Socialism at the end stages

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I like to look at Venezuela because it is a very rich nation that has squandered its reserves by giving away free shit instead of building up the infrastructure and economy.

The first generates immediate popularity for the ruling class - as long as the money holds out. The second generates a very strong and independent nation - it takes a lot longer but is more durable and self-sustaining and can keep the nation prosperous during times of less money.

This just in from the Beeb:

Venezuela cuts power for four hours a day to save energy
Venezuela is introducing power cuts of four hours a day from next week to deal with a worsening energy crisis.

The cuts will last for 40 days as the country struggles under a severe drought limiting hydroelectric output.

It is the latest setback to Venezuela's economy which has been hit by a sharp fall in the price of its main export, oil.

The country's main brewer, Polar, also says it will stop production because it has no dollars to buy grain abroad.

The company, which produces 80% of the country's beer, says 10,000 workers will be affected by the stoppage.

No beer? Shit just got real.

Shot:

President Nicolas Maduro has accused the country's business elite of colluding with the US to wreck the economy.

Chaser:

Many businessmen and opposition politicians blame the energy crisis and shortages of basic goods on government economic mismanagement.

Something to keep in mind is that Venezuela has the world's largest proven petroleum reserves of any country. If they needed hard cash, they could dump their oil on the market and be done with it.

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This page contains a single entry by DaveH published on April 22, 2016 2:35 PM.

John Coleman on the climate debate was the previous entry in this blog.

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