I've never even heard of 2,300% inflation. You have a dollar and then that same dollar is now worth 0.0004 cents.
The problem in curing inflation is that you need to nose down the plane momentarily to regain airspeed, but the irrational hardline ideologues absolutely refuse it.
All my socialist economic professors in the early 2000s were hailing Venezuela's plans, showering them with praise, telling us that Venezuela would become South America's new powerhouse because of these policies.
A growing middle class! The end of the ruling elite! Education for the poor! Millionaires and billionaires finally paying their fair share!
All bullshit, and I was the class clown for saying it would fail. Mass starvation, martial law and dictatorship have been the result of these policies. Caracas is now the murder capital of the world, as people are now killing each other over scarce food and medicine.
I'm no genius. These policies aren't new. In fact, no economic policy is new. Every economic policy has been tried before. There is a long record of history, going back as far as Ancient Egypt.
Failed then and failed now. Totally predictable and preventable.
Still, "I hate rich people" is an effective road to power. You cannot pin down rich people and make them pay the government. With one call, their money is moved overseas. With a second call, they book airline tickets to flee the country.
#venezuela #socialism #inflation #economics #hunger #suffering #history #communism #tyranny #starvation #biggovernment