Venezuela’s “Death Spiral” – A Dozen Eggs Cost $150 As Hyperinflation Horrors Hit Socialist Utopia
- The question of whether Socialism can be an effective economic system was famously raised when Margaret Thatcher said of the British Labor Party, “I think they’ve made the biggest financial mess that any government’s ever made in this country for a very long time, and Socialist governments traditionally do make a financial mess. They always run out of other people’s money. It’s quite a characteristic of them. They then start to nationalise everything.”
- There are dire reports of people waiting in supermarket lines all day, only to discover that expected food deliveries never arrived and the shelves are empty.
- There are horrific tales of desperate people slaughtering zoo animals to provide their only meal of the day. Even household pets are targeted as a much-needed source for food.
- President Maduro is doubling down on the proven failed policies and philosophies of “Bolivarian Socialism,” while diverting attention away from the crisis — pointing fingers at so-called “enemies” of Venezuela such as the United States, Saudi Arabia and others.
- A dozen eggs was last reported to cost $150, and the International Monetary Fund “predicts that inflation in Venezuela will hit 720% this year.
For many Venezuelans, by every economic, social and political measure, their nation is unravelling at breakneck speed.
Severe shortages of food, clean water, electricity, medicines and hospital supplies punctuate a dire scenario of crime-ridden streets in the impoverished neighborhoods of this nearly failed OPEC state, which at one time claimed to be the most prosperous nation in Latin America.
Today, a once comfortable middle-class Venezuelan father is scrambling desperately to find his family’s next meal — sometimes hunting through garbage for salvageable food. The unfortunate 75% majority of Venezuelans already suffering extreme poverty are reportedly verging on starvation.
Darkness is falling on Hugo Chavez’s once-famous “Bolivarian revolution” that some policy experts, only a short time ago, thought would never end.
In a 2007 study on the Chavez years for the Washington, DC-based Center for Economic and Policy Research, Mark Weisbrot and Luis Sandoval wrote:
“[a]t present it does not appear that the current economic expansion is about to end any time in the near future. The gains in poverty reduction, employment, education and health care that have occurred in the last few years are likely to continue along with the expansion.”
While it was not so long ago that many people heralded Venezuela as Latin America’s successful utopian Socialist experiment, something has gone dreadfully wrong as the revolution’s Marxist founder, Hugo Chavez, turned his Chavismo dream into an economic nightmare of unimaginable proportions.