To counter the hyperinflation problem, Venezuela’s answer is to lop off five zeros from its currency value and launch a state-backed cryptocurrency.
It wasn’t that long ago that the left praised socialist Venezuela as a model country, a good comparison to the mean, ruthless system of the United States.
“Since the [Hugo] Chávez government got control over the national oil industry, poverty has been cut by half, and extreme poverty by 70 percent,” wrote New York Times contributor Mark Weisbrot in the wake of socialist President Hugo Chavez’s re-election in 2012. “College enrollment has more than doubled, millions of people have access to health care for the first time and the number of people eligible for public pensions has quadrupled.”
Just six years later and the country is a catastrophe. It seems 21st-century socialism hasn’t worked any better than 20th-century socialism, or any other kind of socialism for that matter.
Venezuela’s dire state is not for lack of resources. It is the most oil-rich country in the world and used to be one of the wealthiest nations in South America. Now, it’s teetering on the edge of economic oblivion.
https://www.dailysignal.com/2018/07/26/inflation-to-hit-1-million-percent-in-collapsing-socialist-venezuela/
It wasn’t that long ago that the left praised socialist Venezuela as a model country, a good comparison to the mean, ruthless system of the United States.
“Since the [Hugo] Chávez government got control over the national oil industry, poverty has been cut by half, and extreme poverty by 70 percent,” wrote New York Times contributor Mark Weisbrot in the wake of socialist President Hugo Chavez’s re-election in 2012. “College enrollment has more than doubled, millions of people have access to health care for the first time and the number of people eligible for public pensions has quadrupled.”
Just six years later and the country is a catastrophe. It seems 21st-century socialism hasn’t worked any better than 20th-century socialism, or any other kind of socialism for that matter.
Venezuela’s dire state is not for lack of resources. It is the most oil-rich country in the world and used to be one of the wealthiest nations in South America. Now, it’s teetering on the edge of economic oblivion.
https://www.dailysignal.com/2018/07/26/inflation-to-hit-1-million-percent-in-collapsing-socialist-venezuela/
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