Venezuela is so broke is does not have the money to pay to print money
. . . and leaves me nonplussed!
"'Venezuela’s epic shortages are nothing new at this point. No diapers or car parts or aspirin -- it’s all been well documented. But now the country is at risk of running out of money itself."
Indeed, as we hinted three months ago, "Venezuela, in other words, is now so broke that it may not have enough money to pay for its money."
Among the new information revealed by Bloomberg is that last month, De La Rue, the world’s largest currency maker, sent a letter to the central bank complaining that it was owed $71 million and would inform its shareholders if the money were not forthcoming. The letter was leaked to a Venezuelan news website and confirmed by Bloomberg News.
"It’s an unprecedented case in history that a country with such high inflation cannot get new bills,” said Jose Guerra, an opposition law maker and former director of economic research at the central bank. Late last year, the central bank ordered more than 10 billion bank notes, surpassing the 7.6 billion the U.S. Federal Reserve requested this year for an economy many times the size of Venezuela’s."
Really? One of the objectively wealthiest countries in the world, with the largest oil reserves in the world, has so destroyed its economy, that it does not have the money to pay to print money? Why are these pikers not simply bum-rushing Maduro's offices, and ripping him to pieces? And, no, I don't mean that metaphorically.
Venezuela is a failed state.
Maduro's Last Stand: Venezuela Declares State Of Emergency
"Sadly, last night as starving citizens looted marketplaces in search of food, we predicted that a civil war was almost inevitable, and that Nicolas Maduro would do what he could to hang on for dear life (literally). Today we learn, with his entire socialist utopia literally crumbling beneath him, Venezuelan president Maduro has declared a 60-day state of emergency.
Additionaly, as a last ditch effort to extend whatever is left of his time as president, Maduro is trying to drum up sympathy claiming that the United States was responsible for the chaos in his country.
"Washington is activating measures at the request of Venezuela's fascist right, who are emboldened by the coup in Brazil." Maduro said.
Maduro gave no further details on the "threats" that led him to declare the state of emergency, but the idea of a coup was naturally downplayed by opposition lawmaker Tomas Guanipa.
"Today Maduro has again violated the constitution. Why? Because he is scared of being recalled." Guanipa opined.
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Unfortunately for the people of Venezuala, whatever turn this saga takes will be ugly to say the least..."
He is not "scared" of being recalled, he is fearful he will be brutally murdered if the people were to ever get their hands on him. Perhaps he could ask Benito Mussolini about how to proceed!
Hayek lays out the simple reason that socialism, and its sister beliefs like progressivism, fascism, communism, and similar authoritarianism cannot work over the long haul. Essentially, he degausses the magnetic field which surrounds, and protects progressivism in America today, revealing it as an impossibility.