Venezuela was a prosperous South American country.
Then there was hugo chavez….and now there is nicolas maduro.
End of prosperity, end of private enterprise, end of anything but poverty and despair.
Here is the latest disaster, excerpted from Alana Petroff’s article at CNN Money:
General Motors says it will immediately halt operations in Venezuela after its plant in the country was unexpectedly seized by authorities.
GM () described the takeover as an “illegal judicial seizure of its assets.”
The automaker said the seizure showed a “total disregard” of its legal rights. It said that authorities had removed assets including cars from company facilities.
Authorities in Venezuela, which is mired in a severe economic crisis, did not respond to requests for comment.
“Government decision making is increasingly incoherent. It’s difficult to understand the rationale,” said Nicolas Watson, head of Latin American research at Teneo Intelligence.
Another nail in the coffin of Venezuela’s decimated economy.
Just how decimated is it? Last year inflation was 800% – that is not a typo. And the country’s Gross Domestic Product (GDP) shrunk by 19% – that is not a typo either.
This cannot continue. Venezuelans – who know what it is to have a decent economy – won’t let it. Not any more. Therefore nicolas maduro’s days are numbered.
My guess is that, within the year, he will have fled (probably a fabulously rich man, from skimming what little there is left of the country he and chavez destroyed) or will be dead in the street, celebrated by a cheering crowd, a la mussolini.
But until then, his decimation of Venezuela continues apace.
What a tragedy. And what a lesson to people who think that socialism – i.e. the state taking over the means of production – is an answer to anything.