“#Video warehouse full of toys hoarded by Kreisel in Caracas”
— Sundde (@sundde_ve) December 12, 2016
I do hope you’re all keeping up with events in Venezuela this year because it’s an important object lesson which I’ve tried to drive home here repeatedly. This is how socialism always ends.
Telesur is rather more in favour of Bolivarian socialism than anyone sensible is:
“A total of 3,821,926 toys were seized from two warehouses and they will be delivered to poor children before Christmas Day, officials say.”
x,xxx,926? Not x,xxx,925, or 927? This is evidence that we are dealing with economic idiots. Apologies, but this is, no one ever knows an economic number to that level of accuracy. This is why this Bolivarian socialism does not and cannot work of course. Simply because, as Hayek pointed out, we can never have knowledge to that level of accuracy and thus can never plan the economy to that level of accuracy.
My opinion is simply that the government itself is so ignorant of basic economics that they don’t understand that corporate hoarding loses money in an inflationary environment. Along with all the other things they don’t get about economics.