Comments by "Jack Haveman" (@JackHaveman52) on "Media EXPOSES Bernie Sanders' RACIST Past, Ok Its An Obvious Smear But He's Unfit For Office Anyway" video.

@ninaenglerina Venezuela's oil industry accounts for 25 percent of its GDP and 95 percent of its exports. The oil industry, in Venezuela, was nationalised back in the late seventies. What the politicians did was is to keep promising the oil profits to social programs to its citizens in return for votes. This meant that the oil industry didn't have the money to hire the best technicians, update its equipment, engage in research and development or to train the next generation of oil workers. Couple this with fixing the prices of goods and all the companies, both private and public, were unable to set prices for their goods so they could make a profit. That's why store shelves are empty. Store owners were buying products to sell that cost more to buy than what the government would allow them to sell them for. When the stores could no longer maintain their business at a profit, the government nationalised them and it just spiralled downward until it became the mess it is now. It's not just that Venezuela has no privately owned businesses. It's that their government sets the policies for the businesses and won't allow them the freedom to operate so they can show success in their dealings. The government may not own the business but they control them. That's why the failure of the Venezuelan economy.
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