New York Times: Venezuela’s Collapse Is the Worst Outside of War in Decades, Economists Say
Butchers have stopped selling meat cuts in favor of offal, fat shavings and cow hooves, the only animal protein many of their customers can afford.
MARACAIBO, Venezuela — Zimbabwe’s collapse under Robert Mugabe. The fall of the Soviet Union. Cuba’s disastrous unraveling in the 1990s.
The crumbling of Venezuela’s economy has now outpaced them all.
Venezuela’s fall is the single largest economic collapse outside of war in at least 45 years, economists say.
“It’s really hard to think of a human tragedy of this scale outside civil war,” said Kenneth Rogoff, an economics professor at Harvard University and former chief economist at the International Monetary Fund. “This will be a touchstone of disastrous policies for decades to come.”
To find similar levels of economic devastation, economists at the I.M.F. pointed to countries that were ripped apart by war, like Libya earlier this decade or Lebanon in the 1970s.
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WNU Editor: What is more shocking to me than the above New York Times report is that many Venezuelans still support this rotten regime. Check out my commentary here .... Why Is Venezuela’s Maduro Still In Power? (April 19, 2019).
