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September 6, 2007
Venezuela: Spanish For Zimbabwe
Zimbabwe isn't the only potentially rich country whose economy is disintegrating under the inept regime of a leftist dictator. Hugo Chavez has a lot of room for error with all the oil revenue pouring into Venezuela. But no amount of money could make socialism work.
Even the left-leaning International Herald Tribune admits:
The Venezuelan economy, under the direction of President Hugo Chávez, is starting to unravel in the currency market.
While Venezuela earns record proceeds from oil exports, consumers face shortages of meat, flour and cooking oil. Annual inflation has risen to 16 percent, the highest in Latin America, as Chávez tripled government spending in four years.
The bolivar is down 70% since Chavez took power in 1999. A big devaluation is expected in the first quarter of 2008, when Chavez will issue new currency with three zeroes cut off the end of all denominations. Imagine if the $100 bill in your pocket turned into a $1 bill.
Only socialists could manage to destroy an economy that should be floating in money. Oil accounts for 90% of Venezuela's exports, and prices are up 155% over the past 5 years.
Look out, Colombia. In a few years real hunger will start to set in, and refugees will be pouring through the jungle across the Venezuelan border with the desperation of boat people trying to escape communist Vietnam. Another prediction: no matter how bad the unfolding catastrophe in Venezuela gets, moonbats will learn absolutely nothing from it, and our Democrat Party will continue to pull America toward socialism.
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There are none so ignorant as those who will not learn. |
On a tip from V the K.
Posted by Van Helsing at September 6, 2007 7:03 AM
Comments
VH: Or, none so blind as those who will not see.
Posted by: jc14 at September 6, 2007 9:00 PM
Good thing Venezuela isn't an island like Cuba. Makes it a lot easier to escape. Wonder how long it'll take Chavez to set up border patrols to keep the people in.
Posted by: Kevin at September 8, 2007 7:31 PM
