Venezuela's president admits economy has failed...kinda

[UglyCasanova]

https://www.yahoo.com/news/venezuelas-president-admits-economy-failed-193020358.html

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!"

..
"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


Lip service followed by empty promises. The people are done, it didn’t work, move on. They need to airdrop Jeffrey Sachs into there pronto.

 

[Ichinisan]

Well, at some point it will be impossible for it to get any worse. They need a full reset.

 

[UglyCasanova]

They pay off the military and let the rest starve. When you’ve confiscated all the guns not much they can do.

 

[yllus]

He should be on trial for murder of a country for what he (and Chavez before him) did to that wonderful country. Ideally with the death penalty as an option. And this coming from someone normally extremely disinclined towards capital punishment.

 

[UglyCasanova]

Damn even WaPo is woke

https://www.washingtonpost.com/opin...3fff17f0689_story.html?utm_term=.6260d83134f7

I wonder how Alexandria Ocasio-Cortez explains it?

 

[Maxima1]

Damn even WaPo is woke

https://www.washingtonpost.com/opin...3fff17f0689_story.html?utm_term=.6260d83134f7

I wonder how Alexandria Ocasio-Cortez explains it?

They have a large amount of debt denominated in foreign currencies (mostly the dollar). You never do that.It's a really stupid thing to do. That has nothing to do with universal health care or free undergrad education.

 

[s0me0nesmind1]

Alright! We're making progress from the previous message of "It's America's fault!"

Either way as long as they have this dumb fuck in the head position, they will make zero progress. Guaranteed.

Also, this isn't a recession - it's a fucking crisis. When people can't find food or medical equipment - that's a crisis. When your dollar has diminished to be worth 1/999999s of what it was - that's a crisis. Not a recession.

 

[UglyCasanova]

They have a large amount of debt denominated in foreign currencies (mostly the dollar). You never do that.It's a really stupid thing to do. That has nothing to do with universal health care or free undergrad education.

How does that fuel hyperinflation?

 

[s0me0nesmind1]

Well, at some point it will be impossible for it to get any worse. They need a full reset.

At this point, how do you even pull that off ? Step #1 would be kill your current leader and have a military coop IMO. Even still, I honestly don't think they will recover in the next 10-15 years.

 

[Amused]

Sigh, Venezuela took control of the means of production. They are an autocratic communist country. Not a European style socialist democracy.

Why is it neo-conservatives have problems telling the difference between European style socialism and autocratic communism???

I mean, I know the propaganda intentionally tries to conflate the two, but anyone with half a fucking brain can see the difference.

I guess the OP lacks that half Sigh...

 

[s0me0nesmind1]

Sigh, Venezuela took control of the means of production. They are an autocratic communist country. Not a European style socialist democracy.

Why is it neo-conservatives have problems telling the difference between European style socialism and autocratic communism???

I mean, I know the propaganda intentionally tries to conflate the two, but anyone with half a fucking brain can see the difference.

I guess the OP lacks that half Sigh...

Where did the OP (or anyone thus far?) talk about Venezuela being communist, socialist - or whatever it may be?

Quit trying to act as if there are arguments that aren't there retard. The words "socialist" and "communist" are literally NOT in any fucking posts here except yours you ignorant fool.

 

[UglyCasanova]

https://www.forbes.com/sites/jeffre...dic-countries-are-not-socialist/#23c7031074ad


Nordic countries still at their core involve private companies seeking to accumulate capital (aka capitalism). They do have very high tax rates in exchange for lavish social benefits but they are indeed capitalist countries, not socialist.

 

[Amused]

Where did the OP (or anyone thus far?) talk about Venezuela being communist, socialist - or whatever it may be?

Quit trying to act as if there are arguments that aren't there retard. The words "socialist" and "communist" are literally NOT in any fucking posts here except yours you ignorant fool.

Um, from Ugly:

Damn even WaPo is woke

https://www.washingtonpost.com/opin...3fff17f0689_story.html?utm_term=.6260d83134f7

I wonder how Alexandria Ocasio-Cortez explains it?

 

[Amused]

https://www.forbes.com/sites/jeffre...dic-countries-are-not-socialist/#23c7031074ad

Nordic countries still at their core involve private companies seeking to accumulate capital (aka capitalism). They do have very high tax rates in exchange for lavish social benefits but they are indeed capitalist countries, not socialist.

They have socialist programs in place (Healthcare, housing, elder care, utilities, infrastructure, education, etc.) The very programs the right-wing in America point to and scream about socialism. The very programs the Bernie Bros promote (none advocate nationalizing the means of production).

