Tuesday, December 08, 2015

Bad economies equals bad month for socialism in South America

Two weeks ago, the people of Argentina made a peaceful turn to the right. President-elect Macri will take over this week and he is already sending some very different signals, from Iran to better relations with foreign investors. Argentina’s reputation suffered a lot under the populist and irresponsible policies of Mr & Mrs. Kirchner.
Yesterday, Venezuela made a sharp turn away from “Chavizmo”.
The turnout was huge, according to news reports. The final results put the opposition somewhere between 99 and 110 in the 167-seat legislature. The government tried to keep some polls open but it was not enough to erase the massive anti-government vote.
Maduro will continue to be president. However, the opposition could expose the corruption and may even call for his removal. It takes 4 million signatures to demand a referendum and recall him. (via Fausta’s blog)
What fed the anger in these two countries? The answer is a lousy economy in Argentina and “toilet paper” shortages in Venezuela. (Hotels are asking visitors to Venezuela to bring their own toilet paper)
Socialism has not been good for Latin America. It has created bloated governments, corrupt public sector unions, crony capitalism, and high taxes. The net result is underachieving economies and capital flight.
Congratulations to our friends in Venezuela. They put a fatal dagger in that corrupt thing called “Chavizmo”.   
Look for Brazil to go next. They have the same problems of bloated bureaucracies, corruption and a leftist president who may be impeached soon.   
Feliz Navidad will be a lot more fun to say this Christmas!
P.S. You can listen to my show (Canto Talk) and follow me on Twitter.

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