits 510% Inflation by Steve Hanke - Dr. Rich Swier
Venezuela’s bolivar is collapsing.
And as night follows day, Venezuela’s annual implied inflation rate is soaring.
Last week, the annual inflation rate broke through the 500% level.
It now stands at 510%.
With free market exchange-rate data (usually black-market data), the real inflation rate can be calculated.

The principle of purchasing power parity (PPP), which links changes in exchange rates and changes in prices, allows for a reliable inflation estimate.
Using black-market exchange rate data that The Johns Hopkins-Cato Institute Troubled Currencies Project has collected over the past year, I estimate Venezuela’s current annual implied inflation rate to be 510%.
This is the highest rate in the world.
It’s well above the second-highest rate: Syria’s, which stands at 84%...