One might think that it is very telling that both Venezuela under Chavez, and the US under Bush.....are both nationalizing significant banks within each other's borders. In the instance of the US, badly managed capitalism was/is the culprit. In the instance of Venezuela, badly managed socialism was/is the culprit. What was/is also very telling is that both currencies have suffered to the degree that Chavez lops off 000's and renames , while the Bush Dollar bought 20% of the same oil at the end of his term, versus the beginning of his term. .............................................................................................. There are a lot of lessons to be learned from both mishaps.....the first one being the right leadership that is not driven by objectives that are not in the best interest of the populations of both countries. ............................................................................................... What is clear is that a new structure of government needs to be formed not only for these two countries, but for all countries, in that the same types of problems just seem to keep repeating themselves over and over again. One needs to examine first the flawed systems that were put into place, and why they were put into place......then make the proper changes such that the repetitive nonsense ceases. It is rediculous to allow bad management of fine assets to continue under any circumstances.
Socialism as the driver, with private property rights being a secondary notion.....would be a horrific system..... http://mises.org/story/3065 Whoever the next US leader is ......needs to get it right this time around....