To fight poverty, Hugo Chávez and Nicolás Maduro took over the oil industry and gave cheap gasoline to the people.
Gasoline is priced well under the cost of production. The black market siphoned off most of the supply which soon collapsed.
Venezuela has the cheapest gasoline price in the entire world, but try getting any.
This Tweet accurately states what happened except it has the price of gasoline wrong.Barter, Venezuela's Real Currency
As inflation in #Venezuela = 40,976%/yr #Dictator Maduro continues to starve his people who have given up on the Bolivar. As is always the case in #hyperinflations, people resort to barter for food #SocialismAtWork https://t.co/U4Huw1ZYk3— Prof. Steve Hanke (@steve_hanke) July 9, 2018
Annual Inflation: 42,489%
Extreme Giveaway Madness
Annie Lowrey, the author of a new book on universal basic income says Trump should "shower people with money".
She has a "radical" proposal for an allegedly "sane" economy.
Her "insane" idea is to tax corporations enough to give everyone $1,000 per month.
I did the math on that. Lowrey wants to give away close to $4 trillion per year.
Venezuela shows how extreme social redistribution schemes inevitably end up.