What Happens When You Run Out Of Other People's Money To Give Away ?

You print your own, what Obama is now doing. And what happens next? Perhaps there is a lesson in Venezuela?

Venezuela’s pestilent inflation again accelerated in September, with prices rising another 2.5 percent, compared with 2.2 percent in August and boosting the increase on a year before to 27.3 percent against 26.7 percent on the same measure of comparison.

The figures from the Venezuelan Central Bank (BCV) once more belied official claims that the government was getting on top of inflation, which continues to run at the highest level of any country in Latin America.

The only good news, such as it was, was that the accumulated increase for the year so far came out at 18.5 percent, compared with 21.8 percent during the first nine months of 2008. That, as one economist acerbically commented, “wasn’t that much of a compensation” in the circumstances.

The annualized rate is getting near the 30.9 percent recorded on the official index for last year, which exceeded the 25.5 percent chalked up in 2007and the 17.1 percent rise seen in 2007. Finance Minister Alí Rodríguez Araque has revised the original 2009 forecast from 15 percent (and before that 11 percent) to between 26 and 28 percent.

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Of course, the Obama administration said unemployment wouldn't go above 8% if we just pass this porkulus bill for his voters.