Without rule of law, a free press and democracy their are no checks to ensure the honesty of a bureaucracy or government. 2008 crisis Cause 1) deregulation of banking sector enacted by Bill Clinton 2) government backed lending to poor credit risks - NINJAS.
Norway has almost a trillion dollars in its North Sea oil sovereign fund. Why couldn't Venezuela do the same? Wasting money on arms it can't use or subsidizing oil sales to Cuba won't hasn't benefited its people. Their current President hasn't lost the 30lbs his citizens have.
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“Why couldn't Venezuela do the same?” Because they never had almost a trillion dollars in a North Sea oil sovereign fund? What do you mean? You realize that Norway is no less “socialist” than Venezuela, right? (And that most Venezuelans aren’t starving?)
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