Well, you can officially add Venezuela to the long list of failed socialist experiments throughout history.
President Nicolas Maduro conceded in an address to congress that his socialist economic policies have failed. Considering that there is a widespread food shortage, a lack of medicine, and nationwide poverty, it’s a case of too little too late.
“The production models we’ve tried so far have failed and the responsibility is ours, mine and yours. Enough with the whining… we need to produce with or without (outside) aggression, with or without blockades, we need to make Venezuela an economic power,” he said to lawmakers.
“No more whining, I want solutions comrades!”
That doesn’t mean he is abandoning his socialist streak in favor of free markets. Maduro will maintain the hallmarks of socialism: nationalization of industry, price controls, and fixed currency manipulation.
So, what does Maduro plan to do? Ramp up oil production to six million barrels per day (bpd) by 2025.
“I estimate it will take about two years to reach a high level of stability and see the first symptoms of new and economic prosperity, without for one second affecting social security and protection,” he said.
Even when he admits his socialist endeavors have failed, dirty hipsters will still contend that that’s not real socialism.
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