I don't understand hyperinflation. Doesn't it become obvious that you should stop printing money when the cost of printing the money is higher than the value printed on the notes?
If The Venezuelan government can’t pay foreign or domestic obligations then they need to print money or default. They may not have the ability to default.
(i have some (likely half-baked) ideas, but throwing the question out there for discussion)
They owe $100 but don't have $100. They find someone willing to exchange $100 for 100 Bolivars. But instead of using Bolivars the government has on hand (reserves), they print them. This devalues the Bolivars, meaning the next time they try to buy dollars, they'll have to put up more Bolivars than before.
The counterparty in this case, is anyone who thinks they can buy something with Bolivars equal to $100 worth of goods. Chances are that they can. But they have to act quickly before another devaluation.
This is overly simplified but covers the gist of it.
certainly this can only work if the country has enough various goods worth more in other currencies than they have debt in their currency. it's almost like an arbitrage, but it's not entirely riskless (which by definition, arbitrages are).
additionally, the government may not have rights to the beans. In cases where governments can expropriate assets and goods from individuals, they have used them to directly raise foreign currency. A notable example of this is the Ukrainian famine.
yes, but it doesn't cost 1M bolivars to print a 1M bolivar note. you just stop printing the 10 bolivar notes.
Take North Korea for example.. I like to imagine this is how it plays out in the people heads: "like, it's so sad that the people there suffer.. our hearts go out to them..
should we lift sanctions..? Hell no, let them burn to the ground, let them realize who they're messing with.."
No, because who's doing the printing doesn't care. They're printing it (the government) to pay their own debts