May 02

Dr. Paul Craig Roberts was Assistant Secretary of the Treasury during President Reagan’s first term. He was Associate Editor of the Wall Street Journal. He has held numerous academic appointments, including the William E. Simon Chair, Center for Strategic and International Studies, Georgetown University, and Senior Research Fellow, Hoover Institution, Stanford University.

Washington Brings Regime Change To Venezuela — Paul Craig Roberts:

By Paul Craig Roberts

According to President Obama, the world’s only superpower, the unipower, the exceptional country is threatened by small Venezuela in South America !

In an executive order last year, renewed this year, President Obama declared Venezuela to be an “unusual and extraordrinary threat to the national security and foreign policy of the United States” and declared a “national emergency” to counter the “Venezuelan threat”
( http://latino.foxnews.com/latino/politics/2016/03/03/obama-extends-order-declaring-venezuela-national-security-threat/ ).

This manufactured “extraordinary threat” serves as the Obama regime’s excuse for overthrowing President Maduro in Venezuela. It is a Washington tradition to overthrow elected Latin American governments that try to represent the interest of the people, and not the interest of US corporations and banks. Continue reading »

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Apr 28

This Is The End: Venezuela Runs Out Of Money To Print New Money:

Back in February, when we commented on the unprecedented hyperinflation about the be unleashed in the Latin American country whose president just announced that he would expand the “weekend” for public workers to 5 days

venezuela inflation_0

… we joked that it is unclear just where the country will find all the paper banknotes it needs for all its new physical currency. After all, central-bank data shows Venezuela more than doubled the supply of 100-, 50- and 2-bolivar notes in 2015 as it doubled monetary liquidity including bank deposits. Supply has grown even as Venezuela has fewer U.S. dollars to support new bolivars, a result of falling oil prices.  Continue reading »

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Apr 27

Venezuela Economy Literally Grinds To A Halt As Maduro Orders “Five Day Weekend” For Public Workers:

Overnight things went from comical to farcical overnight when the Venezuela gift kept on giving, and the nation expanded the three-day weekend to five days, declaring a two-day work week for government workers, adding it was seeking international help to save its power grid amid a drought that threatens the capital’s main source of electricity. The two-day work week, after the government added Wednesdays and Thursdays as non-working days to save more power.

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Apr 18

FYI.

Related info:

SUPER SHEMITAH: Elite’s Jubilee Year Plan To Crash World Economy By October 2016 (Video)


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Apr 12

Apr 4, 2016

Description:

Jeff Berwick’s new viral video, “Elite’s Planning Economic Crisis in 2016 http://surviveshemitah.com/TDV1127EY3G/

In this video Luke Rudkowski and Jeff Berwick travel down to Caracas Venezuela to give you a report on how people live in socialism. We not only give you a detailed update on life in Caracas but a complete social and economic breakdown of the situation on the ground.

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Apr 11

Earth-Ready-To-Explode

Economic Collapse Is Erupting All Over The Planet As Global Leaders Begin To Panic:

Mainstream news outlets are already starting to use the phrase “economic collapse” to describe what is going on in some areas of our world right now.  For many Americans this may seem a bit strange, but the truth is that the worldwide economic slowdown that began during the second half of last year is starting to get a lot worse.  In this article, we are going to examine evidence of this from South America, Europe, Asia and North America.  Once we are done, it should be obvious that there is absolutely no reason to be optimistic about the direction of the global economy right now.  The warnings of so many prominent experts are now becoming a reality, and what we have witnessed so far are just the early chapters of a crushing economic crisis that will affect every man, woman and child in the entire world. Continue reading »

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Apr 10

Now things are worse than ever,” says Yuli Sánchez. “They kill people and no one is punished while families have to keep their pain to themselves.“… “This is now wilder than the wild west.“…  “Venezuela is pure chaos now. It seems to me there is no way back,” the former policeman says.


