Venezuelans are suffering terribly from the regimes of Chavez followed by Maduro. They have the right of revolution to end the socialism imposed by these two leaders. Venezuela is another tragedy, socialist-caused tragedy, that was entirely predictable. (See here, here and here.) One lesson to be learned by us and everyone is that direct government control of money by a Treasury is highly inflationary, much more inflationary than a central bank; not unless there are severe restrictions on money issue, but since the government controls any such constraints, the system of direct government issue of money (not being metal) faces … Continue reading Socialism Fails Again: Revolution in Venezuela