Venezuela: Socialist Paradise Update


How is the loony Labour left’s latest favourite socialist paradise Venezuela faring? Not since Gadaffi have we had an oil rich socialist paradise in the making to set an example for us running dogs of capitalist imperialismo. Socialism should surely work when you are floating on billions in oil wealth – just share it out comrades! Venezuela has the world’s largest proven oil reserves at 298 billion barrels – that is more than Saudi Arabia or the UK’s measly 6.9 billion barrels – untold riches. Yet according to Bloomberg data:

  • Oil production has declined by 27.2% over the last decade. Production declining…
  • GDP growth in 2013 was 1.3%. In 2004 it was 18.3%. Growth slowing…
  • The country’s inflation rate in May 2014 (61%) was the highest in the world. Iran was second and Argentina third. Venezuela leads the world in inflation…
  • The bolivar, the national currency, has fallen 88% since 2008. Devaluing…
  • Foreign exchange reserves have fallen by 51% since 2008 to $20 billion. Cash running out…
  • In 2012 it 22% of families lived below the poverty line, last year it was 27%. Poverty is rising…
  • Meat production is down 36% this year. Dieting…
  • In January 2014 there was a 28% shortage of basic goods, compared with 8% in 2005. More people queuing…

Guido has just finished reading the new book from “our generation’s Orwell”, Comrade Owen Jones, in which he advocates sweeping nationalisation with currency and capital controls. Like they have in Venezuela…




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Quote of the Day

David Cowling, the BBC’s head of political research, in an internal memo…

“It seems to me that the London bubble has to burst if there is to be any prospect of addressing the issues that have brought us to our current situation. There are many millions of people in the UK who do not enthuse about diversity and do not embrace metropolitan values yet do not consider themselves lesser human beings for all that. Until their values and opinions are acknowledged and respected, rather than ignored and despised, our present discord will persist. Because these discontents run very wide and very deep and the metropolitan political class, confronted by them, seems completely bewildered and at a loss about how to respond (“who are these ghastly people and where do they come from?” doesn’t really hack it). The 2016 EU referendum has witnessed the cashing in of some very bitter bankable grudges but I believe that, throughout this 2016 campaign, Europe has been the shadow not the substance.”

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