Socialist Venezuela Has Only $10 Billion In Reserve To Fund The Government

 "Making the rich pay their fair share"

weaselzippers

They are in deep trouble…

Via Fox 40:

Amid all of Venezuela’s problems, the country is running out of time and money.

Venezuela only has $10 billion in reserves — the cash that’s intended to keep an economy stable and weather tough times.

What’s worse: most of those reserves aren’t in hard cash. About $7 billion is in gold bars, which doesn’t make it easy to make payments.

And Venezuela has a lot of bills to pay soon. It owes $6 billion in debt payments for the rest of this year. There’s also no sign that the country’s lone source of revenue — oil exports — will be able to pay down those debts.

At the end of the day, Venezuela is running the risk of defaulting on its debt this year, meaning it wouldn’t be able to get more loans to pay for basics like food and medicine, which are in scarce supply.

In 2011, Venezuela had $30 billion in the bank. As recently as 2015, it had $20 billion.

The worsening financial picture underscores Venezuela’s problems. Violent, anti-government protests killed three people Wednesday, and more protests are scheduled for the weekend. Armed forces met protesters with tear gas and shots.

Also on Wednesday, General Motors said Venezuelan authorities seized its assembly plant. Authorities later denied it was seized, saying it’s embargoed until a long-running court case is resolved, but that distinction didn’t matter to GM: it shut down operations due to the government intervention.

The IMF predicted on Tuesday that inflation in Venezuela would skyrocket 720% while unemployment would shoot up over 25%. This year will likely mark the fourth straight year of recession — entirely under socialist president Nicolas Maduro, who blames the U.S. and political opponents for the country’s problems.

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Thank You Fox and Zip. 


It can't be pointed out often enough that Corporate Tax Breaks are not an evil to be castigated.

Corporations, when hit with Government, across the boards mandates to pay up, don't Pay those Taxes.

They pass them through to the Little People who patronize those indispensable Corporations.

If Corporations paid those taxes out of their own own bottom lines instead of Raising the end price of whatever they're selling to cover them, the Investors would pull their money out and re-invest it in another sector which the Government hasn't declared a Tax War on, . . . yet.

It really is that simple.

It's the consumer who gets hit with those taxes, not the Corporation or the Investors.

This is a 1955 Ford Thunderbird.

In 1955 it retailed for $3,800.

You can thank the Tax-ocracy, not Ford, for what a new one costs today.