The Spanish Flu Didn’t Wreck the Global Economy
What Is Different About the Coronavirus Pandemic?
Forget everything about Venezuela’s economic crisis. Yes, radical leftist politicians have governed Venezuela for almost two decades and have run the economy into the ground. Yes, Venezuelans must now stand in line for hours to buy food and consumer goods such as toilet paper, and most have no access to basic medication. Yes, the currency is worthless and inflation is the highest in the world. And yes, violence and looting have become facts of daily life.
But Venezuela has been here before—again and again. Nations, like individuals, can be addicted to overspending, especially when spending is made easy. And with the richest oil reserves in the world, Venezuela’s ability to spend is limited only by how fast it can pump and by the price at which each barrel is sold. As their country faces a new economic disaster, Venezuelans should admit to themselves the sad truth: their