“It’s Pure Chaos Now; There Is No Way Back” – Venezuela Hits Rock Bottom As Its Morgues Overflow:

When we previewed Venezuela’s upcoming hyperinflation, which in January was predicted to be 720% and as of this moment is likely far higher…

venezuela inflation_0

… we said “This Is What The Death Of A Nation Looks Like” and said “there is no good news in any of the above for the long-suffering citizens of this “socialist paradise” which any minute now will be downgraded to its fair value of “socialist hell.Continue reading »

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Apr 07

Venezuela Declares Every Friday A Holiday To Conserve Electricity:

When we last checked in on everyone’s favorite Latin American socialist paradise, Venezuela, President Nicolas Maduro’s opponents “had gone crazy.” Or at least that’s how Maduro described the situation in a “thundering” speech to supporters at what he called an “anti-imperialist” rally in Caracas in mid-March.

Maduro

Meanwhile, thousands of demonstrators had been holding counter-rallies calling for the President’s ouster. Maduro angered the opposition – which dealt Hugo Chavez’s leftist movement its worst defeat at the ballot box in history in December – the previous month when he used a stacked Supreme Court to give himself emergency powers he says will help him deal with the country’s worsening economic crisis. Continue reading »

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Apr 04

Mar 24, 2016

Related info:

SUPER SHEMITAH: Elite’s Jubilee Year Plan To Crash World Economy By October 2016 (Video)

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Mar 20

This Is How Venezuela Exported 12.5 Tonnes Of Gold To Switzerland On March 8, 2016 Via Paris

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Mar 13

Wrap

“Let Them Come For Me!” Maduro Defiant As Thousands Protest In Venezuela

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Feb 26

Venezuela Begins Printing 500 and 1000 Bolivar Bills, Signs Oil Deal with Russia:

Caracas, February 22, 2016 (venezuelanalysis.com) – Venezuela’s Central Bank announced Monday that it would begin printing 500 and 1000 Bolivar bills while phasing out bills of smaller denominations.

The move comes in response to the country’s soaring inflation– born of an economic crisis triggered by the collapse of global oil prices– which averaged 141% in 2015, according to official figures released last month.

In addition to printing larger bills, the Central Bank will gradually ease 2 and 5 Bolivar bills out of circulation in an effort that is expected to improve the efficiency of the monetary system, reducing costs and alleviating long lines to withdraw cash. Continue reading »

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Feb 23

Venezuela’s Gold Liquidation Begins: Maduro Quietly Exports 36 Tonnes Of Gold To Switzerland:

Two weeks ago, shortly before noting that Venezuela’s CDS is now at the same level where Greece was 3 months before its default, we wrote that as a result of a recently implemented gold swap with Deutsche Bank, Venezuela was preparing to liquidate its remaining gold holdings (ostensibly temporarily, if only on paper) in order to pay down its upcoming debt maturities.

As it turns out Venezuela has already started moving much of its gold reserve to Europe where it will be located closer to swap-provider and ultimate custodian, and liquidator, Deutsche Bank, by way of Switzerland. According to BullionStar, Switzerland has imported a net of 35.8 tonnes of gold from Venezuela in January 2016.

hugo chavez gold

And so, the gold which deceased Venezuela leade Hugo Chavez so painstakingly tried to collect from Europe, is just a few short years later, about to make its way back to where it came from. Continue reading »

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Feb 16

Just imagine what will happen, when the entire financial system will collapse.


venezuela-food-lines

Collapsing Venezuela Is Out of Food: “Prepping Became Illegal”, Long Lines Mandatory:

This article was written by Daisy Luther and originally published at TheOrganicPrepper.ca.

Editor’s Comment: The current crisis is very unfortunate for the population of Venezuela, which includes large numbers of very poor people. It is a prime example of a socialist nightmare state, where obsession with central control and distribution has forced people to turn to the black market and alternative solutions to survive.

Apparently, it is only going to get much worse. And like the political climate of a country that has outlawed guns and implemented tyranny, the autocratic government outlawed prepping, and only encouraged its people to pray for an economic miracle of socialism that would never come, while they wait dependent, hungry.

