Venezuela is doing something completely unprecedented. Some even say illegal. As part of an attempt to stop skyrocketing inflation, the country is issuing a new fiat currency called the "sovereign bolivar," which will be backed by a cryptocurrency. But that cryptocurrency called the "petro" does not trade, and Venezuela's own parliament says it's being illegally used to mortgage the nation's cash-strapped oil reserves. "This is a smoke and mirrors operation typical of Venezuela — I'll believe it when I see it," said Steve Hanke, professor of applied economics at Johns Hopkins University and one of the world's leading ... (full story)