Loony leftist rag Salon.com fails economics 101: Venezuela’s ‘Economic Miracle’ an absolute disaster for everyone

Tuesday, November 3, 2015
By Paul Martin

by: J. D. Heyes
Tuesday, November 03, 2015

If you ever needed more proof that liberals and progressives are economic illiterates, this should do it for you.

As noted over at Zero Hedge, insanely liberal web site Salon.com “took a quick break from criticizing a caricature of libertarianism” to allow one of its writers, David Sirota, to tap out a rather embarrassing piece that praised socialism in 2013. It turned out “to be a fantastic case study in both the dangers of socialist economics and of course, speaking too soon,” Zero Hedge’s Tyler Durden posted.

Titled “Hugo Chavez’s Economic Miracle,” Sirota’s piece was not the only dream piece pertaining to the subject of how much more wonderful socialism is than evil American-style free-marketism (which we haven’t really had in a hundred years, ever since progressives began regulating American industry). As Durden noted, such 20/20 hindsight vision does serve a useful purpose. When you look at Venezuela now, it is an economic basket case; past is prologue. The Chavez economic model was predictable.

In many ways, the lure of socialism is that it “appears” to produce quick results. However, such policies really just serve as a good example of what Nicolas Cachanosky calls “the bait-and-switch behind economic populism.” This principle is defined as government policies focused principally on consumption but little on investment; they always give off good economic signs initially but are followed by economic collapse and disaster.

Inflation, falling revenue and tight monetary controls equals a socialist economic nightmare

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