WASHINGTON, July 19, 2017 — Ruperta is symbolic of the disastrous happenings in democratic socialist Venezuela. She is an African elephant who was once the prize attraction at the Caricuao Zoo in the capital city Caracas.
Like the people of her adopted nation home, Ruperta stands gloomily in her prison paddock, emaciated and starving, as vultures circle overhead.
Over the years, the Venezuelan government has expelled numerous U.S. diplomatic personnel for allegedly aiding “fascist” plots to murder socialist President Nicolas Maduro and for undermining his fine-tuned socialist command economy.
And we are supposed to believe these plots were hatched by the man who famously said, “When you spread the wealth around, it’s good for everybody,” President Barack Obama.
What destroyed democratic socialism for Maduro, and to a lesser extent for Obama?
The “invisible hand” of capitalism.
While President Obama blocked the Keystone XL Pipeline, which stopped Canadian crude from flowing into the United States, the nationalization of Venezuela’s economy by its socialist government began to trigger today’s economic crisis.
But as economist Adam Smith wrote in 1776,
“By pursuing his own interests, he [the capitalist entrepreneur] frequently promotes that of the society more effectually than when he really intends to promote it. I have never known much good done by those who affected to trade for the public good.”
In other words, socialists fail time and again to bend economic reality for the benefit of “the public good,” while self-interested capitalist pigs, who don’t give a fig for the public good, are the general public’s greatest benefactors.
For around a decade, a growing number of U.S. states have come to engage in fracking – a process by which oil is extracted from deep underground by injecting liquid under high pressure.
A loophole in U.S. environmental law prevents Washington’s regulatory busybodies from stepping in and blocking fracking, as Obama did with the XL Pipeline. And the U.S. Constitution’s Fifth Amendment protects private property from outright government confiscation, as is done in socialist Venezuela.
In June of 2008, oil prices reached a staggering $129.62 a barrel thanks to the price fixing of OPEC, of which socialist Venezuela is an original member.
And that is when Adam Smith’s “invisible hand” came into play. People pursuing their “own interests,” not giving a single thought to the public good, began fracking for black gold.
In time, their greed – self-interest – created a glut in the globe’s oil supply, driving down prices and alleviating the financial hardship on families around the world brought on by the Great Recession.
Hovering today around $45 a barrel, oil prices are at their lowest in years thanks to the uncaring “invisible hand” of self-interested, fracking capitalists.
In Venezuela, a nation ruled by democratic socialists claiming to fight for the public interest, they recently enacted an emergency measure to raise revenue by increasing gas prices for its starving people.
It’s a monumental failure you won’t hear democratic socialist Sen. Bernie Sanders or his deluded followers discussing, although it’s clearly the emaciated elephant in the room.