I don’t know how or why thinking individuals can endorse or support socialism. Ron Paul explains . . .
No matter how hard governments try, socialism can never work. No matter how hard central banks try, they cannot overpower supply and demand. Venezuela provides a great (and sad) example of yet another country that has taken the wrong path on both accounts. At the link below, you can see how much cash a Venezuelan is permitted to take from an ATM in a day. You’ll also find out how little it’s worth. Yet another paper currency heads for the dustbin on history.
As Bloomberg’s Nathan Crooks demonstrates, this is the maximum amount of money one can take out from a Venezuela ATM each day.
For those wondering, the fistful of cash is worth about $25.
The good news: those locals lucky enough to still have money in a Venezuela bank don’t need a wheelbarrow to carry it.
The bad news: those same locals soon will.