Wednesday, May 25, 2016

The Venezuelan Solution to Bankruptcy

Just reading a bit of news about the dire predicament Venezuela is in. Their currency is in shambles and there are riots in the streets. Somebody suggested that the country adopt the US dollar as currency of the realm. The reason being, their government and the politicians can't print American dollars. It kind of works for all the wrong reasons.

Maybe there is a lesson for us in there somewhere. Socialism fails when you run out of “Other people’s money.”

1 comment:

aim said...

They privatized the oil industry there. Here is a perfect example of how brain-dead and unworkable Socialism is. It violates most every human virtue and aspect of human behaviour. Yet, we have this big push for Bernie Sanders going on in the US (the youth/millenials in favor of him are totally misguided and out of touch).

Not sure who will wind up taking the White House for the next 4 years. Although it really doesn't matter because no one can stop (maybe they can influence and delay a bit) this runaway train heading for its fateful crash.