Venezuela's Maduro Admits Socialist Model Has Failed

Venezuela's President Nicolas Maduro admitted that his socialist economic model has "failed" amid food and medicine shortages as well as a failing infrastructure highlighted by Tuesday's power failure to 80% of Caracas. 

Compounding matters is the IMF's Weimar-topping hyperinflation forecast of 1,000,000% by year end, and a GDP set to plummet 18% this year, as the government continues to simply print money to in hopes of filling the void of what was once the country's economy.

"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. "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."

"No more whining, I want solutions comrades!"

No word on whether he took a bite of an empanada during his speech while his country starves on the "Maduro diet" - a phrase coined after Venezuela's notorious food shortages gave rise to mass starvation across the country. Not even the donkeys are safe. 


Venezuela's socialist government has nationalized a wide swath of industries across the country over the past several years, such as steel and cement plants, food processing, distribution and more. In order to try and control inflation, the country has fixed prices on various goods while imposing tight regulations surrounding foreign exchange. 

"I estimate it will take about two years to reach a high level of stability and see the first symptoms of new and economic prosperity, without for one second affecting social security and protection," added the president.

Maduro plans to increase oil production to "six million barrels a day by 2025 or before," amid a crash in output from a high of 3.2 million barrels a day in 2008 to just 1.5 million this year, a 30-year low. Venezuela's crude oil sales comprise approximately 96% of the country's revenue. 

The economic crisis has hit so hard that the public transport system has almost ground to a halt, with the government and local councils offering free rides in unsafe and uncomfortable pick-up trucks -- branded "kennels" by users -- after many bus service providers couldn't afford to keep their vehicles on the road.

Maduro, who blames Venezuela's woes on an "economic war" waged by the United States, called on PSUV supporters to help kick-start production and resist US "aggression." -France24

Washington, meanwhile, has imposed financial sanctions against Maduro's government, along with state-owned oil company PDVSA.  

Meanwhile, Venezuela's industrial sector is operating at just 30% capacity, as illustrated by the farming sector, which now provides just a quarter of national consumption, after providing 75% just a few years ago according to the National Farmers Federation. 

This should all make for some interesting debate questions during the next US elections, as Democratic Socialists have become the "new face" of the left. Just don't ask any questions about economics or logistics...


Kokito carni Thu, 08/02/2018 - 08:17 Permalink

Exactly - The pictures in the article were take from @WellingMichael. Michael Welling, of Toronto Canada, is a member of the Zeitgeist Movement. Tablet Magazine called the movement "the world's first Internet-based apocalyptic cult, with members who parrot the party line with cheerful, rote fidelity."

This is what Maduro told to the III the PSUV party congress:
"The production models we've tried so far have failed and the responsibility is ours, mine and yours,"

"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 - No more whining, I want solutions comrades!"

Maduro is not saying that he is going to replace the socialist Bolivarian revolution with the capitalist system of the ruling 1% in the US, to the contrary, he told the PSUV congress that the failure of socialism is a consequence of the failure of the Bolivarianan revolution to break conclusively with capitalism and introduce a democratic, socialist, planned economy & that is what Maduro is planning to do in his next 6 years as president.

Once again Zero Hedge's fucking idiot Tyler Durden (who ever you are) is either working for the CIA international misinformation program against Venezuela or can’t hide their exaggerated hate towards the socialist system in Venezuela

ZH then repeats the same old right-fascist mantra: “Venezuela is on the verge of economic collapse and predicting the complete collapse of the political & economic system in Venezuela”. Their fucking predictions have always been proven wrong.

This is a hit piece and a US-led harassment, not to bring "democracy" to Venezuela as they preach but to steal the NATURAL RESOURCES that are under Venezuelan soil. The big hoax orchestrated by that bloody machine of the MIC in the USA

The US is the most corrupted & criminal government in the universe and Tyler Durden, you are a dumb MF & a stupid shit (who ever you are). Go fuck yourself.

In reply to by carni

Meat Hammer Kokito Thu, 08/02/2018 - 09:46 Permalink

Repeat after me...

Nobody owes you anything simply because you exist. 

If an ideology doesn’t have individual human rights and freedom at its core, nothing that is said to defend it even matters. The point is moot.

Taxation is theft, no matter your “good” intentions with the stolen money.

Freedom. Liberty. Nothing else.


