http://www.msn.com/en-us/news/world...adly-war-in-the-streets/ar-AAp4nVf?li=BBnb7Kz
the 1998 election of former coup-involved career officer Hugo Chávez and the launch of the Bolivarian Revolution, beginning with a 1999 Constituent Assembly to write a new Constitution of Venezuela.
One of the first things they did was to make it illegal to own or possess anything other than a single shot 22.
He nationalized (took over ownership of) the oil industry and spent money on socialist programs. So what happens when the price of oil drops through the floor and your government continues spending money like drunken sailors on shore leave?
As Margaret Thatcher said SOCIALIST GOVERNMENTS TRADITIONALLY DO MAKE A FINANCIAL MESS. THEY ALWAYS RUN OUT OF OTHER PEOPLE’S MONEY (to spend).
In this case, all the spending on social programs exceeded the oil revenue to pay for it. They instituted artificial pricing to recover some of the deficit. This continued to the point that the same items outside of Venezuela was 1/4 the price it was inside Venezuela. Of course it was made illegal to import these goods, and extreme shortages inside Venezuela is now the norm.
Now there is a movement to elect a new "Constituent Assembly" and the battle is the ruling establishment vs the masses and the winner gets to write the next version of the Venezuelan constitution.
the 1998 election of former coup-involved career officer Hugo Chávez and the launch of the Bolivarian Revolution, beginning with a 1999 Constituent Assembly to write a new Constitution of Venezuela.
One of the first things they did was to make it illegal to own or possess anything other than a single shot 22.
He nationalized (took over ownership of) the oil industry and spent money on socialist programs. So what happens when the price of oil drops through the floor and your government continues spending money like drunken sailors on shore leave?
As Margaret Thatcher said SOCIALIST GOVERNMENTS TRADITIONALLY DO MAKE A FINANCIAL MESS. THEY ALWAYS RUN OUT OF OTHER PEOPLE’S MONEY (to spend).
In this case, all the spending on social programs exceeded the oil revenue to pay for it. They instituted artificial pricing to recover some of the deficit. This continued to the point that the same items outside of Venezuela was 1/4 the price it was inside Venezuela. Of course it was made illegal to import these goods, and extreme shortages inside Venezuela is now the norm.
Now there is a movement to elect a new "Constituent Assembly" and the battle is the ruling establishment vs the masses and the winner gets to write the next version of the Venezuelan constitution.
