How about imagining if Theresa May suddenly announced that her government was going to devalue the pound by 96 per cent; increase the minimum wage by 6,000 per cent; pay the wage increases for millions of businesses for three months; tie the pound to a mythical cryptocurrency; prepared for petrol rationing; and impose a 0.7 per cent tax on big financial transactions. It would be seen either as an act of lunacy, of a collapsing country — or both.
Would it be an act of lunacy ? .
For the long-suffering people of Venezuela, it’s just the latest stage of their country’s grand socialist experiment.
For years, Venezuela has been one giant economic laboratory, its 32 million citizens reduced to guinea pigs. The Maduro regime has been condemned worldwide (
except by Jeremy Corbyn, who rang Maduro to congratulate him on his election victory and refuses to denounce him). Maduro’s latest experiment is telling, and may well lead to greater economic catastrophe and even massive famine................
Socialist principles are at stake: if the economy will not behave, issue edicts. If money is short, then borrow — or print — more of it. If prices are rising, enforce price freezes. Venezuela is imposing a huge version of ideas that Corbyn has been proposing in miniature. The world can now see the results..........
Diane Abbott was right to say that ‘the importance of Venezuela is it shows another way is possible’. It shows that, even when the free enterprise system is spreading worldwide, it is still possible for political ideologues to bring rich countries to their knees...............
https://www.spectator.co.uk/2018/08...ment-has-brought-a-country-to-its-knees/ 
