The Venezuelan Central Bank published yesterday July's price inflation numbers, which turn out to be very very bad, despite the attempts by the bank to hide reality with word games.

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There are several reasons why, in nowadays Venezuela, money in the bank is money lost. But let talk to you briefly about one of the main reasons: inflation.

Yes, that seems to be my preferred subject of conversation. But it is not by whim. Inflation is one of the gravest problems Venezuelan face, certainly a much graver problem than that of the political "blacklist" of Clodosvaldo Russian.

The Venezuelan Central Bank, that perfectly oiled money making machine, reported last week that active interest rates dropped to 22.2%, a full 100 basis points from the week before.

Passive rates, on the other hand, dropped to 17.9%.

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