Socialism is amongst other things, a utopian fallacy. In Venezuela, that fallacy is coming to a full and dramatically dark fruition.

Colonel Saunders fans please take note:

When last we checked in on our favorite socialist paradise, Venezuela, it was the world’s worst performing economy and barring a sudden (not to mention large) spike in crude prices, the country will in all likelihood default this year as 90% of oil revenue at current prices must go towards debt service payments.

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