The road to hell passes through Venezuela. Has anyone read or watched a feel good story out of that socialist paradise in South America? Grocery stores are under military protection. People are rioting in the streets for want of basic necessities. And it’s only going to get worse!
"Scarcity is getting worse in Venezuela. Basic products are so hard to get," said Josseline Viera, a doctor in Venezuela. "It used to be that certain products were scarce, now it's basically everything."
Viera says shortages have made it impossible for hospitals to find essential medical products such as gauze and acetaminophen.
"I basically have to send patients to other hospitals," she said. "But patients have to go to a lot of clinics and hospitals before they find the medical supplies they need for their care. I feel very sorry for my country."
Experts predict the situation in Venezuela will worsen as early as the first half of 2015.
"It will be a year of extreme scarcity," Venezuelan economist Angel Garcia Banchs said. "What's coming to Venezuela is chaos that will probably lead to barbarity and people looting."
The state of the Venezuelan economy is the result of years of economic mismanagement that the government, for years, was able to cover up by pumping oil revenues to support its populist policies. But this was when oil was at more than $100 per barrel, and despite declining oil production in Venezuela, revenues were enough to keep people happy.
But since this summer, Brent fell from above $115 per barrel to $70, thanks in part to North America's shale boom, and oil analysts predict oil prices will keep declining below $70 for Brent and even more for crude.
Even their capitol building is falling apart! Imagine that. The holy temple of socialism is crumbling like the Tower of Babel. News crews had to run for their lives.
Hugo Chavez, the patron saint of Venezuelan socialism, couldn’t have exited from the stage at a better time.