Venezuelan Economy Ruined by Socialism

J ChavezVenezuelan strongman Hugo Chavez passed away a year and a half ago.  The Venezuelan economy is not too far behind Chavez’s demise.

The Wall Street Journal reported that Venezuela has joined the failed economies of North Korea and Cuban rationing food and other basic necessities of life.  However, unlike North Korea and Cuba, Venezuela is a resource rich country that exported nearly $115 billion worth of oil in 2013.  Irrespective of this export wealth, the Journal reported that basic necessities of life including cooking oil, Mel and toilet paper are being rationed with shortages we consumers waiting in line for hours to make less than desired purchases.  Even basic public services are now being rationed with some homes having their water shut off for over 100 hours per week. Continue reading

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