December 18th, 2013

Socialist Venezuela Faces “Economic Collapse”

Yesterday Guido’s unrivalled international coverage brought you the news that Miliband’s mate François Hollande was leading France into a triple dip recession. Things aren’t going so great in France, but how are they doing down in Venezuela, another of Labour’s favourite foreign allies?

This week the country has been downgraded by not one but two credit ratings agencies. Standard and Poor have cut their bond ratings blaming the “radicalisation” of Maduro’s “economic war” on the “bourgeoisie”. Now Moody’s have cut their local and foreign currency ratings, delivering a damning indictment of Venezuela’s socialist programme:

“The downgrade reflects Moody’s view that Venezuela is facing increasingly unsustainable macroeconomic imbalances, including a sky rocketing inflation and a sharp depreciation of the parallel exchange rate. As government policies have exacerbated these problems, the risk of an economic and financial collapse has greatly increased.”

In France the man Miliband said offered a “different way forward” is on the verge of a triple dip. In Venezuela the man Labour MPs told us would show “a better way is possible” is pushing his country towards economic ruin. Don’t say you weren’t warned…


  1. 1
    retardEd Miliband says:


    • 4
      Dave wants Turkish immigrants too says:

      Socialists are always in denial about their idiotic, illogical ideology and they only surface now and again to shoot the messenger.

      • 10
        Cato Street Conspirator says:

        I’ve got a nagging memory of the near collapse of the financial system in the US and Europe in 2008. So who is ‘in denial about their idiotic, illogical ideology’?

        • 14
          Dave wants Turkish immigrants too says:

          Gordon Brown.

          “I would like to pay tribute to the contribution you and your company make to the prosperity of Britain,” Mr Brown told Lehman bankers in London’s Canary Wharf . “During its 150 year history, Lehman Brothers has always been an innovator, financing new ideas and inventions before many others even began to realize their potential.”

          • Fred the Shred says:

            Can you get me back the knighthood that Gordon gave me?

          • Libertarian Times says:



          • FFS says:

            Since when has Italy been capitalist????

            Most of its post-war history it has been socialist except for brief periods when run by that deranged narcissist Berlusconi and much longer periods when it wasn’t run by anybody much at all due to the weakest coalition governments imaginable.

            Most recently it has been run by the socialist EU through a puppet government.

        • 21
          The Beak says:

          but it didn’t collapse so how does that support your argument?

        • 28
          Dave wants Turkish immigrants too says:

          Capitalism brought us railways, cars, computers, televisions, mobile phones and microwaves.

          Socialism brought gulags, empty food shops and cheap vodka.

          On balance then …..?

          • Socialism: the gift that keeps on giving says:

            Don’t forget the Iron Curtain, watchtowers with armed guards, and the NHS.

          • The Beak says:

            Socialism doesn’t do innovation. Name one thing that the Soviet Union exported that wasn’t painted green or exploded !

          • Anonymous says:

            ……Depopulate and become an Agriconomy,growing food,which is noble work and beneficial! (just a thought)

          • Russia's answer to James Dyson says:

            I used to be a Soviet inventor but frankly what’s the point when nobody is going to let you get rich off the back of your ideas?

            If you let anybody know you were an innovator they would put you in charge of nuclear weapons development playing around with raw plutonium without any protection from radiation because it slowed down development.

          • Charlie says:

            I have never met a middle class socialists or green who is capable of doing a days hard manual labour. Who would have employed Foot digging a ditch ? The only influential socialists who understood business were a few craft trained union leaders such as F Chapple, Edmonds, G Laird and Bill Jordon .

          • Grrr says:

            What prominent Socialists in Britain today have ever had a real job, done manual work, or served in the Services.

            Seems like most of them are Public School oinks who like to speak on behalf of people they would not consider being in the same room as.

            BBC types.

        • 77
          Gideon Gono currently unemployed says:


          The western democracies have carried out policy revisions that have got everything back on an even keel very quickly and economic growth has resumed.

          Venezuela, despite huge oil revenues in US$, has hyper inflation and a shortage of goods just like Zimbabwe had. In Zimbabwe’s case the sensible economic policies of the MDC resulted in a steadying of things. However only four months after Mugabe retook absolute control there are cash shortages, power outages, no clean water and a resumed flight of skills.