Venezuela Is Out of Food: Here’s What an Economic Collapse Really Looks Like

by Daisy Luther

Venezuela is out of food.

After several years of long lines, rationing, and shortages, the socialist country does not have enough food to feed its population, and the opposition government has declared a “nutritional emergency.” This is just the most recent nail in the beleaguered country’s slow, painful economic collapse. Continue reading »

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Feb 14

Fingerprints for food: Venezuela rolls out new plan to keep shelves stocked:

Call it fingerprints for food. In the latest effort to keep shelves stocked in Venezuela, the government on Tuesday will begin registering the biometric information of customers who use state-run grocery stores.

President Nicolás Maduro says the measure will prevent hoarding and help keep price-controlled food from being resold for a profit on the black market. Food Minister Félix Osorio said those who sign up for the program by registering their fingerprints will be eligible for discounts and prizes. Continue reading »

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Feb 05

Hyperinflating Venezuela Used 36 Boeing 747 Cargo Planes To Deliver Its Worthless Bank Notes:

The weeks ago, when we showed “What The Death Of A Nation Looks Like: Venezuela Prepares For 720% Hyperinflation“, we said that after looking at a chart of Venezuela’s upcoming hyperinflation…

venezuela inflation_0

…  a hyperinflation in which the soaring stock market has failed to keep pace with the collapsing currency, thereby mocking all erroneous thought experiments that under hyperinflation being long the stock market is a sure hedge to currency destruction…

Venezuela caracas stock exchange adjusted

… we joked that it is unclear just where the country will find all the paper banknotes it needs for all its new currency. Continue reading »

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Jan 22

Venezuela Hits “Point of No Return” – 2016 Bankruptcy Is “Difficult To Avoid” According To Barclays


This Is What The Death Of A Nation Looks Like: Venezuela Prepares For 720% Hyperinflation:

For citizens of Nicolas Maduro’s socialist paradise the news is terrible, and getting worse with every passing day.

Yesterday, we reported that one year after our November 2014 forecast, Barclays has decided that Venezuela is now past the “point of no return”, and a bankruptcy in 2016 will be “difficult to avoid.” But while some may have thought that this dramatic impact, while welcome by the rest of OPEC and oil bulls around the globe, would only impact the government, the reality is that this latest hit means a total disintegration of the economy and will take the country’s already staggering hyperinflation to previously unprecedented levels. Continue reading »

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Jan 19

venezuela-maduro

Venezuela declares ‘economic emergency’ amid currency woes:

Venezuela’s socialist government decreed an “economic emergency” on Friday that will expand its powers and published the first data in a year that shows the depth of a recession fueled by low oil prices and a sputtering state-led model.

The central bank, which has been lambasted by critics of President Nicolas Maduro’s government for hiding statistics since the end of 2014, said the South American OPEC nation’s economy shrank 4.5 percent in the first nine months last year.

Inflation soared in that period to an annual rate of 141.5 percent, the world’s worst.

Continue reading »

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Jan 01

Venezuela Bans GM Crops with New Seed Law:

Venezuela’s seed law has the backing of campesinos and rural families and will regulate the production of hybrid seeds in Venezuela and prevent the research, production, importation and distribution of GMO seeds.

venezuela-GMO

Source: www.telesurtv.net/

Venezuelan lawmakers approved last Wednesday a new law that will impose stricter regulations on hybrid seeds and ban transgenic seed research. Continue reading »

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Dec 26

Venezuela

“Christmas Is Dead” Hyperinflated Venezuelans Face Holiday Without Lights, Food, & Hope:

In 2013, Maduro’s first year in office, the government released a Christmas carol praising the Socialist utopia’s dictator. Last year, Maduro debuted a “socialist Barbie” that almost bankrupted stores forced to sell it after the government forced the price down to a tenth of its value. And this year, as AFP reports, “Christmas is dead, there is not enough money,” according to one resident, noting there is no Christmas decor anywhere and people do not have enough money to buy presents. Some cannot even afford the basic goods needed to put together a traditional feast of roast pork and assorted sides. Continue reading »

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Dec 13

venezuela

What next for Venezuela?

