Hugo Chavez daughter keeps money in U.S. as Venezuela burns

The misunderstanding about socialism is that not all people are poor. Some still become wealthy. Continue reading →

Good News, Venezuela’s Economy Going Into the Crapper

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One good thing in promoting a “fair economy” one can look at what they’ll get by looking at Venezuela. Everyone suffers together in the name of collectivism:

“Venezuela is projected to experience a deep recession in 2015 and 2016,” the IMF said Tuesday in its World Economic Outlook. The country’s real gross domestic product probably will contract 10 percent this year and 6 percent in 2016, it said.

Inflation in Venezuela, already the fastest in the world, will average 159 percent in 2015 and increase to 204 percent next year, the IMF said.

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H/T Bloomberg Business

Price of an iPhone 6 in Venezuela

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In America, famous people like Michael Moore and Sean Penn will tell you how much the U.S. needs to adopt Venezuela’s political/economic system.

Unfortunately for them there is this thing called the media and they keep track of Venezuela’s dire situation. Continue reading →

Venezuela Inflation Rate: 252%

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Via Steve Hanke, Cato Institute

Venezuela has the dubious honor of registering the world’s highest inflation rate. According to my estimate, the annual implied inflation rate in Venezuela is 252%.

The only other country in which this rate is in triple digits is Ukraine, where the inflation rate is 111%. The only encouraging thing to say about Ukraine’s shocking figure is that it’s an improvement over my February 24th estimate of 272%

Example of the Stupidity in Socialism

Check out CNBC and their write up of Venezuela’s economic downfall. One thing that stuck out and why Socialism is one of the dumbest philosophies people cling onto:

Venezuela produces 2.6 million barrels per day and gives away at NO COST 1.2 million of those barrels for free to places like Cuba.