OH LOOK, ANOTHER VICTORY FOR SOCIALISM – AT 1:30 P.M. ET:   We will be sure that our little Evita from the Bronx, new star of the Democratic Party, knows all about this.  Whether she understands it is another story.  From MarketWatch via the New York Post: 

Inflation in Venezuela could top 1 million percent by the end of 2018 as its five-year-long economic crisis deepens, the region’s observer at the International Monetary Fund said.

Years of hyperinflation and destitute conditions in the oil-concentrated nation compare to Germany after World War I and Zimbabwe at the beginning of the last decade, said Alejandro Werner, head of the Western Hemisphere for the IMF, in a blog post.

“We expect the [Venezuelan] government to continue to run wide fiscal deficits financed entirely by an expansion in base money, which will continue to fuel an acceleration of inflation as money demand continues to collapse,” Werner wrote.

What’s more, the crisis will lead to intensifying spillover effects for neighboring countries in part as panicked Venezuelans, suffering from food shortages and lacking in health care, electricity, water, transportation and security, cross into Colombia and Brazil and strain their resources, Werner predicted.

COMMENT:  Socialism is one of those things that looks good at the time.  Then you live under it, and it seems good for the first few years.  Then, thinking you're free, you try to do something, or accomplish something, that's outside the party line.  And then, as Margaret Thatcher said, you run out of other people's money.

Doesn't look so good any longer.

July 26, 2018