SHOT: Venezuela finally admits it: The socialist country is bankrupt
Venezuela, given the odd detail of counterclaims, has finally admitted that it cannot pay back the debt it has. That is, the country is bankrupt. It’s worth leaving aside exactly what happens next in the halls of banking and asking how this all came to be? The answer being that they entirely wrecked the economy of the country with the world’s largest oil reserves. This happened not because the oil price fell, the problems started and were evident long before that.
They tried to create a non-market economy, and non-market economies simply do not work. For things just cost what they cost, something that we cannot sweep away in the pursuit of social or economic equality nor for any other reason……And in Venezuela, the Bolivarian socialists decided that prices were just made up numbers that could be assigned at near random. This does not, to put it mildly, work.
CHASER: Former Prime Minister Margaret Thatcher
The Problem with Socialism is that you eventually run out of Other People’s Money”.
And now, because INCOME INEQUALITY!, Venezuela is now broke. Oh, did I mention that one of the richest people in Venezuela is the daughter of Cesar Chevez who brought this socialism revolution to his country in the first place?
There will never be “the right people” who can make Socialism or Communism or Communitarianism work “right”. Never.
(H/T: Washington Examiner)
