Venezuela's economy is imploding

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62. A pearl in a septic tank. Shortages & hoarding started in '03.

Spending went up because the govt redistributed wealth for a short term gain. And since the price of everything went up, of course spending went up with it. Inflation is sky high.
Oil production dropped 30% even when prices went up. GDP growth slowed even when oil revenues were at their highest.
Price controls caused high inflation and more shortages.
Nationalizing industry caused production to drop and MORE shortages since the middle part of Chavez term.
Nationalizing the electric companies now causes scheduled blackouts when there were few before.
Nationalization of the media now means heavy censorship.
Their tax system is ranked 188 out of 189 countries.

NO ONE wants to invest there because they know the govt is likely to steal whatever they build or produce. They are already holding millions owed to businesses from all over the world. I.E. airlines.
Most everything has been a failure for several years. At least now more people are able to read about those failures.