The road to serfdom is paved with false promises.
Venezuela was going strong at one time with natural resources aplenty, having the world's fastest-growing economy in 1980 and ranked as Latin America’s wealthiest country as recently as 2001. But then government happened. Here's Daniel Pipes in Venezuela’s Tyranny of Bad Ideas (alternate link):
Socialism might have been a proven failure globally, but Hugo Chávez convinced Venezuelans to try it. On becoming president in 1999, he stole, dominated, polarized and jailed. Benefiting from about $1 trillion in oil sales during his 14 years as president, he had the means to launch massive social spending programs to secure votes. He could even afford to kill the goose laying golden eggs, replacing competent professionals at the government-owned oil company with agents, stooges and sycophants. In the grandest socialist tradition, his daughter María accumulated a fortune estimated at $4.2 billion in 2015, according to Venezuelan press reports.
“The trouble with socialism,” Margaret Thatcher once observed, “is that eventually you run out of other people’s money.” Chávez pre-empted that problem by seeking treatment for his cancer in Havana, where, Fox News reports, he “was assassinated by Cuban malpractice.” He died in March 2013, about a year before oil prices tumbled, and conveniently bequeathed the disaster that followed to Nicolás Maduro, his still more brutal and incompetent handpicked successor. Once oil revenues shrank, the true costs of Chávez’ bankrupt ideas became clear. Venezuela is now sinking into totalitarianism, using military force to keep socialism afloat.
Margaret Thatcher certainly had a way with words. And she sure did nail socialism precisely.
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12:20 PM 8/28/2018
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