Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy, its inherent virtue is the equal sharing of misery. – Winston Churchill
Saudi Arabia has an estimated 269 billion barrels of crude oil reserves ready to be extracted. They used that oil to turn a desert full of nomads into a player on the world stage. Despite having almost no other valuable industry, Saudi Arabia has used it’s oil exports to make it the 15th wealthiest country in the world, sitting two spots above Canada. That is what oil can do for a somewhat well managed country even while virtually ignoring all other industries. Venezuela has the largest proven oil reserves in the world with an estimated 300 billion barrels of crude, yet it’s economy is in free fall.
3,000 miles to our south, a country that should be prosperous is falling apart. At this point, some Venezuelans cannot even join bread lines, instead they line up outside bakeries for the chance to dig through the trash. Everyday items like toilet paper or eggs are nearly impossible to find in some places. The fortunate few who can find these items need to bring stacks of Venezuelan bolivars because inflation is through the roof. The Venezuelan economy is in shambles. But why? Why is a country rich in natural resources so broken that millions of its people take to the streets to protest their starvation?
Because years ago, socialists took power and began to faithfully implement their ideology.