Inflation In Venezuela Reaches Nearly 250%

The march towards socialism continues.

The onward march of socialism in Venezuela is plowing through every obstacle – including basic economic sense.

Inflation has now reached 248.6% since the beginning of the year, according to Venezuela’s political opposition.

The socialist regime no longer publishes reliable inflation statistics, but we don’t need an in-depth analysis to realize that something isn’t quite right when people are trading bags of bills for a loaf of bread.

While the government tried distorting the true inflation picture for years, they don’t even try manipulating people anymore. They haven’t published inflation numbers in over a year.

Socialism leads to centralization, and then authoritarianism

While there has been much focus on the particular incompetence of socialist dictator Nicolas Maduro (and he is certainly incompetent), the deeper problem is in the idea of socialism itself.

Socialism requires a massive centralized state, and centralization leads to a small elite ruling over a massive powerless population. By trying to control far too much, the elite makes serious mistakes. And because the state is so centralized, those mistakes have a massive negative impact.

That negative impact causes political resistance, which the state suppresses to maintain power. Thus, centralization becomes authoritarianism.

At every step of the way, Venezuela’s government has responded to economic problems by centralizing more political and economic power in their hands. Predictably, this has made the crisis worse, and the government is now a brutal authoritarian dictatorship.

Venezuela went from a country that had growing wealth and prosperity, to a country that has a shortage of basic medicine, toilet paper, and food. Their currency is nearly worthless.

This should be a lesson and warning for all of us. Those who seek to centralize power in the hands of government lead us down the road to ruin.

Spencer Fernando