August 1, 2016

BAD LUCK: Venezuela is on the brink of total collapse.

Home to the world’s worst economy, Venezuela is beset by severe food shortages, riots in the streets and hyperinflation that’s closing in on 700 percent. World oil prices have plummeted — and Venezuela relies on oil for 95 percent of its income.

Agriculture was neglected as Chavez and Maduro placed all their economic chips on crude and elected to import goods from abroad while spending on social programs that rallied the poor behind the government.

But now Venezuela has no cash to import food or other essentials. And because Chavez nationalized so much industry, it has no private sector to compensate.

So Maduro has now issued an executive decree that subjects all workers to being forced to work for 60 days (or more, “if circumstances merit”) in the fields, growing badly needed food.

Economically, the move makes no sense. Morally, it’s barely one step up from government-sanctioned slavery.

It is government-sanctioned slavery. If only someone had written a book about how this thing always seems to happen to centrally-managed economies.