Venezuela experiencing Hyper-inflation - Food shortages and ATM's running out of cash

originally posted by: hutch622
a reply to: nOraKat

So does this mean if you sold your house by the end of the week you could not buy a loaf of bread .

No. It simply means that a warehouse would be needed for the huge amount of bills you would get for the house.

originally posted by: SlapMonkey
Ketsuko beat me to it, but this truly is what the culmination of years of socialism looks like. While Robert Reynolds says that end-stage capitalism might look similar, that's not the point at all, because our capitalism isn't at its end (yet?).

So the point is that Socialism is a system less capable of delaying the inevitable demise of civilisation? Can the West's capitalism carry on the way it's going?

originally posted by: paraphi

originally posted by: Vastator
According to wiki Venezuela has one of the largest reserve of oil.

The country is just poorly run. Some people were even taken in by the Chavez PR machine, that he was some sort of saviour. He wasn't and this is his legacy.

And let that be a lesson to anyone else not willing to sell a nations children to the IMF.

originally posted by: Robert Reynolds
So the point is that Socialism is a system less capable of delaying the inevitable demise of civilisation? Can the West's capitalism carry on the way it's going?

Capitalism and supply and demand do not lead to the demise of anything. It is government overreach and regulation that lead to issues with a capitalistic society.

Allowing the private citizen to control their interests is infinitely better than allowing the state to dictate terms.

a reply to: AugustusMasonicus
Try to understand the context of my post. I said: 'The West's capitalism', not simply 'capitalism and supply and demand'. Without extensive regulation and left to its logical conclusion The West's system will leave us under the control of the most ruthless and cold-blooded of people - and it's happening now. Although, I'm not sure if any form of capitalism could avoid the bankers and salesmen running things ultimately.

And again, you've decided to make a specific reference to socialist dictatorships as opposed to simply socialism. A socialist state is comprised of 'private citizens' as a capitalist state obviously requires social responsibility.

originally posted by: Robert Reynolds
Try to understand the context of my post. I said: 'The West's capitalism', not simply 'capitalism and supply and demand'. Without extensive regulation and left to its logical conclusion The West's system will leave us under the control of the most ruthless and cold-blooded of people - and it's happening now. Although, I'm not sure if any form of capitalism could avoid the bankers and salesmen running things ultimately.

The West's capitalism in not truly capitalistic, it is more plutocratic due to the amount of regulation and legislation that does not favor the individual citizen.

And again, you've decided to make a specific reference to socialist dictatorships as opposed to simply socialism. A socialist state is comprised of 'private citizens' as a capitalist state obviously requires social responsibility.

Except those private citizens in a socialist economy are even more hamstrung when it comes to the benefits of entrepreneurship.

a reply to: ketsuko

Except it isn't. There is much much more to why they are on the situation they are in.

www.forbes.com...

Sorry to bursts yalls bubble but we even had a depression with the all wonderful capitalism before with similar events of people making a run on banks and not being able to afford simple products.

a reply to: Sremmos80

You are assuming we aren't in one now. The only reason we don't have bread lines at soup kitchens is because we've gone $18T in the hole to pay those people to stay home so other people can't see them living under the overpasses in cardboard Obama- and Bushvilles.

The 5% unemployment rate is a bald-faced lie based on carefully chosen stats, not the reality of people not working who could and should be.

I bet this would't have happened if Chavez was still in control.
This is the result if you openly defy the U.S. and the IMF/world bank.
Venezuela is on the American "crooked country" list.
There were several attempts on Chavez's life in the past, until he suddenly developed cancer and died from it.
The country is supposed to have one of the largest oil reserves in the world.
I could go on, however connect some dots for yourself.

a reply to: Tyrion79

Nah, none of it has to do with plummeting oil prices and that this is their chief export.

It must be spooks giving Chavez cancer.

a reply to: Tyrion79

First link fixed.


Venezuelans Suffer Amid Crumbling Health System - WSJ

wlrn.org...

Here's some light reading for you. In short, the government management of the oil industry is so corrupt and inept that Venezuela has to even import oil!

originally posted by: ketsuko
Here's some light reading for you. In short, the government management of the oil industry is so corrupt and inept that Venezuela has to even import oil!

My God! The CIA and the IMF even gave their oil industry the cancer they jacked Chavez up with!

a reply to: AugustusMasonicus

Yep, plummeting oil prices have nothing to do with supply/demand.
It's used to rule out small competition by destroying investment costs.
In this case to bring a country to it's knees.
Don't forget food embargo's to drive prices up.

Don't know for sure about Chavez, however I find his death suspicious at least.

originally posted by: Tyrion79
Yep, plummeting oil prices have nothing to do with supply/demand.

Who said that, you?

It's used to rule out small competition by destroying investment costs.

Actually, plummeting prices hurts inefficient producers, regardless of size.

Don't forget food embargo's to drive prices up.

What embargoes?

a reply to: ketsuko

Links not really useful, first one dead, second one limited to subscribers.
Anyhow, I remember from a few years ago that when Chavez nationalized Venezuelan oil companies, alot of foreign investors were not happy about it.
Of course whenevers there's alot of money involved there will be repercussions, most importantly in this case economically.

originally posted by: Tyrion79
Links not really useful, first one dead, second one limited to subscribers.

Links to what?

Anyhow, I remember from a few years ago that when Chavez nationalized Venezuelan oil companies, alot of foreign investors were not happy about it.

What are you talking about? The Venezuelan oil industry was nationalized in 1976 under Carlos Andrés Pérez. It had nothing to do with Chavez.

Of course whenevers there's alot of money involved there will be repercussions, most importantly in this case economically.

You are trying to link some fictitious occurrence you invented with the current oil glut which is real. I have no idea what you are trying to contribute to this thread but it is not useful.

a reply to: AugustusMasonicus

First of all, I didn't reply to you about the links.
2nd, here's a link of Reuters about Venezuelan nationalisations under Chavez:
www.reuters.com...
(Including oil industrie, and I was remembering past news reports,
now you make me do homework :p)
3rd, Why the hostility? You're contribute to this thread by attacking me isn't useful either.
Please, just drop it and stay on topic.
I apoligise if I offended you in any way.

a reply to: Tyrion79

I fixed the first one, but for some reason the second opens with a paywall from this page. It doesn't do that when opened from my browser. Just put in the headline in your browser and try it from there if you are actually interested.

a reply to: Tyrion79

Actually, what did in the Venezuelan oil industry was its ties to OPEC. The Saudis were not too happy about the American fracking and Canadian shale boom, so they began a price war to maintain OPEC dominance. The Middle Eastern sheiks are easily wealthy enough to get along with cut throat low oil prices ... Venezuela not so much.

originally posted by: Tyrion79
First of all, I didn't reply to you about the links.

You were the one that mentioned links. I wanted to know what they were supposed to link to.

ETA: I see, they where Ketsuko's links.

2nd, here's a link of Reuters about Venezuelan nationalisations under Chavez:
www.reuters.com...
(Including oil industrie, and I was remembering past news reports,
now you make me do homework.

Considering the oil industry was nationalized since 1976, if you read the article, you would have realized that it was pertaining to seizures of foreign projects in Venezuela which they then had to compensate the affected companies with payouts in the billions of dollars.

3rd, Why the hostility? You're contribute to this thread by attacking me isn't useful either.
Please, just drop it and stay on topic.
I apoligise if I offended you in any way.

I am not even remotely hostile. You are making absurd statements without any basis in reality and are not able to back them up and I happen to be pointing them out.