The US Covert War on Venezuela in 2015 – Diary: Feb 11

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Dec 09

maduro TP_0

Venezuela president says 2015 inflation near 100 percent, economy to shrink 4 percent:

Venezuela’s annual inflation rate is near 100 percent and the economy will likely contract around 4 percent this year, said President Nicolas Maduro, in a rare mention of data detailing the OPEC nation’s economic woes.

The central bank has not published inflation or GDP figures for this year, as the state-led economy unravels.

Many economists believe consumer prices are rising much faster than 100 percent, and the International Monetary Fund recently estimated that the economy will contract 10 percent this year. Continue reading »

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Nov 12

Hmmh.


Maduro Nephews Arrested After Attempting To Smuggle 800 Kilos Of Cocaine Into The US:

For those unaware, Venezuela is one of the quintessential examples of what we like to call a Socialist paradise and to be sure, we’ve had our fair share at the country’s expense.

From toilet paper shortages, to images of empty shelves, to hapless President Nicolas Maduro being pelted in the head with a mango by an angry Venezuelan woman, the country never disappoints when it comes to producing absurd outcomes. Years of incompetence have led to inflation on a massive scale, with the black market bolivar exchange rate now so low that a hundred bolivar note will buy you just 14 cents. Needless to say, slumping crude prices haven’t done the country any favors either and as we outlined a few days back, the country has now resorted to selling its gold to make bond payments.  Continue reading »

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Nov 09

Venezuela Default Countdown Begins: After Selling Billions In Gold, Caracas Raids $467 Million In IMF Reserves:

In late October, when describing Venezuela’s desperate steps to keep itself afloat for a few more months, we reported that in order to fund $3.5 billion bond payments in early November, Maduro’s government had engaged in something that is the very definition of insanity: selling the country’s sovereign (and pateiently repatriated by his deceased predecessor) gold to repay creditors.

Specifically, in the past several months, Caracas has quietly parted with 19% of its gold holdings: “Central bank financial statements posted this week on its website show monetary gold totaled 91.41 billion bolivars in January and 74.14 billion bolivars in May.  At the strongest official exchange rate of 6.3 bolivars per U.S. dollar, which the bank uses for its financial statements, that decline would be equivalent to $2.74 billion.” Continue reading »

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Oct 29

Venezuela Sells Billions In Gold To Repay Its Debt:

Just under a year ago in the aftermath of the “OPEC Thanksgiving Massacre” of 2014 which sent oil crashing when Saudi Arabia effectively ended the oil cartel, we predicted that Venezuela (with its CDS trading at 2300 bps back then) would become the first casualty of the “crude carnage.” Since then not only has Venezuela, which relies on crude oil for 95% of its export revenue, suffered a dramatic episode of hyperinflation (which is only accelerating) coupled with total economic collapse, but its CDS has, as expected, blown out to reflect a default of probability at 96% over the next five years as shown below.

20151029_VENZ

Yet while everyone promptly jumped on the “Venezuela will default bandwagon” it has so far avoided bankruptcy.

How can this country with a massive debt load and a paralyzed economy have avoided default so far? Continue reading »

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Oct 10

Venezuela-guns1

Here’s What Happened When Venezuela Imposed Gun Control Laws:

I just got back from Caracas, Venezuela, a city so dangerous that every time I left my hotel, the staff would warn me against even going outside.

It’s an incredibly difficult reality to reconcile. People hate the fact that they may get robbed or killed just steps from their front door when they leave the house every morning.

And nobody wants that.

After all, everyone wants to be safe. Even wild animals seek out safety in nature.

A few years ago, in response to national outcry, the government of Venezuela took steps to fix this problem. Continue reading »

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Oct 08

Venezuelan-bolivar

Venezuela Is Now The Most Expensive Country In The World:

Forget Norway. Japan. Iceland. Switzerland. Or any of the other places around the world that are notorious for being painful on the wallet.

