How to crash a country
If you want a recent example, try Venezuela where socialism was “installed” and the inevitable happened … the economy finally crashed. In fact, its so bad that we’re now headed into hyper-inflation territory:
Venezuela is preparing to issue bank notes in higher denominations next year as rampant inflation reduces the value of a 100-bolivar bill to just 14 cents on the black market.
The new notes — of 500 and possibly 1,000 bolivars — are expected to be released sometime after congressional elections are held on Dec. 6, said a senior government official who isn’t authorized to talk about the plans publicly.
Many Venezuelans have to carry wads of cash in bags instead of wallets as soaring inflation and a declining currency increase the number of bills needed for everyday purchases. The situation is set to get worse. Inflation, already the fastest in the world, could end the year at 150 percent, said the official.
The government stopped releasing regular economic statistics in December, when it reported inflation had reached 69 percent.
We’ve chronicled and discussed the failure of Venezuela as a “socialist republic” for a few years. Of course, as reported earlier this month, not everyone there is poor. Apparently the daughter of Hugo Chavez is suddenly worth $4 billion. I’m sure all of that is from Hugo’s army retirement pay.
All of that to say, I’m not sure what sort of example some people need to understand that socialism doesn’t work. It didn’t work in the USSR. It hasn’t worked in Cuba. And Venezuela is just the latest example of its failure.
But this is America, where a good portion of the population apparently lives in a fantasy land, is ignorant of the laws of economics or actually believes that the government has money. And if they don’t believe the government has money, they do believe it has a “right” to yours. Your progressive agenda from the only progressive Democrat brave enough to call himself what the rest are as well … a Socialist:
We call it the “Venezuela plan”.