IMF: Venezuela’s inflation on track to top 1 million percent

Viva Socialismo! Viva Chavismo! 

Vomit…

Socialism fundamentally denies the reality of markets. Markets are like gravity or the tides. They just are. Markets are how economies order themselves. Manipulate them a little and one will have a little dysfunction eventually. Manipulate them totally and sooner or later one will see systemic collapse. This was the case with the Soviet Union and its satellites and it is the case yet again with Venezuela.

Nothing screws up a potentially productive economy like socialism (and its cousin/sister crony capitalism.)

Socialism is fundamentally UNSUSTAINABLE. Socialism is born to die.

(From The AP/Fox)

Venezuela’s economic turmoil compares to Germany’s after World War I and Zimbabwe’s at the beginning of the last decade, said Alejandro Werner, head of the IMF’s Western Hemisphere department.

“The collapse in economic activity, hyperinflation, and increasing deterioration … will lead to intensifying spillover effects on neighboring countries,” Werner wrote in a blog post.

The once wealthy oil-producing nation of Venezuela is in the grips of a five-year crisis that leaves many of its people struggling to find food and medicine, while driving masses across the border for relief into neighboring Colombia and Brazil…

…The IMF estimates Venezuela’s economy could contract 18 percent this year, up from the 15 percent drop it predicted in April. This will be the third consecutive year of double-digit decline, the IMF said.

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