NBC News Tries To Explain The Failure Of Venezuela…

… Without once mentioning socialism. This piece is supposed to be an explanatory one but it explains nothing. The whole problem there is the same problem that crops up every time socialists take control of a country’s economy. They try to manage it. When they do so they fail because economies are too complex to be centrally managed and because the leaders become corrupt and manage the economy for their own gain rather than for the good of the country.

“Venezuela Protests and Economic Crisis: What Is Going On?”

Why are people protesting?
The economy is a mess.

Despite having the world’s largest oil reserves, Venezuela is suffering from a deep recession and hyper-inflation. Prices rose by 800 percent in 2016, with the International Monetary Fund predicting inflation could hit 2,200 percent by the end of 2017. Meanwhile, the economy shrunk by 18.6 last year, according to Reuters.

[…]

The current protests were triggered by a Supreme Court decision to strip power from the National Assembly, the opposition-held Congress — a move widely thought to be aimed at concentrating power in the hands of Maduro’s increasingly unpopular government.”

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