Crisis in Venezuela

[kandrathe]

I am concerned for the people. In many ways, the years of bad management is bearing its rotten fruit.

PRI - Venezuela's economic troubles have become a full blown crisis.

:: giving you that knowing glance ::

This is / was all perfectly predictable as we all need at least a balance between wealth consumption, and wealth creation. We all, like squirrels preparing for winter, aim for excess wealth in case of illness, hurricane, earthquakes, or old age sets in and we'd like to retire.

For a decade, under Hugo Chavez, Venezuela has discouraged wealth creation, and stolen its nation's wealth to pander to the good will and benefit of Chavistas. Add into this economic disaster recipe the usual spice of corruption, nepotism, and unmerited rewards for the inner circle of the faithful.

How authoritarian socialism caused Venezuela's collapse

And, before we get into all that... I know the "excuse" will be; "they did it wrong", again. So, really?

All of these tragedies were avoidable. They are all the result of a mentality that sees only nails for the hammer of government control. Chavez and Maduro kept saying that everything that was wrong with Venezuela was the fault of markets and that if the government either eliminated or regulated those markets, things would get better. They implemented their agenda and it has been a disaster. This socialist brand of economic authoritarianism had the predictable consequence of political authoritarianism, corruption, and a breakdown of the rule of law. It's a lesson worth remembering.