Venezuela fails to repeal supply and demand

It’s a case study suitable for a basic economics textbook: Hugo Chavez’s regime in Venezuela imposes price controls on toilet paper. Production of toilet paper plummets as producers decline to produce it at a loss, causing a severe shortage. The regime then nationalizes toilet paper production.

It’s sad watching Venezuela’s death spiral play out. If toilet paper is being nationalized, we can’t be far from the instigate-a-war phase now.

POSTSCRIPT: Of course, somehow it’s all America’s fault.

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