Socialism Lays Waste To Venezuela

Socialism is a gift that keeps on giving. The latest victim of this failed system of the past century is Venezuela, which is currently facing an economic and political crisis of humongous proportions.

Often touted as a “socialist paradise” and torchbearer in the fight against West’s neoliberal system, the South American country is plunging into one crisis after another, all man-made.

President Nicolás Maduro made matters worse when he declared a state of emergency last Friday (13 May) citing fears of a US coup. The emergency will stay in place for 60 days and can be extended for the same period. Speaking on Brazilian president Dilma Rousseff’s ouster, he said, “Powerful oligarchic, media and imperial forces have decided to finish with the progressive forces, the popular revolutionary leaderships of the left in the continent.”

The military has been entrusted to maintain order in the streets. It is anyone’s guess how long it will be before a crackdown on civil liberties take place and blatant human rights violation are committed by the army under the guise of maintaining order. Army’s deployment became imminent once the riots broke out across the country and people started looting shops.

Venezuela has the world’s largest oil reserves but “there is almost nothing to buy in shops, with shortages from flour and nappies to medicines and underwear.” Thanks to low oil prices, the government finances are crippled and it hasn’t been able to pay for the import of basic items such as sugar, flour and eggs.

At 180 percent, its Inflation rate is the worst in the world and is expected to rise to 500 percent by the end of this year. People stand in queues from midnight in front of supermarkets to buy whatever little they can afford.

The country is facing acute power shortages. Frequent blackouts have become a common phenomenon. But the government has found an innovative way to save energy. Last month, it ordered its employees and other workers to take Fridays off. It also announced mandatory leave of three days per week for all nonessential employees. if they are nonessential why are they needed in the first place? Two days of work week at a time when they should be working eight days a week is a luxury only Socialist republics can afford.

Venezuelans are forced to live under these inhumane conditions for the larger cause of equality and egalitarianism. There seems to be no hope on the horizon.

The opposition parties managed to scramble 1.85 million signatures, well above the threshold of two lakh signatures needed to kick-start the process of recalling President Maduro. But before the opposition could initiate the second stage of the process which requires four million citizens to sign the petition, Maduro declared a state of emergency.

Even if Mr Maduro were to go, there is no certainty that Venezuela will recover. Opposition parties are no Hayekians. Rather, they come in various shades of socialism.

Joel D Hirst has captured the agony of Venezuela beautifully. In this article, he explains how he sees it as the country’s slow suicide. He writes: