Venezuela should be rich, but its government has destroyed its economy

imrs2Since I lived in Venezuela in the 1960s and have blogged about it in the past, I was surprised to find an article at the Wonkblog about the Venezuelan economic crisis. I am surprised anyone cares right now. The chance of a political solution appear slim. Venezuela will fix its problems in 2015 but it will not be civil. Here is the leading line from the article.

The problem with socialism isn’t that you eventually run out of other people’s money. It’s that you eventually run out of oil money.