Socialism

The consequences of socialism.

"It’s probably Milton Friedman’s most famous saying:  “Put government in charge of the Sahara desert and in five years you’ll have a shortage of sand.”
What sand is to the Sahara, petroleum is to Venezuela.  Venezuela has the largest oil reserves in the world.  More even than Saudi Arabia.  It has proved reserves of 297 billion barrels.
But now Venezuela, an oil exporter for almost a century, can’t even meet its domestic oil needs.
Venezuela has begun importing oil."

Amazing.

"U.S national debt wasn’t even $10 trillion when Lehman Brother declared bankruptcy six years ago.  Now its $18 trillion.  The debt is now 105 percent of GDP."

This article talks about everything.

"Speaking of Quantitative Easing, Dallas Fed President Richard Fisher said the other day that we will not know for some time whether “the Grand Experiment in Modern Monetarism, is a smash hit or a bomb or something in between.”
Think about that.  They didn’t know.  We knew that they didn’t know.  And now they admit that they knew they didn’t know.  Like the generalísimos  of South American banana republic, they have been playing roulette with the value of our currency and with America’s remaining prosperity.
These things usually end badly for banana republics.  That’s why I’m glad to see gold and silver prices lower."

Everything.