Socialism: Poverty, Hunger and Death: This Time Venezuela [Video]

Craig Huey Economics, International Leave a Comment

My favorite phrase among the progressive elite that champion socialism is:

“But if only it were done right.”

You can’t do something “right” if it is inherently wrong to begin with.

Take Venezuela for example.

It is an excellent example of a socialistic-induced economic and societal train wreck.

Winston Churchill could have been describing that country when he said:

“Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy. Its inherent virtue is the equal sharing of misery.”

Venezuela used to be the richest country in Latin America.

Then it took a turn for the worse when Hugo Chavez was elected president in 1999. To make matters worse, Venezuelans re-elected him two more times after that!

Hollywood leftists like Danny Glover, Naomi Campbell, Michael Moore, Oliver Stone and Sean Penn praised Hugo Chavez when he came into power.

Chavez died in 2013, but his socialism, inherited by his successor Nicolas Maduro, never quite made everyone equal. The government never could take care of everyone.

Venezuela has become emblematic of the fundamental failures of socialism:

  • They kept raising taxes.
  • They kept increasing regulations.
  • They kept decreasing freedom of speech and individual liberty.
  • They created class warfare and hatred of those who are in business and create wealth.
  • They tax the wealthy in businesses to pay their “fair share.”

When power is centralized and dedicated to economic redistribution, everyone shares equally in the misery.

Venezuela, under Chavez’s socialism, transformed from a modern, oil-rich nation to a needy third-world country.

This despite the fact that Venezuela boasts the world’s largest oil reserves, larger than Saudi Arabia. It commands almost a quarter of all OPEC oil.

Today, its economy and civil society are in chaos:

  • Millions are starving. It’s policies and inability to pay its bills, has created food shortages. Even toilet paper is hard to find.
  • Government handouts are meager.
  • Venezuela’s currency has lost 99.9% of its purchasing power since 2010. In a nation with the world’s largest oil reserves!
  • The rampant inflation rate is now estimated at 950% this year, compared to 500% last year.
  • Among oil producing nations, it requires more than $200 per barrel for stability, according to the World Bank. Last I checked, oil was selling for $56 a barrel.
  • There is rampant crime and out-of-control violence where one person is murdered every 20 minutes.

The fault lies with Chavez’s socialistic agenda that began in 2002 when he:

  • Nationalized industries
  • Established price controls
  • Blocked foreign capital from entering the country
  • Relied solely on its oil for revenue

In the following video, John Stossel delves into famed M.I.T. linguist Noam Chomsky fawning over Chavez.

In the exchange, Chomsky says he never described Chavez’s “state-capitalist government as socialist” and that capitalists undermine the economy.

I believe he has it backwards.

Wasn’t it Russian communist Vladimir Lenin who coined the phrase “useful idiots,” meaning those who champion a cause they don’t fully understand.

Sadly, the suffering people of Venezuela understand.

Watch this powerful 4-minute video of why socialism fails.

What do you think? Write me at craig@craighuey.com

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