But on the evidence of the plan Mr. Maduro announced Friday, Venezuela could be in for a monetary meltdown. The main feature of the Maduro plan is a giant devaluation. Mr. Maduro also declared that there will be a nationwide price freeze, date uncertain. Mr. Maduro has destroyed confidence in the country’s institutions and currency, and his new plan will make it worse. The only way to stop the descent into chaos might be to dollarize the economy.

Source: Wall Street Journal August 19, 2018 22:41 UTC