Should Venezuela become regressive?

Originally posted by @whodey
EU countries close to the equator, like Greece and Spain, seem to lag behind the others. Why is that?

Homeboy, Spain is about 2,400 miles from the Equator.

Originally posted by @philokalia
It's almost like... when you vest incredible amounts of power into an office and allow demagogues to provide over the country... bad things begin to happen...

Especially when their whole thing is micromanaging the economy.

I wonder if there's a way that we could prevent this..?

Like... maybe... not trying to create a far leftist Utopia, but oper ...[text shortened]... for market factors when we make decisions?...

You know, the opposite of what Venezuela does.

Na, just continue to spend like a drunken sailor and keep consolidating power at the federal level and it'll be alright.

Originally posted by @vivify
Homeboy, Spain is about 2,400 miles from the Equator.

Yes, but in the EU they are closest than most.

Thanks again for playing.

Originally posted by @whodey
They relied too much on oil? Gaddafi ran his country just fine based on oil

Like I said, mismanagement was a huge contributing factor:

https://www.forbes.com/sites/rrapier/2017/05/07/how-venezuela-ruined-its-oil-industry/2/#f1c62551e33b

So there are primarily two related causes that have resulted in the steep decline of Venezuela's oil production, despite the sharp increase in the country's proved reserves. The first is the removal of expertise required to develop the country's heavy oil. This started with the firing of PDVSA employees in 2003 and continued with pushing international expertise out of the country in 2007.

Second, the Chávez government failed to appreciate the level of capital expenditures required to continue developing the country's oil.

Originally posted by @whodey
Yes, but in the EU they are closest than most.

Thanks again for playing.

Just admit you have piss-poor geographic knowledge.

Originally posted by @vivify
Like I said, mismanagement was a huge contributing factor:

https://www.forbes.com/sites/rrapier/2017/05/07/how-venezuela-ruined-its-oil-industry/2/#f1c62551e33b

So there are primarily two related causes that have resulted in the steep decline of Venezuela's oil production, despite the sharp increase in the country's proved reserves. The first is ...[text shortened]... te the level of capital expenditures required to continue developing the country's oil.

Gross mismanagement of the economy by potshot leaders, basically.

Originally posted by @whodey
EU countries close to the equator, like Greece and Spain

whodey, you're a gen-yoo-whine moron. I know the world outside Muhrica is scary for people like you and Ann Coulter, but... ffs, look at an actual globe, man!

Originally posted by @whodey
EU countries close to the equator, like Greece and Spain,

Close to the Equator like Virginia you mean?
LOL

Back to Geography 101 laddie.

Originally posted by @whodey
Yes, but in the EU they are closest than most.

Thanks again for playing.

Like USA is closer than Canada.

Originally posted by @whodey
And what about those EU countries by the equator?
Seem like all the countries along the equator struggle.

🙄

Originally posted by @vivify
Like I said, mismanagement was a huge contributing factor:

https://www.forbes.com/sites/rrapier/2017/05/07/how-venezuela-ruined-its-oil-industry/2/#f1c62551e33b

So there are primarily two related causes that have resulted in the steep decline of Venezuela's oil production, despite the sharp increase in the country's proved reserves. The first is ...[text shortened]... te the level of capital expenditures required to continue developing the country's oil.

Well then, socialism works IF ONLY you have the right manager.

Good enough. So what are the odds we get a "good manager" and what if we ever lose them?