WHAT HAPPENS WHEN SOCIALISTS RUN OUT OF MONEY

By Daniel Greenfield

Prime Minister Thatcher once famously observed that socialists “always run out of other people’s money.” But what actually happens when socialism runs out of money?

Venezuela, a once wealthy nation with black gold coming out of the ground, is a test case.

The socialist regime ran out of other people’s money, and then out of money, years ago. The government met protests by its starving population with a 40% minimum wage hike. That’s the usual socialist solution to what leftists call ‘income inequality’. The problem is that 40% of nothing is still zero.

The “Strong Bolivar” introduced by former dictator Hugo Chavez, who died of an overdose of Cuba’s socialist medicine, leads the world in one economic category: a 3,000% inflation rate. Currently a dollar will buy you 111,413.23 bolivars. Wait a while and there will be a better bargain in bolivars because economists are forecasting a 30,000% inflation rate. In Venezuela, even the poorest American can become a millionaire in bolivars. The only question is why would anyone actually want bolivars?

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