November 15, 2017

LATE-STAGE SOCIALISM: Venezuela just defaulted, moving deeper into crisis.

Venezuela has no other meaningful income other than the oil it sells abroad. The government, meanwhile, has failed for years to ship in enough food and medicine for its citizens. As a result, Venezuelans are waiting hours in line to buy food and dying in hospitals that lack basic resources.

If investors seize the country’s oil shipments, the food and medical shortages would worsen quickly.

“Then it’s pandemonium,” says Fernando Freijedo, an analyst at the Economist Intelligence Unit, a research firm. “The humanitarian crisis is already pretty dire … it boggles the mind what could happen next.”

Apparently the only thing Venezuela hasn’t run out of is Unexpectedlys.

Also, this being CNN, “This story has been updated to characterize Venezuela’s government as socialist.”

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