          Maduro is copying the Zimbabwe model and it will end in the same way except that the level of looting will be orders of magnitude larger. This cod socialism being attempted will, despite all of the danger signs flashing, end in total economic collapse followed by social unrest.

          Not much like Europe and the USA at all.

        • 94
          Intellectual Pygmy says:

          I’ve got a definite memory of the collapse of the USSR and Russia’s embrace of the capitalist system. I can also definitely remember the PRC embracing capitalism and transforming into a superpower.

          What I have no memory of is a single country that has been run the full fat leftist way and survived.

          • Wise says:

            capitalism and socialism are both shitty economic models, void of any merit. socialism just happens to be the worse of the two, but as we see today, capitalism finally leaded to vast amounts of grief for the commonpeople aswell.

            economic bubbles always end up bursting, the later the worser. capitalism waited till the last second, and then some more.

            I think its funny that everywhere, clearly failed capitalist systems such as banks have to be bailed out by goverments (read: people’s taxes)…aint that essentially socialism?

            capitalism has finally proved to mean “privatize profits for the 1%. socialize losses for the other 99%”

    • 8

      And firth shall come forth. In Edinburgh.

    • 13
      Never mind. They've always got Abbott's support says:
    • 16
      Never mind. They've always got Abbott's support says:

      • 25
        Martin, says:


        • 35
          Impartial observer says:

          You’d need to be brain dead to take her seriously.

          • Benny from Crossroads says:

            The peoples of Hackney love you Miss Diane

          • The Enemy now within says:

            Never understood those immigrants who come to Britain because they like Britain and then once here they set about destroying all things British.

          • FFS says:

            Well there’s no way she’d go back to Jamaica. She’s stupid but not that stupid.

          • Grrr says:

            No dole in Jamaica

            No NHS, no BBC to lavish her with money and praise

            No cushy government job.

            She’s not going back to Jamaica, and she won’t be going to Venezuela either.

            Hackney will continue to rot in filth, and she’ll keep her boy at a Public school.

            Up the revolution!

        • 83
          Ed Miliband says:

          You jutht thit under your Oak tree and leave uth to it.

          Or elth.

      • 103
        Non taxable pikey says:

        Wonder if she will take up the offer of a holiday in Venezuela? Loads being offered on the internet a present. Cheap to, aslong as you take your owwn generator, fuel, food, water…..

    • 48
      Guido getting Fingers Burnt says:

      Is ‘Guido Fawkes’ getting too close with Tory High Command?

      Read more:
      Follow us: @MailOnline on Twitter | DailyMail on Facebook

    • 111
      Craniac says:

      ‘You weren’t warned.’ There. I said it.

  2. 2
    M says:

    The axis of insolvency

    • 46
      Anonymous says:

      they should follow britain and uSA’a policy of printing money

    • 76
      Psyche the Dog says:

      Ron Biggs dead, originally sent down for 30 years for the Great Train Robbery escaped 1965. The Great Bank Robberies 2005-2008 £Hundreds of Billions lost (stolen, fiddled and gambled away by clever banker boys ) nobody convicted after 5years, 3 of them under Dithering Dave, the yanks know how to sort the fiddlers out.

  3. 3
    BBC! says:

    Yipppeeee, we’ve another dead hero to focus on for a week

  4. 6
    Cato Street Conspirator says:

    Now, remind me about the dire state of ‘capitalist’ economies…

    • 15

      When, under your system, the whole world has gone bust, do you have any good contact with Martians who can bail us out?

      • 49
        Bilda Berger says:

        Like his paunch, “Guido’s unrivalled international coverage” can easily be extended to the rest of the Solar System.

      • 81
        Psyche the Dog says:

        Puss How many this side of the pond have been sent down for their part in the world banker bust, a lot of them are still doing the same jobbies, I am talking very senior management here.

    • 17
      Karl Marx says:

      As I always said, capitalist economies would always suffer from boom and bust.

      What I neglected to mention was that communist countries would be far worse.

      Bit of an oversight, sorry.

    • 19
      Dave wants Turkish immigrants too says:

      You mean the dire ones brought about by the socialist EU, where poor countries like Greece are supported by the rich ones like Germany? How is that working out?

