Posted on 12/01/2014 2:06:52 PM PST by Citizen Zed
"Scarcity is getting worse in Venezuela. Basic products are so hard to get," said Josseline Viera, a doctor in Venezuela. "It used to be that certain products were scarce, now it's basically everything."
Viera says shortages have made it impossible for hospitals to find essential medical products such as gauze and acetaminophen.
Oil accounts for 95 percent of Venezuela's export earnings,and combined with gas, it's 25 percent of the country's gross domestic product. As the price of oil hits a four-year low at $70 per barrel, the OPEC nation's oil-dependent economy is set to implode, experts say, bringing deeper political instability and chaos to the world's 10th-largest oil exporter.
One analyst at Nomura recently estimated that Venezuela may need oil prices to hit $200 a barrel to balance its budget. (The precise figure is difficult to determine, because Venezuela doesn't disclose as much economic data as other countries do.)
As oil prices keep falling and Venezuela is left empty-handed, its government will have no other option but to increase taxes, impose price controls and potentially eliminate gasoline subsidies for Venezuelans, something that will create unrest in the South American country, according to Diego Moya-Ocampos, a senior political risk analyst at IHS.
(Excerpt) Read more at mob.cnbc.com ...
Weren’t they the ones that gave us the finger a few years back?
“people looting” is what the government there does best
I only wish that bastard Chavez were still around to see what he created.
Obama’s goal for America. Starting in Feguson and coming to a neighborhood near you.
As long as they have something besides Socialism to blame they’ll be fine.
Look north of Germany for a few other countries that will be crying soon.
Obviously, profiteers and looters are destroying the economy. The government needs to execute some of the wreckers to inspire everyone else.
They are doing it all wrong. Communism can work in USA if we get formula right. Venezuela still has too many religious people
“Barbarity and people looting” equally.
Every cloud...
Socialism fails everywhere it is tried, so naturally, Obozo wants to implement it here.
Cuba goes down with Venezuela.
Yup! That should do it!
At least the gauze and acetaminophen is free.
As oil prices keep falling and Venezuela is left empty-handed, its government will have no other option but to increase taxes, impose price controls
I thought the only option was free market reform, a la Chile.
Strange that a supposed business channel would advocate more socialism.
No matter how much evidence is presented to the Party of Science, they will always blame collectivism’s failure on a) the lack of cooperation from the “greedy and b) the wrong people implemented the right ideas.
They'll soon be a Military Junta and all the commies will be dead.
America’s future too, if the Democrats had their way.
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