Here is a stable economic system….
We have been following the unfolding disaster in Venezuela where the socialist dream of Hugo Chavez and his dim-witted successor Nicolas Maduro has reduced a major nation to virtual starvation. The central planning of Maduro’s nation has destroyed the oil-based economy and triggered inflation that is projected to reach one million percent within the year.
Source: Venezuela’s Inflation Rate Hit 80,000 Percent In 2018
The “dream” of socialism has once again collided with the realities of economics, after nearly 40% of stores in Venezuela have been forced to close following a mandated 3,000% increase in minimum wages by the Maduro government, according to the Miami Herald , citing the National Council of Commerce and Services of Venezuela.
Source: 40% Of Venezuela Stores Go Bust After 3,000% Minimum Wage Hike
Bob Murphy recently pointed to a misleading remark in a recent column by Paul Krugman . I’d like to point to another: But what can be done about it? Corey Robin says “socialism” – but as far as I can tell he really means social democracy: Denmark , not Venezuela.
Source: Social democracy isn’t socialism – Econlib
Want A Socialist Society? First, Abandon Your Hopes And Dreams
The debate on socialism has surfaced yet again with the recent congressional primary election victory of 28-year-old Alexandria Ocasio-Cortez, a member of the Democratic Socialists of America, to New York’s 14th Congressional District.
Socialism is often held in contempt over its many failures, yet it still maintains support from young and old minds for being “great in theory, but not in practice.” This old quip is represented by the generations of thinkers that have tried to improve the economic system, but it ignores the undeniable truth: that socialism, in all of its manifestations, is untenable both in theory and in practice.
— Read on www.zerohedge.com/news/2018-08-06/want-socialist-society-first-abandon-your-hopes-and-dreams
On the same day that Venezuela’s “democratically” elected socialist president, Nicolas Maduro, whose once-wealthy nation now has citizens foraging for food, announced he was lopping five zeros off the country’s currency to create a “stable financial and monetary system,” Meghan McCain of The View was the target of internet-wide condemnation for having stated some obvious truths about collectivism.
Source: Sorry If You’re Offended, but Socialism Leads to Misery and Destitution