Another Shining Example of What a Socialist Utopia Looks Like

No doubt about it. Those commies have a great program, unless of course, you actually want goods and services.

From USA Today:

Toyota joins a long list of companies saying they are having to curtail or stop operation in the South American country thanks to the government’s foreign exchange regime, which the late President Hugo Chavez created in 2003 to fight capital outflow.

International airlines are refusing to sell tickets in bolivars, or the local currency, saying the government owes them $3 billion from sales last year. Empresas Polar, the country’s largest food processor, has already warned that it may have to shut some operations as it owes its overseas suppliers nearly half a billion dollars.

Newspapers throughout the country are running out of newsprint, and there are shortages of foodstuffs and medicines. The shortages prompted protests this week against the government. On Wednesday, protests ended in violence when three people were killed by masked men on motorcycles, say demonstrators.

Business associations estimate that Venezuelan companies owe their international suppliers upwards of $14 billion to cover past purchases. Many suppliers are now cutting off credit, tired of waiting for payment.

And for Venezuela, which has the world’s largest oil reserves but imports about 70% of the goods it consumes, the results are catastrophic.

Read more here.

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