That's because they're idiots. The reserves were being utilised by large international oil companies and Venezuela were received tax incomes. They decided however that they wanted more money so turfed the companies out. This meant however they had no expertise and also that government corruption took over. Thus they lost that tax revenue and the country has since fallen in the poop.
Possible coup attempt in Venezeula
- Thread starter dowie
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Plenty of countries have natural resources, the problem is most of them have huge levels of endemic corruption in every level of society and they could not care less about their fellow citizens. This is why countries like the UK are so great, we have rule of law and a civilised society with very low levels of corruption. People take that for granted.
If it's a dictatorship, it's not socialist.
Soldato
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Corbyn says otherwise.
it used to be now its just corrupt men trying to remain in charge by paying other corrupt men to keep them in power
but due to them being unable to run PDVSA properly. the corruption and buffoonery means they cant produce and sell more than they are spending just treading water ( for all their bluster the USA still buy oil from venezuala..its tankered from lake maracaibo to corpus christie)
Soldato
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UK post WW2 to 1979 but I know what you mean. If the Brits can't get it right it was never going to work.
Soldato
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Part of the problem is an over-reliance and lack of diversity. I'm just picking at what I've heard during various discussions but my understanding is that the administration used oil revenue to fund some very popular socialist policies. However that meant they were incredibly exposed to price fluctuations and therefore when global prices fell through the floor within the space of 6 months in 2008 they were up the creek without a paddle. Even today the barrel prices is a 1/3 roughly of what it was at peak. Having vast amounts of the black stuff is great, but if you've spent based on projections of $140 a barrel and it's selling at $50, you're still in trouble.
Not sure what is going on due to not understanding the language but whole sections of the Venezuelan armed forces and police publishing video statements about something.
EDIT: Seems it is in relation to https://www.theguardian.com/world/2017/aug/06/venezuela-government-terrorist-attack-military-base
EDIT: Seems it is in relation to https://www.theguardian.com/world/2017/aug/06/venezuela-government-terrorist-attack-military-base
I read this post and then wondered how long the resident socialists would come along to blindly deny this. It didn't take long at all
Whenever socialism goes wrong (ie always) it is never true socialismI read this post and then wondered how long the resident socialists would come along to blindly deny this. It didn't take long at all
To me extreme lefties are the same as extreme right wingers, bad for our health
Indeed this. Fortunately, both extremes are bound to being minorities, simply because of their extreme nature.Whenever socialism goes wrong (ie always) it is never true socialism
To me extreme lefties are the same as extreme right wingers, bad for our health
Minorities that manage to take over and rule many countries, like Venezeula
They never last though do they?Minorities that manage to take over and rule many countries, like Venezeula
No, some have a good run though, where do you see China going then?
?
Bit irrelevant since the discussion is about here, not half the world away. China has no bearing on me and my life except the incredibly cheap mobile phones I order from there.
Isn't China one of the longest running socialist (in the extreme, communist) countries, just wondered how you thought it would change, do you live in Venezuela btw?