Venezuela, a nation spiraling into a humanitarian crisis, has missed a debt payment. It could soon face grim consequences.We keep hearing from leftists that socialism -- or, from the more extreme leftists, communism -- would work if only it was implemented by the right people. Well, who you gonna believe, them or your lying eyes?
The South American country defaulted on its debt, according to a statement issued Monday night by S&P Global Ratings. The agency said the 30-day grace period had expired for a payment that was due in October.
A debt default risks setting off a dangerous series of events that could exacerbate Venezuela's food and medical shortages.
Venezuela used to be the wealthiest country in South America. Now it is a basket case. Early in the 20th Century, Argentina was one of the ten wealthiest nations in the world. Socialist (and Nazi sympathizer) Juan Peron came to power right after World War II, turned the country socialist, and Boom! The country has been an economic train wreck ever since. Figure in every other socialist or communist country in the history of man, an what you have is a litany of failed nations. Yes, some still stand -- I'm looking at you, Europe -- but the economic burden is not sustainable. The most socialist nations in Europe -- such as the PIGS, Portugal, Italy, Greece, and Spain -- are rapidly failing. The rest, except for Germany, are not far behind. Anybody want to move to Cuba? Yeah, I didn't think so.