      • 42
        FFS says:

        Yes, I love that graph that shows Germany growing at a much slower pace than the UK. I wonder if that could possibly be because continually having to bail out basket-case socialist economies like Greece is now a severe drag on their economy.

    • 20
      One-term Dave (dragging the Tories to their grave) says:

      Our finances are doing jolly well! The deficit fell by almost 70 pence last year, so Gordon Brown’s ruinous debt is falling to manageable levels and will be all but paid off in little more than a jiffy!


      • 36
        The Beak says:

        Just in time to hand it back to Labour to fuck it up again. And so the wheel turns…

      • 82
        Psyche the Dog says:

        Keep on saying that One Term Dave over and over to yourself and even you will start to believe it, as you retreat into your bunker or go on one of your many jollies, purely on government business of course, have no worries will have to cover for you.

    • 96
      Intellectual Pygmy says:

      It would seem the UK and German economies are on the rise. Now tell me about France.

  5. 7
    Bob Maxwell deceased says:

    I think Guido has given Dave some ideas here for next year’s jokes at PMQ’s.

  6. 9
    Baz says:

    Well all know that a rating from either of those agencies is worth bugger all.

    • 18
      bergen says:

      I’ve never understood why they haven’t been sued to extinction after the jackanory reports they produced before 2008.

  7. 11
    The Boy Plunger says:

    What assets and liabilities do British Banks and FTSE 100 companies have in Venezuela ?

    • 86
      Psyche the Dog says:

      They have oil, but the wholesale price has come down, that is what has hit Venezuela, they thought the megga boom would last and last, a bit like North sea oil remember the early 80′s it would never end, or at least last 100years. Maybe Venezuela might call in favours that they have given to other countries in the good times.

      • 98
        Intellectual Pygmy says:

        Venezuela are still sat on a massive amount of oil that is perfectly profitable. The problem they have is a leadership of left wing idealists. The leftist way of doing business has never worked.

  8. 12
    One-term Dave (dragging the Tories to their grave) says:

    By Jove, that light bulb doesn’t look very eco-friendly! I’d better send Venezuela some foreign aid so they can treat themselves to some spiffing greeny ones. £100 million should do it, I’ll wager.

    And a bit more, so they can start a jolly little space programme, like many other recipients of our foreign aid, what what!

    Toodle pip!

  9. 22
    MIKE OXHARD says:

    Hang on , i thought they had massive oil stocks
    Yes they do (researched)

    Fifth largest oil exporter
    and they have the worlds largest “proven” oil reserves
    So how the fuck can they be broke ?

    • 26

      Good morning kind sir!

      Have I been slow in detecting you?

      I trust you are well, etc.. :-)

      • 37
        MIKE OXHARD says:

        Good morrow to you sir , i trust you are well ?
        I have been on and off all the time but it seems these days half of my monikers are immediately blocked by the mod’s dept
        why ? i don’t know , possibly down to some piss soaked tramp that used to post under our names

        • 88
          Psyche the Dog says:

          I have the same trouble but you just have to keep dreaming another one up. Ones I used to use have been used by others as I have moved on

    • 30
      The Beak says:

      This is what happens when you introduce state controlled price freezes. Thank goodness our politicians aren’t so stupid as to propose something so obviously counterproductive.

      • 50
        FFS says:

        Also, you treat private companies like they had syphilis so they decide its no longer worth investing.

        You give all the workers a big fat pay rise so you are no longer able to compete with other oil producing countries who are more than happy to up production to meet the shortfall.

        Then you piss off your biggest customer, the US, by constantly referring to them as evil capitalist bastards so they introduce ethanol production and fracking specifically so they can give you the “V” sign.

    • 33
      Dave wants Turkish immigrants too says:

      It is called socialism. They could have massive gold fields and they would still piss all its wealth up the wall.

      • 45
        Fidel Castro says:

        Nonsense, socialism works well.

        In my country the average wage is $25 a month, yet I have a personal fortune of $900 million. See, socialism is goooood…..

      • 54
        Gordon Mc Mental (old labour) says:

        The best thing to do with gold is to sell it at its lowest price, then buy Euro’s.

