Venezuala officially defaults

[TexasFreedom]

http://money.cnn.com/2017/11/14/news/economy/venezuela-debt-default-sp/index.html

Interesting, we have tons of international regions in the forums, but none for south america. Oh well.

Well worth 2 minutes of your time to read it all.

Summary:
* Debt payment due in October, now 30 days late & officially 'defaulted'.
* Bond holders an sieze anything outside Venezuela including shipments of oil for payment
* Currency 'bolivar' has dropped from 3200/dollar to 55k/dollar just since January (2000% inflation)?)
* defaulting on these bonds can allow all bond holders to demand immediate payment (& confiscating all oil shipments)
* it explains why farmers in Venezuela won't grow crops(fixed prices = losses not profits)

Venezuela is a perfect example of socialism/communism. I've said before that if SHTF, 1/3rd of people will try to care for their own families. 1/3rd will turn criminal & try to steal to meet their needs. And 1/3rd will sit frozen at home, slowly starving and dying. Venezuela is the last 1/3rd. But then people there don't have weapons, you can make this point to anti-2nd amendment idiots.

 

[toexist]

Wow, you know this guy has a miserable existence.

 

[Gazrok]

It's a clear cut example of rampant communism and how it corrupts, and ultimately fails. People have been eating pets and wild game there for months, as shelves have been bare in stores (and even if they weren't, things cost way too much).

 

[Arcticdude]

They wanted socialism, they got it. I hope their all happy there.

 

[Silent Earth]

Mugabe in Zimbabwe has beeb put under house arrest by his own army.

 

[Maverick]

Mugabe in Zimbabwe has beeb put under house arrest by his own army.

Another civil war? Didn't a coup d'etat fail a few years ago. I'll take pre-65 Rhodesia, everything after 1965 the whole country gone to shxt.

 

[Gazrok]

They say you want a revolution....well...ya know....