by Mish Shedlock, The Maven:
To fight poverty, Hugo Chávez and Nicolás Maduro took over the oil industry and gave cheap gasoline to the people.
Gasoline is priced well under the cost of production. The black market siphoned off most of the supply which soon collapsed.
This Tweet accurately states what happened except it has the price of gasoline wrong.
Venezuela 🇻🇪 :
Destruction of human rights
Education is just indoctrination
Healthcare inexistent with total scarcity of medicines.
More than $350 billion in oil revenues squandered.
“The people” https://t.co/RpdHvpjcNW
— Daniel Lacalle (@dlacalle_IA) 10 July 2018
Barter, Venezuela’s Real Currency
As inflation in #Venezuela = 40,976%/yr #Dictator Maduro continues to starve his people who have given up on the Bolivar. As is always the case in #hyperinflations, people resort to barter for food #SocialismAtWork https://t.co/U4Huw1ZYk3
— Prof. Steve Hanke (@steve_hanke) 9 July 2018
Annual Inflation: 42,489%
— Prof. Steve Hanke (@steve_hanke) 6 July 2018
Extreme Giveaway Madness
Annie Lowrey, the author of a new book on universal basic income says Trump should “shower people with money“.
She has a “radical” proposal for an allegedly “sane” economy.
Her “insane” idea is to tax corporations enough to give everyone $1,000 per month.