Hey Jacinda, when you said capitalism has failed…has it failed as badly as this?

Jacinda Ardern said that capitalism has failed. But I challenge her to show any country in the world where capitalism has failed as badly as socialism has failed, especially in Venezuela:

With more oil reserves than anywhere else in the world, Venezuela should be drowning in riches.

Instead, the country, and its 30 million inhabitants are on the brink of collapse: financially, and, for many, physically.

In Caracas, the capital, men scavenge daily in the putrid Guaire River.

They pour down from the barrios, raking their hands through stinking, toxic mud in the hopes of finding the tiniest bit or metal, jewellery ? anything of value ? that they could sell for food.

Nearly two decades of socialist rule during which food and oil production have plummeted amid poor management of state resources and a drop in world crude prices have driven many Venezuelans into desperation and bloody civil unrest.??

With so many natural resources you have to wonder how things could have gone so badly. The only conclusion you can come to is rampant out of control socialism is responsible.

The minimum wage for public employees in Venezuela is less than $7.61 a month at the black market exchange rate. Food is increasingly hard to find or afford.

A common scene in Caracas is poor Venezuelans scouring garbage piles for food.

An estimated 75 per cent of Venezuelans lost an average of 8.7 kilograms last year, according to one recent survey, AP reports.


Boyd Swinburn et al will be promoting this as a solution for obesity soon.

Maduro’s leftist government has cut food and medicine imports by more than 70 per cent since 2013 to preserve limited resources for debt payments.

But it’s not meeting them either.

In November it defaulted on its sovereign bonds, failing to pay interest on two US dollar-denominated bonds by the end of a grace period on November 13.

The default figure was $1.3b, according to Caracas Capital, a firm in Miami that tracks the country’s debt, reports CNN

While that’s a relatively small sum in the world of bonds. it may be a sign of what’s to come, with bondholders owed more than $65b ? if the creditors call it all in.

Watch them blame the banks, rather than socialism for the lack of food and medicine. Like all socialists they can only operate while they have other people’s money to spend.

In a bid to hold onto his power, President Maduro last week decreed a 40 per cent increase in the minimum wage to try to contain the crisis, in the wake of the food protests.

Why not a 100% increase? If 40% was good, why not 100%. Not a single socialist has ever been able to answer this question. I bet Jacinda can’t answer it either. Ratcheting up the minimum wage without a corresponding increase in productivity will just get more people unemployed and won’t improve anyone’s lot.

The government says 13 million Venezuelan workers earn the minimum wage or receive the vouchers, out of a workforce of 19.5 million.

Ever-rising inflation means the basic income barely buys a basket of staples like kilo of meat, 30 eggs, a kilogram of sugar and a kilogram of onions.

Last weekend, the government forced more than 200 supermarkets in Caracas to lower prices, causing huge lines to form outside as Venezuelans jumped at the chance to stretch their scant funds.

Riiiight…so first you increase the minimum wage…for supermarket workers…then you lower the prices those supermarkets (the ones who employ people) can charge for goods. I get it…perhaps Maduro is going to try to hashtag his way to prosperity. #moresocialism

If capitalism has failed then I challenge Jacinda Ardern to show me a failure of capitalism that is as bad or worse than the failure of Venezuela and every other shithole that has embraced socialism.


-NZ Herald