| ▲ | hungryhobbit 11 hours ago |
| Corruption. |
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| ▲ | cs702 11 hours ago | parent | next [-] |
| Obviously, but $240B is a lot of money for a country with only 9M households, so, around $27K/household. It's an "accomplishment" of sorts to blow up in smoke that much money per household, with nothing to show for it. How the heck did they do that? |
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| ▲ | 55555 11 hours ago | parent | next [-] | | 1. Dictator gets loans for his country
2. Dictator puts the money in his Swiss bank account
3. Government is overthrown
4. The populace has to pay off the debt Perhaps him being in custody will lead to some of the money being found and returned. | | |
| ▲ | joenot443 11 hours ago | parent | next [-] | | I don't think there's a Swiss bank account in the world with room for $240b. There's no doubt Maduro enjoyed some taste of the froth, but this is a silly oversimplification. | | |
| ▲ | ErneX 10 hours ago | parent [-] | | Corruption at every level of government. Everybody was getting a piece of it. Add to that mismanagement, stupid subsidies. Plus they had a huge oil windfall during the early Chavez years. All that money is gone, I wish it was just the money that was borrowed from abroad. They also spent billions to influence the elections of the other countries of the region. Chavez was also giving away oil for free in exchange of political support abroad. He even gave free oil for the buses of London because the mayor at the time was in good relations or something. |
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| ▲ | seanmcdirmid 11 hours ago | parent | prev [-] | | Isn’t that how private equity works? |
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| ▲ | nwah1 11 hours ago | parent | prev | next [-] | | Look up the lifestyle of Hugo Chavez's daughter, or the family of Tareck El Aissami, or the Narconephews affair, or the Cartel of the Suns. | |
| ▲ | ErneX 10 hours ago | parent | prev | next [-] | | They caused a 9 million people exodus on a country with about 30 million people. It’s difficult to find a similar case of mismanagement and corruption at the level it happened in Venezuela. | |
| ▲ | tokai 11 hours ago | parent | prev [-] | | They have had an average yearly public budget deficit of %4.8 of GPD since 1990. My very shoddy and quick napkin math comes out as an overall deficit since '90 til now to be ~200 billion dollars. While there's definitely corruption, I think that there's also a place for their economy to be in such a bad state that its been a black hole for this debt. |
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| ▲ | brightbeige 11 hours ago | parent | prev | next [-] |
| At least your reply wasn’t written by AI |
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| ▲ | throwitaway222 11 hours ago | parent | prev [-] |
| [flagged] |
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| ▲ | ceejayoz 11 hours ago | parent [-] | | Definitely doesn't happen under capitalism, right? Remind me again what the current President's net worth has done recently? | | |
| ▲ | throwitaway222 11 hours ago | parent [-] | | I'm 100% fine with moving almost all government payments to a system where elected officials need to sign off before a payment is made. As long as he/she is willing to be responsible for the fraud that takes place. And I will walk Trump to jail when this happens, just as I walk the names I posted to jail too. And no, in PURE capitalism, it doesn't happen. It's just that we have too much socialist shit. In pure capitalism, every dollar that is lost to fraud is going to be looked at by investors and scrutinized. And besides it will have only affected the company that did it, not the country and not the voters and tax payers. | | |
| ▲ | ceejayoz 11 hours ago | parent [-] | | > And no, in PURE capitalism, it doesn't happen. Just like PURE communism! | | |
| ▲ | throwitaway222 10 hours ago | parent [-] | | Pure Communism - as in marxism, the default is Elites make choices on where to allocate funding. Nowhere in that manifest is a checks and balances system. So yes, in pure communism, it is a direction to fraud. Not Capitalism. | | |
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