(Austin Petersen) A user from the popular image sharing site imgur has uploaded a series of photos showing food lines in Venezuela. The lines are undoubtedly the result of new price controls that President Nicolas Maduro has instituted as an effort to tame inflation.
The “Fair Price Law” is causing devastating shortages due to the fact that by putting caps on prices eliminates the the first law of economics, supply and demand. The law sets a maximum profit margin of 30% and requires firms to obtain “fair price” certificates to access dollars through the government’s currency system.
People reportedly wait in line up to four hours to get food at the grocery store.