Three billion barrels of proven oil reserves, and people sleeps in the car at gas stations for days waiting to buy gasoline: that is Venezuela today. No one can beat Venezuela's socialist government mismanagement. The official price has not been changed in the last 18 years, and thanks to phenomenal inflation, its price is something of 0.1 cents/gallon - if you get it. There is no war in Venezuela but a third of the population has escaped and became refugees.
Forty years ago, Venezuela became exceedingly wealthy thanks to the Saudi Oil Embargo (an act of war against Israel fighting for its existence in 1973). That incredible bonanza ruined them: they lost the habit of working and are unable to return to a honest, productive economy. Wealth is more destructive than poverty.
No comments:
Post a Comment