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Here's How Venezuela's Economy Has Tanked Under President Maduro

ocean515 said:
And yes, as every socialist country has demonstrated, it takes massive amounts of money to pay for the social programs that are created.
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I think if anyone were to look up which are the most indebted countries in the world, they'd find that it ain't the socialist states, China excepted.
 
imagep said:
What about Saudi Arabia and other middle eastern countries?

Countries export what they are best at producing. They import what they are worst at producing.
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Yup, if your exports are greater than your imports then youre doing something right. In Venezuela's case they are doing everything wrong- from nationalizing everything to a centrally planned economy, which is an absolute disaster even when the price of oil was high.
 
PoS said:
Yup, if your exports are greater than your imports then youre doing something right. In Venezuela's case they are doing everything wrong- from nationalizing everything to a centrally planned economy, which is an absolute disaster even when the price of oil was high.
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If a countries exports are greater than it's imports, it sounds to me that it has a trade imbalance and it's citizens are getting to live the standard of living that the produce.

What if the bulk of their exports are natural resources that can't be replaced (think oil and mining and rare timber that takes hundreds of years to grow)? Is exporting unreplaceable resources smart? Wouldn't it be better to conserve those resources for future generations?

When China is running a trade surplus with the US, what is it really getting in exchange for its valuable goods? US dollars created by the US Federal Reserve out of thin air? US treasury bonds created out of thin air by the US treasury? Is that really smart? Is it a good deal for China? Does China really need more US dollars than it choses to spend by importing US goods? If China just wanted to accumulate "credits", couldn't it just print more of it's own money (out of thin air)?
 
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