Skip to comments.Maduro Admits Economy Has Failed [semi-satire]
Posted on 08/03/2018 7:37:56 AM PDT by John Semmens
As food and medicine shortages and public service paralysis have wracked Venezuela, President Nicolas Maduro admitted his economic model has failed. The "model" has entailed nationalization of major industrial sectors, the expropriation of hundreds of businesses, and widespread price controls.
The President called upon "my socialist comrades to join with me in devising more effective directives to get the economy moving again. Our country is not the first to face these kinds of problems. When the Soviet Union was trying to build socialism wreckers and saboteurs undermined the plans laid out by the Politburo. It took the strength of Stalin to order the harsh measures required. Many died, but a backward nation was built into a world power through these sacrifices. We need to learn from this model and make the hard choices necessary."
In related news, Maduro announced he was "seconding" former President Obama's endorsement of 81 Democrats in primaries preceding the November elections. "I don't know much about these candidates, but I do know that President Obama has solid progressive values," he said. "Anyone he likes is good enough for me."
if you missed any of this week's other semi-news/semi-satire posts you can find them at...
They just don’t get it—socialism does not work. Never has, never will,
produce like capitalism.
Socialisms failure eventually needs totalitarianism to continue. Well described in Hayaks book The Road to Serfdom
Economics lesson of the day: If a person benefits from making stuff, they make more stuff. If they dont benefit, they make less stuff.
Hope thats not too complicated for ya, Nick.
Reality is funnier than the satire, John. At least if you’re looking in from the outside.
Venezuela’s president admits economy has failed
Latest update : 31/07/2018
© AFP/File | Venezuela President Nicolas Maduro says he wants “solutions” and “no more whining”
CARACAS (AFP) -
Under-fire Venezuela President Nicolas Maduro admitted his economic model has “failed” in the wake of food and medicine shortages and public service paralysis, such as Tuesday’s power failure that affected 80 percent of Caracas.
“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.
“Enough with the whining... we need to produce with or without (outside) aggression, with or without blockades, we need to make Venezuela an economic power,” he added late Monday, with the country grappling with a four-year long recession.
“No more whining, I want solutions comrades!”
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.
“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.
The economic crisis has hit so hard that the public transport system has almost ground to a halt, with the government and local councils offering free rides in unsafe and uncomfortable pick-up trucks — branded “kennels” by users — after many bus service providers couldn’t afford to keep their vehicles on the road.”
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