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| Re: Venezuela very near complete economic collapse (1343233) | |||
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Re: Venezuela very near complete economic collapse |
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Posted by WillD on Sun Jan 31 19:50:07 2016, in response to Venezuela very near complete economic collapse, posted by Olog-hai on Sun Jan 31 17:49:02 2016. So the dip the Dow took last week which everyone chalked up to flagging energy sector stocks didn't happen? For all its overwrought ideological hand-wringing the one thing that should be clear is that this has absolutely nothing to do with socialist or capitalist economies. European, US and Asian oil companies have been hurt right along with Venezuela's state run oil company without anyone making claims that they're being mismanaged. The rest of the world just happen to be lucky that for the most part the energy sector does not entirely dominate their respective economies as it does in Venezuela. Venezuela has built their economy around the sort of energy scarcity required to make their oil economically viable.Unfortunately, that's precisely what the 'drill baby drill' crowd here in the US is pushing us toward and we've already felt its ill effects. Give us a few years and I'm sure we'll have our own economy built entirely upon energy scarcity to follow Venezuela into economic disarray. But unlike Venezuela, by then we'll be completely tapped out. We'll be like France, circa 1973. |
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