It will be no secret that socialism has failed in Venezuela. But now one of the biggest organizations that we can blame for it is admitting they failed. The Venezuela Central Bank said in its latest publication that the economy is a mess.
The report shows many sets of data to prove that the economy is in big problems. But let’s have a look at the most terrible one. The most secret tax, inflation, was in 2018 just 130,060.2%.
Off course the government was not spreading this information completely free out of itself. The IMF threatened to withdrawn the special drawing rights unless there were some real economic data. So the central bank delivered.
The fact that this pressure was needed should worry you. Not a tiny bit. After all: if we need to threat the central banks to publish data, what are we having them for? Next to the destruction of wealth?
With the Venezuela central bank being the prime example of what’s happening it might be worth for all of us