<p>Venezuelan President Nicolá;s ;Maduro on Sunday announced a dramatic economic plan designed to pull the country out of its economic death spiral. ;</p>
<p>The plan, which is centered on the devaluation and renaming of the state&rsquo;s currency, was unveiled less than two weeks after an assassination attempt on Maduro. ;</p>
<p>&ldquo;We are going through a re-balancing process,&rdquo; said Maduro on Sunday. &ldquo;This does not happen overnight.&rdquo;</p>
<p>Starting Monday, the bolí;var will drop more than 90% in value to become the &#8220;sovereign bolí;var.&#8221; The new currency will be pegged to the state&rsquo;s oil-linked cryptocurrency (the petro), meaning it will fluctuate in line with oil prices. ;</p>
<p>The plan, which Maduro describes as a &#8220;magic formula,&#8221; includes a substantial increase in minimum wage ;designed to offset the exchange rate &#8211; which will increase from about 285,000 bolí;vars ;per USD to 6 million. ;</p>
<p>The announcement was met with concern from employers, who worry they won&rsquo;t have enough money to sustain the increase in minimum wage.</p>
<p><strong>Mass Exodus ;</strong></p>
<p>The economic and political chaos in Venezuela has driven roughly 7% of the population (2.3 million people) out of the country since 2015. ;</p>
<p>The migration ;is &ldquo;one of Latin America&rsquo;s largest mass-population movements in history,&rdquo; says UNHCR spokesman William Spindler. &ldquo;Many of the Venezuelans are moving on foot, in an odyssey of days and even weeks in precarious conditions.&rdquo;</p>
<p>According to the United Nations High Commissioner for Refugees (UNHCR), more than 1 million Venezuelans have fled to Colombia during the past 15 months; Ecuador has received about 500,000 since the start of the year &#8211; including 30,000 this month. ;</p>
<p>This Saturday, governments in Ecuador and Peru announced a new rule requiring all Venezuelans seeking entry to show a valid passport at the border. The change was a shock for families who started their journey before the measure went into effect.</p>
<p>&ldquo;My family is fragmented, destroyed. We&#8217;re no longer together,&#8221; said a Venezuelan seeking entry into Ecuador. ;&#8220;My son is in Peru, my daughter in Chile, I have yet another daughter who&#8217;s on her way to Poland&hellip;When will I get them all together again? My wife is in Venezuela. The situation is dire.&rdquo;</p>
<p>Migrants are also facing increased hostility from residents of other countries.</p>
<p>On Saturday, a mob of Brazilians set fire to migrant camps in the border town of Roraima after a local store was robbed &#8211; allegedly by Venezuelans. Brazil dispatched 120 troops to deal with the incident, which sent roughly 1,200 Venezuelans fleeing back over the border. ;</p>
<p>Venezuelans had been blocked from entering Brazil until early August, when the state&rsquo;s Supreme Court overturned a ruling by a judge from Roraima. ;</p>
<p><strong>Editor&#8217;s note:</strong> Their is no pretending the Venezuela is still a function country, we are seeing the continued self destruction. Thank you socialism.</p>