Venezuela news

[SuburbanFarmer]

Reliance on a single export is really bad, but oil prices alone cannot account for what happened there. Lots of nations are basically Arrakis economies and they are not starving and descending into utter chaos.

Even with respect to their oil industry, Venezuelans fucked themselves by stealing assets and resources from oil companies and reneging on contracts whenever they thought it convenient. That fucked them perhaps more than anything else.

What socialists often do not grasp is that a complex society requires trust and reliability. If a nation is likely to just violate contracts whenever it suits them, then who is going to invest in that economy? Nobody in their right mind, that's who.

...which is exactly why deficits matter.

[Montegriffo]

Read that last bit of your statement... “even if both are true...”

Seriously? If both are true, and socialism killed their oil industry... then the answer is still “socialism”.

youre like the kid in class that just writes down the answer without showing any of their work. sure youre right but it doesnt show any specific insight. not sure why this is so hard to grasp

Actually, there is a full amount of reasons why it didn’t work, and has been explained here multiple times. Which can be summed up in one word.

Socialism.

For pity's sake, someone take TC's spade off him.

[The Conservative]

Reliance on a single export is really bad, but oil prices alone cannot account for what happened there. Lots of nations are basically Arrakis economies and they are not starving and descending into utter chaos.

Even with respect to their oil industry, Venezuelans fucked themselves by stealing assets and resources from oil companies and reneging on contracts whenever they thought it convenient. That fucked them perhaps more than anything else.

What socialists often do not grasp is that a complex society requires trust and reliability. If a nation is likely to just violate contracts whenever it suits them, then who is going to invest in that economy? Nobody in their right mind, that's who.

...which is exactly why deficits matter.

They do, but if push comes to shove, the US could pay off all its debt in a few years.

While countries that have attempted socialism, can’t.

[The Conservative]

youre like the kid in class that just writes down the answer without showing any of their work. sure youre right but it doesnt show any specific insight. not sure why this is so hard to grasp

Actually, there is a full amount of reasons why it didn’t work, and has been explained here multiple times. Which can be summed up in one word.

Socialism.

For pity's sake, someone take TC's spade off him.

Tell me, how’s China?

[Speaker to Animals]

Reliance on a single export is really bad, but oil prices alone cannot account for what happened there. Lots of nations are basically Arrakis economies and they are not starving and descending into utter chaos.

Even with respect to their oil industry, Venezuelans fucked themselves by stealing assets and resources from oil companies and reneging on contracts whenever they thought it convenient. That fucked them perhaps more than anything else.

What socialists often do not grasp is that a complex society requires trust and reliability. If a nation is likely to just violate contracts whenever it suits them, then who is going to invest in that economy? Nobody in their right mind, that's who.

...which is exactly why deficits matter.

Deficits do matter, but this has fuck all to do with deficits. To build a rich and complex economy, businesses must rely upon contracts and have trust in the government. Venezuela cares fuck all about contracts and has a long record of stealing from foreign companies. That is why they have no investment. Nobody is going to grow into the Venezuelan economy with that regime in power.

[SuburbanFarmer]

Reliance on a single export is really bad, but oil prices alone cannot account for what happened there. Lots of nations are basically Arrakis economies and they are not starving and descending into utter chaos.

Even with respect to their oil industry, Venezuelans fucked themselves by stealing assets and resources from oil companies and reneging on contracts whenever they thought it convenient. That fucked them perhaps more than anything else.

What socialists often do not grasp is that a complex society requires trust and reliability. If a nation is likely to just violate contracts whenever it suits them, then who is going to invest in that economy? Nobody in their right mind, that's who.

...which is exactly why deficits matter.

They do, but if push comes to shove, the US could pay off all its debt in a few years.

While countries that have attempted socialism, can’t.

HAAAAAAAAAAAA good one

We’re projected to be issuing bonds to pay the interest on our bonds by 2020.

[The Conservative]

...which is exactly why deficits matter.

They do, but if push comes to shove, the US could pay off all its debt in a few years.

While countries that have attempted socialism, can’t.

HAAAAAAAAAAAA good one

We’re projected to be issuing bonds to pay the interest on our bonds by 2020.

Do the math.

[Speaker to Animals]

We could pay it off in less than ten years, no problem.

What fucking kills us the combination of a budget deficit (growing debt obligations) and a trade deficit (export nations accumulating our debt in the form of cash reserves and those public debt notes).

[The Conservative]

We could pay it off in less than ten years, no problem.

That’s the point... socialists think we can’t.

[pineapplemike]

how do we pay off the national debt with no problems?