(Forbes) What with Bernie Sanders wanting to bring in democratic socialism for the US and Jeremy Corbyn offering is a rather harder socialism in the UK it's worth having a look at the performance of Venezuela. Somewhere the usual right on leftists were praising as instituting real and relevant socialism not all that long ago. Owen Jones, currently speaking at rallies for Corbyn most certainly has praised the country's activities. Mark Weisbrot was vocal in the US in praise of Chavez and to some extent Maduro as well: so, what's the actual outcome of this?
Well, not all that good. We've all heard of the shortages, of toilet paper, of food. And now we've a calculation of the inflation rate in Venezuela: an eyepopping 808%. There is something of a difficulty with this calculation, this is true. We can't directly observe the inflation rate as no one at all is keeping the usual proper and accurate records of what prices are in the country. The last time the government did so was back in 2014 which is all a bit out of date. So, we need to look at a proxy and black market exchange rates do that for us nicely.