Things so bad in socialist Venezuela even the president admits, Venezuela’s economy has failed

This is the way it goes. A little socialism, and eventually one gets a little dysfunction. A lot of socialism and one gets a lot of dysfunction eventually. The Soviet Union, socialist era Britain, Cuba, North Korea, Ethiopia, Venezuela, they all failed because they tried to fashion a world that was not so. One goes with the natural flow of markets and prices or one fights the universe until the universe puts one in one’s place.

Sooner or later markets always win out. It’s like water flowing downhill. It’s not good or bad, it just is.

(From AFP)

Under-fire Venezuela President Nicolas Maduro admitted his economic model has “failed” in the wake of food and medicine shortages and public service paralysis, such as Tuesday’s power failure that affected 80 percent of Caracas.

“The production models we’ve tried so far have failed and the responsibility is ours, mine and yours,” Maduro told his ruling PSUV party congress, as Venezuela looks to tackle chronic inflation the International Monetary Fund predicted would reach one million percent this year.

“Enough with the whining… we need to produce with or without (outside) aggression, with or without blockades, we need to make Venezuela an economic power,” he added late Monday, with the country grappling with a four-year long recession.

“No more whining, I want solutions comrades!”

OK “comrade” how about you quit, along with your cronies, and the country starts (re)privatizing things. That would be a good first step. Then, somehow, start working on establishing something like the rule of law. That’s your solution.

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