Venezuela is now the most expensive country in the world, hands down.

To give you an idea, the cost of a 15-minute taxi ride to the beach yesterday afternoon totaled an eye-popping $158.

(I paid less than that to rent a helicopter in Colombia last week.)

With all of its vast mineral resources, Venezuela should be the most prosperous country in Latin America by far. And it once was. Continue reading »

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Oct 07

Venezuela isn’t looking too hot: 

If anarcho-capitalists should move to Somalia, then socialists – especially, “social democrats” — should move to Venezuela. The country is a complete disaster. But don’t take my word for it, read what a Caracas homemaker said after she tried to buy three cans of sardines and was ordered to put one back due to food rationing: “This is a disaster.”

Food shortages, rising prices, inflation, corrupted incentives, and rampant crime are all symptoms of a primordial problem: socialism. Just because the Socialist Party was democratically elected does not mean that the economic calculation problem has been solved. It’s as if the gods needed one more example to shove down the throats of Western leftists. Economic chaos, food rationing and a complete break down of the social order aren’t lessons of a misguided dictatorship of the proletariat, but a fundamental reality of socialism, whether democratic or not. Continue reading »

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Sep 23

H/t reader squodgy:

“Fabulous Aircraft.”


Venezuela Buying SU-30s, Helicopters, etc. From Russia

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Aug 31

Coming to a country near you, much faster than most people think.

Flashback:

This Is What Crisis Feels Like: Basic Services Still Functioned, No One Had To Really Worry About Food Or Water … Then It All Changed … Literally Within A Day!

There will be hunger in Europe and in the U.S., especially after the financial/economic collapse.


venezuela-hunger

80 Year Old Woman Trampled To Death In Venezuela Supermarket Stampede (ZeroHedge, Aug 30, 2015):

With 30% of Venzuelans eating two or fewer meals per day, social unrest is mounting rapidly in President Nicolas Maduro’s socialist utopia. As WSJ reports,soldiers have now been deployed to stem rampant food smuggling and price speculation, which Maduro blames for triple-digit inflation and scarcity. “Due to the shortage of food… the desperation is enormous,” local opposition politician Andres Camejo said, and nowhere is that more evident than the trampling death of an 80-year-old woman outside a state-subsidized supermarket.

As Reuters reports,

An 80-year-old Venezuelan woman died, possibly from trampling, in a scrum outside a state supermarket selling subsidized goods, the opposition and media said on Friday.

The melee at the store in Sabaneta, the birthplace of former Venezuelan leader Hugo Chavez, was the latest such incident in the South American nation where economic hardship and food shortages are creating long queues and scuffles.

The opposition Democratic Unity coalition said Maria Aguirre died and another 75 people were injured – including five security officials – in chaotic scenes when National Guard troops sought to control a 5,000-strong crowd with teargas.

“Due to the shortage of food … the desperation is enormous,” local opposition politician Andres Camejo said, according to the coalition’s website. It published a photo of an elderly woman’s body lying inert on a concrete floor.

Camejo said thieves had also attacked the crowd, members of which were seeking to buy cheap food on offer at an outlet of the state’s Mercal supermarket chain in Barinas state.

venezuela-empty-shelves

El Universal newspaper reported that Aguirre was knocked to the ground during jostling in the crowd, while the pro-opposition El Nacional said she was crushed in a stampede.

Another person was killed and dozens detained following looting of supermarkets in Venezuela’s southeastern city of Ciudad Guayana earlier this month.

President Nicolas Maduro accuses opponents of deliberately stirring up trouble, exaggerating incidents, and sabotaging the economy to try and bring down his socialist government.

Critics, though, say incidents of unrest are symptoms of the increasing hardships Venezuela’s 29 million people are facing due to a failed state-led economic model. Low oil prices are exacerbating economic tensions in the OPEC nation.