        I saved the bust.

    • 100
      UKIP, the finale solution says:

      They are socialists remember, they dont have the fiscal sense of a crack addict.

  10. 23
    Ronnie Biggs lives on says:

    It must be wrong, Livingstone and Owen Jones said this was a wonderful way to run a country

    • 41
      Ken & Owen says:

      Don’t panic. We’re currently working out an excuse for that so as soon as we’ve decided it’s all the fault of the US we’ll let you know…

    • 55
      Ken Livingstone says:

      I may have given the impression I was a socialist, but don’t you think it a little odd that I oversaw the massive re-development of the East End and Canary Wharf?

      Maybe I’m not so much a socialist as a narcissist that is quite happy to do and say totally contradictory things as long as it keeps me in the public eye.

  11. 27
    The Beak says:

    Maduro could always have his despicable uncle executed for crimes against the state etc. Should take the heat off for a while.

  12. 31
    Dave says:

    I’m continuing to to fuck up the U.K. economy as well, following the good work done by Gorgon.

    The National Debt is now circa £1.3 TRILLION and rising at £300 MILLION PER DAY because of my gross lack of control of State expenditure.

    But all you pretty boys will soon be able to bask in bumsex matrimony thanks to me.

    Poodle Tit.

    • 40
      The Beak says:

      The Coalition is actually reducing the deficit which is the first step in a long haul. National debt will continue to rise irrespective of state expenditure not least because of the cost of servicing it.

      Thanks for the disinformation, fuckwit.

      • 53
        Twat Watch says:


        Let’s see, reducing the deficit by 25% means you are still overspending by 75%, does it not?

        To reduce the debt, you have to cut the deficit by 125% correct, or not?

        Now, just who is the f*ckwit here?

        • 70
          Screwed Taxpayer says:

          Thank you Twat Watch, for correcting Beak’s bollux.

          Income one pound.

          Expenditure nineteen and six — result — happiness

          Expenditure one pound and six — result — misery

          Fucking obvious.

          But then the thieving fucking LibLabConners are only interested in getting themselves re-elected. They don’t give a shit.

      • 78
        Joe Public II says:

        Any Deficit means the Government is overspending and accumulating yet more debt, requiring more and more debt servicing ad infinitum.

        You are a typical LibLabConner fuckwit.

        Now piss off and continue to steal more savers money through the inevitable inflation — as usual.

  13. 39
    I must have lost the plot...Or the BBC has says:

    So a “British” doctor enters Syria without a visa and proceeds to help the rebels. He gets captured by government forces and is subsequently found suicided. Then the BBC proceed to blame the British FCO for his death?

    • 51
      I weep at the tragedy says:

      One less of the liblabcon imported faithful coming back here to cause problems for the native Britons.

      • 62
        They have stepped outside British protection says:

        Same as those so called British fighters who have gone to Syria to kill Syrian soldiers.

        They may well have British passports but don’t expect real British people to try and rescue them when they are rightly tried and hanged for murder.

    • 63
      If you gotta go then go. says:

      I hope our Dave is not daft enough to use this “British” doctors demise as a pretext in taking us into another sandy sh1thole, the answer is still, it’s nothing to do with us, and those other “British patriots” that are fighting in that sad country, I do hope when they return or if, they are immediatly put in jail, I always thought that a law had been passed years ago to stop Britons joining other peoples wars as soldiers.

      • 73
        The British public says:

        Keep out of Syria.

      • 105
        Non taxable pikey says:

        Currently its a snowy shithole. Regarding laws passed years ago etc. its easily circumvented when the government want to strengthen resistance movements. Check out the route of all those little helpers that ended up “advising” in Libya recently

  14. 52
    Sick of the greed and lies(still) says:

    As I commented in the post about Hollande yesterday. Should Red Ed now have a tag of “Anyone but Ed”? He seems to be displaying the attributes of his spiritual Father, Gordon.

  15. 57
    Bert the Cert says:

    We don’t need to be warned Guido, its the thick 30 odd percent of the electorate that need to take that on board.

  16. 58
    sussex carol says:

    Well it’s very clear that both france and venezuala need an economic saviour.

    Now who could we send? But of course they need our very own gordon ‘I saved the world’ brown!

