It worked just great when oil prices were higher and everybody in Venezuela could cruise on the exported resources of Venezuela.
That’s what’s also happening in Norway, but they are a little more happily situated. They don’t need prices to be as high as what Venezuela needed in order to be viable.
Venezuela needs to believe in some revolutionary ideas now. It has to go capitalist and know how to profitably work, if it is to ascend out of its pitiful situation. But without doing so as a whole, attempts at capitalism will simply be squelched.
I would largely agree with your post...
Socialism, like a Ponzi scheme, works great when suckers are coming in and propping up those who got in early...in their case, it is their whole country with the oil money, and they squandered it all.