What Caused Venezuela's Collapse Is No Mystery — Except To Economically Illiterate Journalists
5/04/2017
Economics: Why is it that reporters keep scratching their heads about Venezuela's descent into extreme poverty and chaos? The cause is simple. Socialism. End it and you will end the misery.
When the New York Times wrote about Venezuela's ongoing collapse a year ago, it described how the country was suffering "painful shortages … even of basic foods," and how "electricity and water are being rationed, and huge areas of the country have spent months with little of either."
Here is how the Times explained the reason for Venezuela's dire situation: "The growing economic crisis (was) fueled by low prices for oil, the country's main export; a drought that has crippled Venezuela's ability to generate hydroelectric power; and a long decline in manufacturing and agricultural production."
There's no mention — not one — of the fact that Hugo Chávez tried to turn Venezuela into a socialist paradise, policies that his successor Nicolás Maduro has continued. The Times' coverage is par for the course.