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The joys of collectivism! The socialist Venezuelan government has decided to remove 5 zeros, not 3, from its currency in order to battle a yearly inflation rate of 1 million percent.
Not surprisingly, the country’s dictator, President Nicolas Maduro, claims the country’s problems are not because of socialist policies but because of the evil United States:
The government has said it is the victim of an “economic war” led by opposition leaders with the help of Washington, which last year levied several rounds of sanctions against Maduro’s administration and a group of top officials.
Venezuela’s minimum wage is now about the equivalent of $1 a month, which has left citizens across the country unable to eat properly or obtain basic medical care – fueling an exodus of Venezuelans seeking to escape the economic crisis.
As Margaret Thatcher so accurately noted when speaking of socialism, communism, and all other collectivist ideologies, “Sooner or later you run out of other people’s money.”