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Post by Fire Demon on Dec 5, 2016 22:58:40 GMT -6
Problems of a classic exploitation/extraction economy. For whatever reason, they pinned all their hopes to oil, ran the national oil company down through featherbedding and lack of investment and destroyed the bits of the economy that weren't oil all while trying to buy votes with public spending. Now the Venezuelan government can't dig its way out of the hole. The only way out is to introduce epic levels of austerity and they are unwilling to do that. No matter who runs the country, there will be much suffering ahead. If you want to see a first world country heading down this route, look at Aus. All our money is coming from mining. Might that be because we have politicians with little to no brains and leaders in business also who lack some forward thinking? |
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