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GM quits Venezuela amidst violence

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Really not surprising considering the conditions under which Venezuela has been in the last couple of decades.

In fact, the biggest surprise is that it took this long for it to happen....  

I played college basketball with a guy from Venezuela.  This was back in the 80's and although his country was not "First World" then, I doubt many would have been so eager to vote in Hugo Chavez in the late 90's knowing just how much it would slip in the ensuing years.  "All the oil in the world" under their feet and Socialism/Communism still has its expected result.

Edited by lengnert
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Two issues: Chavez took over when oil was $10 a barrel and the populace was looking for a populist.  Chavez dies before his "revolution" breaks down and his successor refuses to take responsibility and just leave office and the country.  Socialism has failed there.  Moreover, if Venezuela had NO OIL whatsoever, the people would be better off because the government would not waste their time trying to paw off bad policy under the guise of high oil prices.

Venezuela: another case of the resource curse, especially when the government owns it.  It is better when Exxon Mobil and not PDVSA owns the oil; at least Exxon Mobil will not screw it all up.  Still no substitute for privatization and private enterprise.

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