Congratulations To Venezuela's Bolivarian Socialism; 200% Inflation Is An Achievement
This isn’t perhaps the sort of thing that we normally congratulate people on, managing to so entirely screw up a national economy so as to generate 200% annual inflation. But we really should give credit where such credit is due. It is an achievement to manage to follow economic policies that blockheaded so, in the spirit of being entirely fair, congratulations to Venezuela’s Bolivarian socialism. It’s worth noting further that the reason for this stunning success of theirs is not because they’re a bit left wing, nor because they’ve tried to make the lives of the poor a bit better. It’s because they’ve ignored the most important rule of trying to run an economy, they’ve failed to understand that markets really do work. Something that we all need to recall in our own countries as various people tell us that we’ve got to excise market forces from one or another part of our own economies. There’s ways to deal with the effects that we don’t want from market forces: but ignoring or trying to abolish them leads to, well, to success like that that Venezualan Bolivarian socialism is currently experiencing.
Here’s the news of that inflation rate:
Venezuela, which already has the world’s fastest inflation rate at a reported 69 percent in December, could see that rate more than double this year as it struggles to respond to falling oil prices.
“We may end up this year with inflation at close to 200 percent,” Alberto Ades, co-head of global economics research at Bank of America, said in an interview on Bloomberg Surveillance Friday. He forecast the economy would shrink 4 percent. “Venezuela is in a dire crisis.”
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http://www.forbes.com/sites/timworstall/2015/04/11/congratulations-to-venezuelas-bolivarian-socialism-200-inflation-is-an-achievement/
Socialism isn't worth shit if you don't know how to properly run an economy and actually do something about corruption. But of course, the Chavistas here are just gonna say "They're being sabotaged by the CIA-backed opposition!!!!"
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