By Douglas V. Gibbs
Socialism, properly applied, has destroyed the once prosperous, and resource rich, country of Venezuela. Now, thanks to the same leftism that the Democrat Party in the United States pushes,
Venezuela has begun to miss payments on their debt. Venezuela’s leadership missed interest payments due on two government bonds and one bond issued by the state-owned oil monopoly known by its Spanish initials PdVSA. Venezuela owed creditors $280 million, which it couldn’t manage even after a 30-day grace period.
In short, Venezuela is out of money. Socialism has drained the country to the point of economic ruin, and now even the government is completely and flat broke.
The Venezuelan government can’t claim that their woes result from a lack of resources, for the South American country is oil rich. . . but being the once richest country in South America does not make a country invincible against socialism. The leftist ideology is capable of slaughtering the meek and the powerful, alike.
War and pestilence hath no fury like that of the destructive forces of a “progressive” socialist political ideology.
Hugo Chávez rose to power during the time of plenty, claiming the central bank had “excessive reserves.” Giving back to the people in the name of socialism has reduced the central bank to about $1 billion in reserves, at best. Now, the people have nothing, and the country is on the verge of death.
I worked in the construction industry for fourteen years, and one of the things you learn while laboring in a vocation that is seasonal is that you save and live frugally during times of plenty so that you can survive during the faminous winter.
While leftists may be quick to cite falling oil prices as being what is to blame for Venezuela’s woes, the reality is that the loss of the free market, and the embrace of socialism by Venezuela, are the primary forces behind the death of the once powerful Venezuela economy. Now, the country suffers under expropriation, hyperinflation, price controls and rampant corruption. A faminous winter has approached, but there are no stores remaining. Nothing remains from the time of plenty. The government has lost all of it through socialism.
Venezuela has passed Detroit as the best example of what kind of destruction happens when liberal-leftism has a chance to grab a hold of a society.
The Wall Street Journal reports that “As of Tuesday evening, the Investment Swaps and Derivatives Association still had not declared Venezuela in default. That matters because this will trigger the insurance obligations inherent in the credit default swaps. But S&P Global Ratings declared the country in default Monday. On Tuesday morning the Luxembourg Stock Exchange issued a suspension notice for the bonds with missed payments.”
Now, President Nicolás Maduro will try to shuffle around his debt, move around what little money still exists in the country, but there is no solution in sight. All Maduro can do is try to delay the inevitable. . . complete and utter collapse. The chaos in the streets, and the starvation of the population, has only just begun. If we thought it was out of control before, now the real carnage will begin.
Such is the result of socialism, every single time.
Blame, however, is being sent out in all directions, and Venezuela is accusing the Trump Administration for some of their woes, claiming that sanctions have made it difficult for the dictatorship to arrange refinancing.
Restructuring requires any hope for growth, and the Venezuelan economy cannot grow as long as it follows the leftist political ideas of socialism.
The only cure for poverty is a free market.
As the Venezuelan people die from suicide by socialism, and as the leadership continues to deal blame as their ideology kills what is left of their support, and their power, the next step will be seizures, and the closing of Citgo facilities in the U.S.
Socialism has killed the once mighty Venezuela.
Source:
http://politicalpistachio.blogspot.com/2017/11/venezuelas-financial-end-of-road.html
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