Dead Wrong® with Johan Norberg - Why Venezuela Collapsed

Don’t blame socialism for Venezuela’s horrors. It’s just that the oil price collapsed, so obviously an oil dependent country couldn’t afford imports and all that spending. Dead Wrong®. Collapse is a strong word, as a matter of fact it’s not even the correct word. Find out why from Free To Choose® Media Executive Editor and Cato Institute Senior Fellow Johan Norberg.
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[@LesPaul2006]

Other countries like Colombia and Ecuador also rely heavily on oil revenues, and they're not gulags today.

[@2meters2]

Thank you, Johan. Somebody had to tell the truth !

[@legendre007]

Thank you for edifying people about what has been going on!

[@Napoleon4778]

I did not understand. Why wasn't USD 1000 bn enough to invest in the oil sector?

[@ExPwner]

Hell yes!

[@MikeD-lr3ev]

Didnt they have to pay China back in oil?

[@LesPaul2006]

And gold.

[@ronmsimmons]

Right on.....

[@PeterQuentercrimsonbamboo]

Good one! Let's see if anyone can find any reasonable argument against those facts!

[@inowhy1930]

You’re so charismatic! That’s good news for free markets!!

[@RonaldReaganRocks1]

I was dying to hear Johan's take on this! What do you say, Johan to refute the idea that sanctions against the Venezuelan economy caused the starvation? Also, you have reached peak hair.

[@1maxruss]

Not exactly "dead wrong." More like "sometimes wrong." Plus, which politicians are _not_ "unreliable and unprincipled"?

[@royklopfenstein5278]

The socialist technology rusted away.

[@dantepastro8465]

You look good talking but please do not skew the data. The average oil prices per barrel during the "whole" time Chavez was in power was about 30% higher than the period after until the present, world inflation adjusted and not as you say. (ref. inflationdata.com/articles/inflation-adjusted-prices/historical-crude-oil-prices-table/) Also, having lived in Venezuela from 1950 to 1975 and gone to school there, I don't recall Venezuela being a food exporter from WWII onward. But, I agree with your general message you are conveying. I have a very good image of Swedes in my head. Please, don't spoil it.