Socialism is not an all or none proposition. A country can have a capitalist means of production and a socialist means of care, infrastructure, utilities, etc like European countries do.

 

[MagnusTheBrewer]

Corruption gets the death penalty. That'll fix things in a hurry.

 

[UglyCasanova]

No, they are capitalist countries with generous welfare paid for by taxes collected in a market based economy. That’s not socialism.

https://www.thelocal.dk/20151101/danish-pm-in-us-denmark-is-not-socialist

Speaking at Harvard's Kennedy School of Government, Danish PM Lars Løkke Rasmussen told students that he had “absolutely no wish to interfere the presidential debate in the US” but nonetheless attempted to set the record straight about his country.

"I know that some people in the US associate the Nordic model with some sort of socialism. Therefore I would like to make one thing clear. Denmark is far from a socialist planned economy. Denmark is a market economy,” Rasmussen said.

“The Nordic model is an expanded welfare state which provides a high level of security for its citizens, but it is also a successful market economy with much freedom to pursue your dreams and live your life as you wish,” he added.

 

[compuwiz1]

I feel very badly for those poor people. There must be a wide sense of hopelessness there. The country definitely needs new leadership, and even then, it's gonna take a long time to turn that around, if it's even possible.

 

[MrSquished]

No, they are capitalist countries with generous welfare paid for by taxes collected in a market based economy. That’s not socialism.

https://www.thelocal.dk/20151101/danish-pm-in-us-denmark-is-not-socialist

The term for it is a social democracy. "is a political, social and economic ideology that supports economic and social interventions to promote social justice within the framework of a liberal democratic polity and capitalist economy." https://en.wikipedia.org/wiki/Social_democracy

 

[Maxima1]

How does that fuel hyperinflation?

They have no control over the currency of the foreign-denominated debt. It's very difficult to get hyperinflation, but this is one way to get it. It can also come about from a huge loss in productive capacity of a country.

https://www.stlouisfed.org/on-the-economy/2018/january/venezuela-address-hyperinflation

"As a result, the market values the currency as worthless, which creates difficulties for Venezuela’s government to service its foreign debt. This has translated into inflation rising rapidly and the spiral of hyperinflation taking hold."

 

[UglyCasanova]

I suppose, but I think that is more of a question of who does the financing rather than them having any controls over the currency. The market values Venezuelan currency as worthless because they deemed them a huge credit risk. The government can’t finance debt as a result so proceeds to print more money instead of cutting back. That does nothing but drive down the value of the currency resulting in hyperinflation.

Venezuela spent to much, refused to stop, and relied on oil prices to sustained it. Commodity prices go up and down, and oil went down. Budget shot. To add to it they instituted price gaps on certain goods resulting in shortages and restricted the exchange of bolivars for dollars. The road to hell is paved with good intentions.

 

[SP33Demon]

Aaaand capitalism will have to come in and save the day once again. Wondering what the real bodycount will be after they find the atrocities this monster and his buddy chavez committed against their own people. Sucks that these poor people are starving to death and resorting to killing wild donkeys for food. JFC, dat democratic socialism tho! lmao

 

[boomerang]

I wonder how Alexandria Ocasio-Cortez explains it?

She probably thinks Venezuela is a suburb of Albuquerque.

 

[compuwiz1]

She probably thinks Venezuela is a suburb of Albuquerque.

Actually, she's an example of what indoctrinating, bad professors can do, and the damage they can cause to our young minds.

 

[fskimospy]

No, they are capitalist countries with generous welfare paid for by taxes collected in a market based economy. That’s not socialism.

https://www.thelocal.dk/20151101/danish-pm-in-us-denmark-is-not-socialist

We are running into a definitions problem again. Capitalism and socialism are not an either/or proposition. It is a sliding scale.

I have seen no evidence that AOC wants a planned economy so I’m suspect she would see Venezuela and say ‘so what?’. Her policies are more in line with highly successful Nordic economies that you appear to venerate.

 

[Commodus]

Actually, she's an example of what indoctrinating, bad professors can do, and the damage they can cause to our young minds.

Really? Someone who advocates for social democratic ideas that have frequently been implemented in other countries, often with success, is the product of a "bad education?" Caring for the less fortunate and accepting the scientific reality of climate change is the product of a "bad education?"

She may be idealistic to a fault, but I'd much rather have her excess optimism than the current government's policy of cutting taxes for the rich, blocking 'inconvenient' science and promoting corruption. If she's damaged, what does that make the current crop of Republicans?