    • 72
      FFS says:

      That’s actually a good point Carol. As Gordon is such a fine man and saviour of the world, just why isn’t he offering his outstanding service free to fucked-up nations the world over?

  17. 60
    Metal borrower says:

    Hey why have I got to wait for three months before I can live off of benifits and the black market?

  18. 66
    Tell the truth cameron you cock ! says:

    Dave’s wanky spin on employment

    There are now a record 30 million people in work !

    Yes but half the fuckers are doing minimum hours , and being lavishly topped up with benefits

  19. 67
    Axe The Telly Tax & Religion & Kill All Eco-loons says:

    So the IMF bailiffs will be dealing with France & Venezuela before they get around to the UK :-)

  20. 68
    Ah! admirer says:

    Cat’s Comment of the day seems particularly apt beneath Clegg’s Quote of the Day.

  21. 75
    FFS says:

    ““I remain convinced that no amount of housekeeping or tinkering will bring about the fundamental change needed to clean up the Lords for good. The only long-term antidote to dodgy office holders taking taxpayers for granted is simple: elections. In other words, making sure that peers know the people are their boss.”

    Well it worked for the House of Commons.

    …oh wait a minute, maybe not.

    Look, the Queen is so fecking rich and famous she’s more or less beyond corruption. Lets ask her to carefully pick out those people that can be trusted and stuff the Lords with those.

    • 106
      Non taxable pikey says:

      Behind every big fortune is a big crime. Check your church roof if you don’t believe me.

  22. 80
    Arthur says:

    In addition to economic collapse Venezuela has also seen an explosion in violence in the last few years. UNODC homicide statistics show an increase in the murder rate from 20.3 per 100,000 in 1998 to 45.1 in 2010.

    This compares with 2010 figures for Brazil of 21.8 ,Colombia of 33.4, South Africa of 31.8

    A true socialist hellhole

    • 85
      Comrade Delta says:

      What are the young lefty birds like over there?

      Always happy to help them struggle.

      • 89
        Arthur says:

        Regular winners of Miss World so do not have the same attitude as the po-faced left wing mingers over here

      • 107
        Non taxable pikey says:

        Check them out here.


  23. 93
    Ted Davison says:

    Adds new depth of meaning to the oxymoronic ‘Socialist intellectual’.
    Odd the way millions keep voting for them. Sentio ergo sum?

  24. 97
    Blind to the truth says:

    Look, if the genocides of Stalin and Mao and Pol pot don’t convince the lefties that Socialism doesn’t work then this certainly won’t. Next time comrade. it will work next time.

  25. 102
    John says:

    How are things going in the right-wing haven Australia? Massive debt, jobs being lost. LOL

  26. 108
    Communist creep! says:

    Socialism is brilliant in theory but put it into practice and it does not work!

    The two Red ‘Eds have tapped into the idea that we all want a fairer society, but creating a socialist state will not work or achieve fairness because investors will abandon the UK and put their investment elsewhere thus chaos economic ensues!

    Can someone explain to me, what gives Ed Miliblunder the right to tell landowners how to use their OWN Property and threaten to confiscate that person’s property for the good of State? Ok ¡ then Ed should lead by example and divide his own property and turn it into one bedroom flats for the poor live to live in. If he refuses then we will confiscate his property. What is sauce goose…

    See how he likes it?..

  27. 109
    Socialists club says:

    Perhaps they can send over Owen Jones, Doreen Lawrence and Abbott to fix their economy.

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Guido-hot-button (1) Guido-hot-button (1)

Rod Liddle on the loony UN sexism special rapporteur:

“There is more sexism in Britain than in any other country in the world, according to a mad woman who has been sent here by the United Nations.

Rashida Manjoo is a part-time professor of law at Cape Town University in the totally non-sexist country of South Africa (otherwise known as Rape Capital Of The World).

Mrs Magoo has been wandering around with her notebook and is appalled by the sexist “boys’ club” culture here, apparently.

I don’t doubt we still have sexism in the UK. But is it worse than in, say, Saudi Arabia, d’you think, honey-lamb? Or about 175 other countries? Get a grip, you doolally old bat.”

orkneylad says:

What’s he been doing FFS, mining bitcoins?

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