Venezuela proves petro-states can go broke, too
It has taken a staggering accumulation of
blunders and crimes to bring a country as rich as Venezuela to this point.
World-class corruption, on its own, wouldn’t have been enough to bankrupt the
Venezuelan petro-state. Aggressive mismanagement alone wouldn’t have done the
trick. Mindless adherence to a failed ideology, by itself, wouldn’t have put us
over the top. It took a uniquely perverse combination of all three —
uncontrolled corruption and rampant mismanagement, hand in hand with a failed
ideology — to do the seemingly impossible: bankrupt a country floating atop $15
trillion worth of oil. More…
It has taken a staggering accumulation of
blunders and crimes to bring a country as rich as Venezuela to this point.
World-class corruption, on its own, wouldn’t have been enough to bankrupt the
Venezuelan petro-state. Aggressive mismanagement alone wouldn’t have done the
trick. Mindless adherence to a failed ideology, by itself, wouldn’t have put us
over the top. It took a uniquely perverse combination of all three —
uncontrolled corruption and rampant mismanagement, hand in hand with a failed
ideology — to do the seemingly impossible: bankrupt a country floating atop $15
trillion worth of oil. More… 
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