In this video, I talk with author and economic analyst John Sneisen about one of the last straws in the crumbling country of Venezuela. Default.
Venezuela is officialy defaulting on bond pay-outs and we at WAM have been predicting this for a long time. The oil dependent country has seen hyperinflation in the past nearly two years. The socialist totalitarian government has seen its innevitable end, but it's not giving in without a fight and it appears they hope to bring down as many of their own people as humanly possible.
With vast amounts of printing of the Venezuelan Bolivar, we're seeing people bring stacks of money to the store to weigh after waiting in excruciatingly long bread lines. People have been forced to break into zoos in order to feed their families. The country has run out of toilet paper. People are attempting to flee only for the government to make them wait ridiculously long periods of time to actually get a passport.
Recently, Maduro put forward "The Rabbit Plan" which gave starving families rabbits to breed and eat. The problem (among many) is that the people begun keeping them as pets. Besides, it's an absolute joke to taunt your own people by giving them rabbits, all while Maduro isn't afraid to eat an empanada on live television.
The fact is, socialism always ends with the leaders living in palaces and the people drinking out of gutters.
John breaks down the growing trend of using Bitcoin in Venezuela as cash is hyperinflated into oblivion.
Predators are also coming out of the woodwork as Russia announced they will restructure 3.15 billion dollars of debt payments that Venezuela owes Moscow, all the time knowing that they would default.
See the FULL video report here:
Stay tuned as we continue to cover this astonishing issue. Our thoughts and prayers are with the people of Venezuela. Don't forget to Upvote & Follow!
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Thank you,
interesting content.
Maduro had led his country to bankrupcy. This is the way every socialist regime always ends.
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Governments produce no products. Except laws, waste, and wars. Citizens produce products. Socialism operates off of the concept of free services. "free" services offered by an entity that produces nothing of value to pay for them. This means the "free" things must be paid for in one of two ways. 1st) Taxes... which is forcefully taking money from the citizens, or 2) Debt... which is taking credit cards out in the name of the citizens spending the money in their name and then making them responsible for it.
Socialism consumes more than it produces. It looks good when there is wealth and resources that have been saved prior to its implementation. It looks wonderful as these FREE services are there. All the time those savings of funds and resources are being burned through at a rapid pace.
It is inevitable that it will fail. It exists purely in the realm of the illusion of "free" provided by an entity that doesn't do anything to pay for that "free". So they must either steal from the citizens to pay for it or put them into debt slavery.
So what is the difference between socialism and capitalism. One you can make choices, the other you cannot. Can they both be corrupted? Yes. Human nature is skilled at corrupting anything.
Yet of those only ONE has lifted nations out of debt and made them successful. That hasn't actually ever occurred with socialism.
Socialism does not work. Crony Capitalism doesn't work either... yet the word Crony must be added. Free Market Capitalism aka Laissez Faire has done amazing things for many places in the world in numerous cases.
Once the government starts favoring certain entities and disfavoring others it introduces the cronyism. That is no longer a free market.
I disagree completely.
Free Market is creating innovations, products, etc. The concept of THEFT of resources comes into play when a government defines the owners of the resources and one group, and denies another. That is not a free market. It is crony capitalism.
Venezuella was becoming quite the power house until they went the socialist route. Did people prey upon them? Yes. Yet I wouldn't point the finger at capitalists. The predators in socialist countries usually are biggest that actually are at the top of the government structure in such an environment. That is at least what history shows.
I don't believe things just because I am told them.
That is called an Appeal to Authority. I do not recognize any authority over my mind but my own.
You seem like you believe what you've been told though. Crony Capitalism is indeed bad. Yet it is also NOT a Free Market.
That is the truth.
Monopolies are also bad. Yet they cannot persist without government collusion, thus NOT FREE MARKET.
Not what people are telling me. Simple logic, and reason.
No appeal to emotion, no appeal to authority, just use my own mind and apply some rational thought.
Oh and instead of trying to keep telling me what I know and don't know do me a favor. Focus on what you know. You have no clue what I do an do not know.
I am very well aware of countries being raped for resources. That is also being done by socialist and crony capitalist countries. That's kind of what all governments do when cronyism comes into play.
Governments generally are corrupted.
That doesn't make the problem capitalism.
My problem with socialism is it removes choice. It is other humans dictating your choice for you. That is a quick path to corruption.
ALL the woes people put at the feet of capitalism are not actually a free market. They are crony capitalism...
I am not a fan of crony anything.
I am a fan of free market and laissez faire.