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Top HIllary Economic Adviser Praised Chavez Venezuelan Socialism
Jim Hoft May 24th, 2016 10:28 am 47 Comments
Top Hillary Clinton economic adviser Joseph Stiglitz praised the “positive qualities” of Hugo Chavez Socialism.
The Venezuelan economy is in freefall following several years of Chavista economics.
Now Stiglitz is advising Hillary on the American economy.
MISES Institute reported:
"Venezuelan President Hugo Chavez appears to have had success in bringing health and education to the people in the poor neighborhoods of Caracas. … It is not only important to have sustainable growth, but to ensure the best distribution of economic growth, for the benefit of all citizens."
Top HIllary Economic Adviser Praised Chavez Venezuelan Socialism
Praising the success of the Venezuelan socialism folks.
[Venezuela's] economy shrinks 10 percent one year, an additional 6 percent the next, and inflation explodes to 720%. It's no wonder, then, that markets expect Venezuela to default on its debt in the very near future. The country is basically bankrupt.
That's not an easy thing to do when you have the largest oil reserves in the world, but Venezuela has managed it. How? Well, a combination of bad luck and worse policies. The first step was when Hugo Chávez's socialist government started spending more money on the poor, with everything from 2% gasoline to free housing . Now, there's nothing wrong with that — in fact, it's a good idea in general — but only as long as you actually, well, have the money to spend. And by 2005 or so, Venezuela didn't.
Why not? The answer is that Chávez turned the state-owned oil company from being professionally run to being barely run. People who knew what they were doing were replaced with people who were loyal to the regime, and profits came out but new investment didn't go in. That last part was particularly bad, because Venezuela's extra-heavy crude needs to be blended or refined— neither of which is cheap — before it can be sold. So Venezuela just hasn't been able to churn out as much oil as it used to without upgraded or even maintained infrastructure. Specifically, oil production fell 25% between 1999 and 2013.
Is Venezuela on the 'Short Road to Disaster'?
Do not worry folks. According to this "economic adviser" with the BIG NOSE, it is all working out great.
Jim Hoft May 24th, 2016 10:28 am 47 Comments
Top Hillary Clinton economic adviser Joseph Stiglitz praised the “positive qualities” of Hugo Chavez Socialism.
The Venezuelan economy is in freefall following several years of Chavista economics.
Now Stiglitz is advising Hillary on the American economy.
MISES Institute reported:
"Venezuelan President Hugo Chavez appears to have had success in bringing health and education to the people in the poor neighborhoods of Caracas. … It is not only important to have sustainable growth, but to ensure the best distribution of economic growth, for the benefit of all citizens."
Top HIllary Economic Adviser Praised Chavez Venezuelan Socialism
Praising the success of the Venezuelan socialism folks.
[Venezuela's] economy shrinks 10 percent one year, an additional 6 percent the next, and inflation explodes to 720%. It's no wonder, then, that markets expect Venezuela to default on its debt in the very near future. The country is basically bankrupt.
That's not an easy thing to do when you have the largest oil reserves in the world, but Venezuela has managed it. How? Well, a combination of bad luck and worse policies. The first step was when Hugo Chávez's socialist government started spending more money on the poor, with everything from 2% gasoline to free housing . Now, there's nothing wrong with that — in fact, it's a good idea in general — but only as long as you actually, well, have the money to spend. And by 2005 or so, Venezuela didn't.
Why not? The answer is that Chávez turned the state-owned oil company from being professionally run to being barely run. People who knew what they were doing were replaced with people who were loyal to the regime, and profits came out but new investment didn't go in. That last part was particularly bad, because Venezuela's extra-heavy crude needs to be blended or refined— neither of which is cheap — before it can be sold. So Venezuela just hasn't been able to churn out as much oil as it used to without upgraded or even maintained infrastructure. Specifically, oil production fell 25% between 1999 and 2013.
Is Venezuela on the 'Short Road to Disaster'?
Do not worry folks. According to this "economic adviser" with the BIG NOSE, it is all working out great.
