Venezuela President Nicolas Maduro admitted his socialist economic model, which brought death to countless millions in the twentieth century, has “failed” in the wake of critical food and medicine shortages.
His stunning admission in Caracas coincided with the capital city’s paralysis – with public transportation non-existent and 80 percent of its two million residents without power.
France 24 reports:
“The production models we’ve tried so far have failed and the responsibility is ours, mine and yours,” Maduro told his ruling PSUV party congress, as Venezuela looks to tackle chronic inflation the International Monetary Fund predicted would reach one million percent this year.
“Enough with the whining… we need to produce with or without (outside) aggression, with or without blockades, we need to make Venezuela an economic power,” he added late Monday, with the country grappling with a four-year-long recession.
“No more whining, I want solutions comrades!”
The socialist government has over recent years nationalized various industry sectors such as cement and steel, expropriated hundreds of businesses, including supermarket chains, and lately brought in the army to control street markets to guard against rising prices.
Of course, Maduro didn’t solely blame himself. He also singled out a convenient scapegoat: the purported “economic war” waged by the United States.
AAN Staff
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