Re:Venezuela to Shut Down for a Week to Cope With Electricit...
by stickfigure on Thursday March 17, 2016 @06:25PM
(#11308115)
I don't think you and the parent contradict each other. Venezuela has natural resources, favorable geography, a reasonably well-educated population, and (until recently) reasonably modern infrastructure. Many countries have fared far better with far less. The problem is management.
Re:Venezuela to Shut Down for a Week to Cope With Electricit...
by noir_lord on Thursday March 17, 2016 @08:30PM
(#11308896)
> The problem is management.
When isn't that true sadly.
> No one pretends that democracy is perfect or all-wise. Indeed it has been said that democracy is the worst form of Government except for all those other forms that have been tried from time to time
Churchill quoting one of his predecessors in his autobiography "Churchill by Himself".
In just three years, their inflation (the bolivar has lost 97% of its value) and economic contraction has taken their GDP per capita from ~$14,000 to ~$4,000. They've lost at least 70% of their economy, and it's not over yet.
Saudi Arabia's economic output is nearly five times greater per capita. Their median income and median household net wealth are both vastly higher than Venezuela. Saudi Arabia still has substantial capital reserves, while Venezuela has almost none.
Venezuela now has a $20 monthly minimum wage. [1] Most of the nation is struggling to afford food.
Saudi and Venezuela couldn't be any more different outside of being petro states.
[1] http://www.bloomberg.com/news/articles/2015-03-06/monthly-sa...