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You're perfectly correct. If oil prices had kept rising then the government might have been able to spend their way past their man-made famine. But when the inevitable happened, and oil prices dropped, it's a bit rich to turn around and say "it's all the oil prices fault." It's their fault. They fucked up and created an imbalanced system with a single point of failure (which wasn't even working all that well at the best of times).
Even if we forgive them for that, there's absolutely no reason to keep pursuing an obviously unsustainable policy of price ceilings and refusing to surrender the price controls and let the private sector feed people again. It's pure egotism and it's killing people.
“Even under Chavez and $100 a barrel oil, debt was rapidly rising and there were already food shortages,” he says, “This is ultimately to do with an interventionist model that is not sustainable and has reached a tipping point.”
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[–] Broc_Lia 3 points -1 points 2 points (+2|-3) ago
See below. Some people will always be happy to blame something else and give socialism just one more try.
[–] B3bomber 2 points -1 points 1 point (+1|-2) ago
Name any economic system that doesn't suddenly collapse when its main income source gets devalued to near worthless.
[–] Broc_Lia 0 points 1 point 1 point (+1|-0) ago
You're perfectly correct. If oil prices had kept rising then the government might have been able to spend their way past their man-made famine. But when the inevitable happened, and oil prices dropped, it's a bit rich to turn around and say "it's all the oil prices fault." It's their fault. They fucked up and created an imbalanced system with a single point of failure (which wasn't even working all that well at the best of times).
Even if we forgive them for that, there's absolutely no reason to keep pursuing an obviously unsustainable policy of price ceilings and refusing to surrender the price controls and let the private sector feed people again. It's pure egotism and it's killing people.
[–] issueninja 1 point 0 points 1 point (+1|-1) ago
“Even under Chavez and $100 a barrel oil, debt was rapidly rising and there were already food shortages,” he says, “This is ultimately to do with an interventionist model that is not sustainable and has reached a tipping point.”