Venezuelans protest the starvatiion with signs saying ‘hunger’…

venezuela-hunger

Shoppers are finger-printed when buying government-controlled foods…

venezuela-fingerprints

“What’s certain is that we are going very hungry here and the children are suffering a lot,” said María Palma, a 55-year-old grandmother who on a recent blistering hot day had been standing in line at the grocery store since 3 a.m. before walking away empty-handed at midday.

In a national survey, as WSJ reports, the pollster Consultores 21 found 30% of Venezuelans eating two or fewer meals a day during the second quarter of this year, up from 20% in the first quarter.

Around 70% of people in the study also said they had stopped buying some basic food item because it had become unavailable or too expensive.

As The Mises Institute’s Carmen Elena Dorobat details,

Millions, Billions, Trillions: The Disaster of Socialism, Once Again

Venezuela’s nearly full-blown socialism is making the news once again. For approximately two years now, the country’s economic crisis has been rapidly unfolding: rising prices, fuelled by increased scarcity of goods and a depreciating currency, were followed by price controls, which brought about even higher prices and more shortages. The list of basic commodities missing from stores, such as toilet paper, has gradually expanded to include cooking oil, corn flour, sugar, sanitary pads, batteries, coffins, and even oil (once the country’s main export). The Cendas survey showed that more than a third of foodstuffs cannot be found on supermarket shelves; moreover, vegetables are 32% more expensive every month, meat prices are going up by 22% every month, and beans are surging by 130%. Basic Venezuelan dishes containing rice and beans have thus become a luxury, as people queue for 8 hours a week, on average, to buy basic goods.

This time it was the bolivar, Venezuela’s currency, which made the headlines, as it tumbled from 82 bolivars to the dollar last year, to 300 bolivars in May, and to a staggering 670 bolivars this August. Because the Venezuelan administration stopped publishing inflation figures in December 2014 (when annual inflation reached 68%), some economists have designed an Arepa (i.e. cornmeal cake with cheese) hyperinflation index, which suggests a current inflation rate of around 400%. Others estimate the annual inflation rate is actually 808%.

A photo of a Venezuelan using a 2 bolivar banknote as a napkin to hold a cheesy pastry (an empanada) has recently gone viral: the banknote is worth less than a third of one US cent on the black market, while the price of a pack of napkins is about 500-600 bolivars. The photo is reminiscent of the Weimar Republic hyperinflationary episode, where the wholesale price index jumped from 100% in July 1922 to more than 2500% in January 1923, which led to German banknotes being used to light fires (right photo).

One can only speculate at the moment the extent of the damage this episode will leave on Venezuelan savings. But if history is any indication, we could soon hear stories similar to those of some of Mises’s acquaintances (recorded from his lectures by his student, Bettina Bien-Greaves):

[A] man made a will according to which this $ 2,000,000 was to be sent back to Europe to establish another orphan asylum such as that in which this man had been educated. This was just before World War I. The money was sent back to Europe. According to the usual procedure it had to be invested in government bonds of this country, interest to be paid every year to keep up the asylum. But the war came, and the inflation. And the inflation reduced to zero this fortune of $ 2,000,000 invested in European Marks—simply to zero.

[The president of a Bank in Vienna] told me that as a young man in his twenties he had taken out a life insurance policy much too large for his economic condition at the time. He expected that when it was paid out it would make him a well-to-do burgher. But when he reached his sixtieth birthday, the policy became due. The insurance, which had been a tremendous sum when he had taken it out thirty five years before, was just sufficient to pay for the taxi ride back to his office after going to collect the insurance in person. Now what had happened? Prices went up, yet the monetary quantity of the policy remained the same. He had in fact for many, many decades made savings. For whom? For the government to spend and devastate (Mises 2010, 30-31).

As news of Venezuela’s suffering keeps coming through, one cannot help but feel a certain sense of dread. All governments control the money supply to essentially the same extent that Maduro’s administration does. All around the world we have monetary socialism, where national currencies are subject solely to political power. And one cannot help but wonder (and fear) how many more such economic disasters it will take before it becomes clear that socialism of all shapes, sizes, and degrees, is unrealizable, unbearable, and unforgivable.

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