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Venezuela's president admits economy has failed
Venezuela's president admits economy has failed
Now you would think this is a good thing but if you read the story you'll see he still blames others outside the country for it's problem. Nothing socialism has done. https://www.yahoo.com/news/venezuela...193020358.html "..."I estimate it will take about two years to reach a high level of stability and see the first symptoms of new and economic prosperity, without for one second affecting social security and protection," added the president. Maduro's economic recovery plan includes increasing oil production to "six million barrels a day by 2025 or before." Oil production has crashed from a high of 3.2 million barrels a day in 2008 to a 30-year low 1.5 million this year. As well as the IMF's mind-boggling inflation prediction, it says Venezuela's GDP will plummet 18 percent this year, meaning a fourth consecutive year of double-digit falls...." |
Socialism FAILS again
Powerful lessons for would-be young Socialists - prolly too late for Alexandria Ocasio-Cortez and our other committed Socialists like Bernie and his supporters...but maybe some of them can be persuaded with facts...
As Pete pointed out in his post, Maduro largely blames others for his nation’s problems - but he acknowledges that his economic models have FAILED. In the article posted here reinforcing the reports of undeniable failure - Maduro does take some responsibility and the photos and personal accounts are compelling. Edited excerpts below with complete article at link. The Venezuelan city where nothing works: Running water comes once a month and cash machines are empty - as president Maduro finally admits his socialist economic policies have 'FAILED' Daily Mail By AFP and JULIAN ROBINSON FOR MAILONLINE PUBLISHED: 05:50 EDT, 1 August 2018 | UPDATED: 06:07 EDT, 1 August 2018 '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. Industry is operating at just 30 percent, perhaps best reflected by the farming sector which supplies barely a quarter of national consumption having provided 75 percent a few years ago, the National Farmers Federation said. In San Juan, Florimar Nieves, a 39-year-old primary school teacher said of life in the city: 'They send (running) water once a month. The rest of the time we have to buy it. 'There have been times where we've had no electricity for 24 hours.' 'No more whining, I want solutions comrades!' Venezuela's economic crisis that saw the International Monetary Fund predict inflation would reach one million percent this year, has hit San Juan hard. And this in the country that was once one of the top 10 oil producers in the world. Adults and children alike, dressed in shabby, ill-fitting clothes, walk long distances to get to work or school, tired of waiting hours for one of the few buses still running. Those who cannot buy water and haven't received any for weeks face trips to the 'tap' in the center of town, supplied by a system of pipes leading from a well. 'We come here two or three times a week. We haven't had water for 12 days,' said Arelis Oliveros as she filled up several containers. The problem has reached such desperate levels that 17-year-old Alejandro often washes in rain water because his grandfather's house, where he lives, regularly goes days without receiving water. 'Sometimes I get fed up with washing this way because I smell bad, so I treat myself, blowing 10,000 bolivars on the bus to go and wash at my mother's house,' he said. It's luxury in a country where the currency is losing value at such an alarming rate that the largest denomination bank note, 100,000 bolivars, which once would buy five kilograms (11 pounds) of rice, is barely enough for a single cigarette. Cash has practically vanished from circulation throughout the country, but in San Juan the cash machines don't work anyway and residents have to queue for hours at banks to withdraw money. In any case, they are only allowed to withdraw a maximum of 100,000 bolivars, half the price of single egg. President Nicolas Maduro's government has announced it will try to ward off economic collapse by stripping five zeros off the currency, but a similar move by his predecessor Hugo Chavez 10 years ago - he knocked off three - didn't stop the country descending into today's crisis. The socialist government has over recent years nationalized various industry sectors such as cement and steel, expropriated hundreds of businesses, including supermarket chains, and lately brought in the army to control street markets to guard against rising prices. It has also fixed prices on various goods and imposed a monopoly on foreign exchange. <snip> http://www.dailymail.co.uk/news/arti...nes-empty.html |
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Ahh, roger. Gracias.
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And now the Petro
Petro CRYPTOCURRENCY to become official currency alongside bolivar
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Directly linking a crypto currency that isn't legal in the US against the dollar to an already-failed hard currency of your country... what could go wrong? (or maybe it's 'wrong-er') :munchin |
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