Posted on 01/01/2019 3:31:36 PM PST by Libloather
**SNIP**
Venezuela is ‘an ice cube’
The end result of the country’s decline, in terms of society, has been extreme poverty and hunger.
In 2017, the average Venezuelan citizen lost around 24 pounds in 2017, about 73 people were murdered a day. And the rule of law is also breaking down: According to the country’s Prosecutor General’s office, 98% of crimes in 2014 were not prosecuted.
Hyperinflation and the introduction of President Nicolas Maduro’s unique cryptocurrency has made the bolivar essentially worthless. The International Organization for Migration (IOM) noted that three million Venezuelans have sought refuge, hoping to find a new and safer place they can call home.
Price explained it is best to think of Venezuela “as an ice cube. … The second you get that currency in your hand, it’s going to start melting and it’s going to start losing its value because of hyperinflation.”
(Excerpt) Read more at news.yahoo.com ...
https://www.forbes.com/sites/stevehanke/2019/01/01/venezuelas-hyperinflation-hits-80000-per-year-in-2018/#12ee53494572
According to our Federal Reserve inflation is caused by economic growth.
But every case I’ve seen like Venezuela, inflation is actually caused by a drop in economic productivity.
“The International Organization for Migration (IOM) noted that three million Venezuelans have sought refuge, hoping to find a new and safer place they can call home.”
While I sympathize with the Venezuelan People, they dug this hole all on their own looking for the free lunch. They are not welcome here in America. Maybe we can “detail” Alexandra Occasional Kotex to go to Venezuela and make Socialism “work” there. She seems to have “all the answers!”
Its essentially a dead country.
Venezuela was once one of the richest countries in Latin America, sustained by its enormous oil reserves and vast wealth funds.
All that’s gone today and it ain’t coming back. Like coming back from the dead.
So, here is an innocent question. Is that what happened to us in the 1970s and early 80s? Was it a drop in economic productivity??? I am too lazy to look it up or figure it out for myself.
All of it’s big name baseball players should meet Trump in the WH. Make them think something is up.
OUTLAW Socialism.
It’s hilarious how Yahoo News fails to use the word socialism even one time in stories about Venezuela. Yahoo News thought the world needed one more leftist propaganda media outlet.
Venezuela failed in three legitimate government functions: currency, enforcing private property and maintaining civil order.
It is a failure. The people suffer, not the elite.
The people of Venezuela voted for this. They made their bed. They can lay in it. They are not to come here and bring any more of the cancer with them.
It was called stagflation for a reason.
And since the skyrocketing price of oil was a such a big factor, perhaps you could look up the regulations that hurt oil production when you work up the motivation.
I think the start was the OPEC oil embargo in 1973. After that for a decade the Fed and treasury thrashed around lowering rates to boost the economy and raising rates to fight inflation. They ended up with both low growth and high inflation.
Any number of factors, huge increases in government programs, the cost of the Vietnam war and more but not to be forgotten was the final severing of currency to gold in 1971. Took some time for fiat funny money to find a new level.
Thank Nixon.
Inflation is caused by too many dollars chasing too few goods.
How can you write an article about how Venezuela became a basketcase without using the word socialism?
https://en.wikipedia.org/wiki/International_Organization_for_Migration
The International Organization for Migration (IOM) is an intergovernmental organization that provides services and advice concerning migration to governments and migrants, including internally displaced persons, refugees, and migrant workers. In September 2016, it became a related organization of the United Nations.[4] It was initially established in 1951 as the Intergovernmental Committee for European Migration (ICEM) to help resettle people displaced by World War II. As of June 2016, the International Organization for Migration had 166 member states and eight observer states.[5][6]
Venezuela was a corrupt mess before Chavez took over, and he made it worse.
At least the people of Nauru got to party for 30 years with a maid in every household free before their crash. The Venezuelans never saw a penny.
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