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Venezuela bondholders inch toward showdown

Tuesday, June 13, 2017

Venezuela shows socialism cannot work

Recently, John Stossel asked Noam Chomsky if he was embarrassed by his support for Hugo Chavez?  Specifically, he was asked if socialist policies were not responsible for wrecking peoples’ lives?  Chomsky’s short answer was “no,” because “I was right.” He said, “I never described Chavez’s state capitalist government as ‘socialist’ or even hinted at such an absurdity. It was quite remote from socialism. Private capitalism remained … Capitalists were free to undermine the economy in all sorts of ways, like massive export of capital.”As always when a socialist economy collapses, the diehards claim it was not a real socialist economy since the government did not go far enough or external forces caused the collapse. Further, Chomsky claims the capitalists sabotaged Chavez by leaving, which suggests they were indispensable! The capitalist exodus was motivated by the prospect of persecution and confiscation of property.More…

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