In reply to by Kokito

hedgeless_horseman Kokito Thu, 08/02/2018 - 10:15 Permalink


Once again Zero Hedge's fucking idiot Tyler Durden (who ever you are) is either working for the CIA international misinformation program against Venezuela or can’t hide their exaggerated hate towards the socialist system in Venezuela

Why would TD want to hide his disdain for the socialist system in Venezuela?

fucking idiot: ad hominem

either or: false dilemma


In reply to by Kokito

silverer carni Thu, 08/02/2018 - 08:21 Permalink

Real socialism is when everybody beneath the top 0.5% is dead through starvation or execution, and the nice folks that engineered it all have put away all the supplies they will ever need for the next 150 years that was strip mined from the dead grunts over the past 50 years. They then have everything they will ever need for a lifetime, without having to work. Oh, the joy of it all! Too bad all those dead folks thought they'd be included. Nope. Sorry. You weren't in "the club".

In reply to by carni

roddy6667 Zero Point Thu, 08/02/2018 - 07:36 Permalink

You are truly are moron. China has not been communist since 1978. It is "socialism with Chinese characteristics", or market socialism, as some call it. Where do you get the idea that success and progress is only for the "connected few"??? ALL classes have benefited. The poor have come the farthest. The middle class is now 54% of urban areas and of course, the rich get richer. The American middle class gets smaller every day. It now has backslid to 1967 levels of purchasing power.

"Total dystopia"??? You are a moron. I live here. It is the farthest thing from that. The government has struck a balance in the distribution of wealth. There is plenty of reward for capitalism to work. It works well, better than in America. The government does not have to remind the people that they are better off than last year and ten years ago. Everybody knows that. Nothing is more powerful in avoiding political unrest than that. In America the profits go to the top 5% or to supporting military bases in 130 countries and wars in seven. alf the country hates the other half.

Every day I hear Americans, living in their failed version of capitalism that rewards only the top 5%. They have never been to China and only know what the American media feeds them for propaganda. Strange, people who live in the socialist dystopia actually accusing others of the same thing.


1. Get a passport

2. Go to China and see for yourself


In reply to by Zero Point

roddy6667 Smurfet Thu, 08/02/2018 - 22:50 Permalink

You sit on the other side of the planet and you think you know about what goes on 7000 miles away. WTF? You "read books". Wow!. You read books. Now you know everything. You are like the three blind men trying to describe an elephant. One is holding his trunk and says that it is like a hose. Another has his hands on the animal's side and says it is like a wall. The third is holding the tail and says an elephant resembles a rope. You know less than the blind men. 

You have never been to China or talked to the people there. You have never experienced everyday life or seen what it is like for the average person. You have never been in Chinese people's houses and dined with them in big cities and very rural locations. In other words, you know nothing, except watered down third hand propaganda supplied by US government approved media.


In reply to by Smurfet

Grimaldus roddy6667 Thu, 08/02/2018 - 08:16 Permalink

So, when are the free elections scheduled in China?

You only have what the communist totalitarians want you to have dude. The Communist party ruling elite pirates desperately cling to power and will kill millions to keep it---- without blinking an eye.

Don't kid yourself.

Embrace the commie suck--oh wait, you have! My bad.





In reply to by roddy6667

FishOn roddy6667 Thu, 08/02/2018 - 13:07 Permalink

Where do these trolls come from?? My client is a chemist who lived in Beijing for ten years, but working on a joint venture. He go screwed by the communists.


You remind me of troll idiots who defended Chavez s 21 century socialism. Didnt matter to them what my Vz nationals comments where. They said i was lying. In retrospect they looked as smart as sean penn jessie Jackson michael moore danny glover et all.

tell us douche How did Vz go from second highest living standard in western  hemisphere to the worst???

In reply to by roddy6667

Dr. Bonzo FishOn Thu, 08/02/2018 - 15:15 Permalink

Give him a break. RoddyRodRodRodRodRodRod only moved to Asia few years ago. Since then he's appointed himself residential Asia expert. He's still firmly in his "honeymoon" stage, that stage of complete oblivion that most whiteys suffer through when they first arrive in Asia and everything is wondrous and exotic and dazzling and spiffy and zipbang awesomesauce.

You know what's really funny? He doesn't even know it yet, but he'll come around. Prolly take a while since he's retired and his interactions are severely curtailed to doing whatever the fuck he pleases and doesn't have obligations that force him to deal with the real intricacies of Asian culture.

But he'll come around eventually.

In reply to by FishOn

roddy6667 Dr. Bonzo Thu, 08/02/2018 - 23:00 Permalink

I have been visiting here since 2009. Besides living here, I do interact with a lot of people. I volunteer teach and meet and socialize with a LOT of parents. I travel extensively in mainland China. Because of a large family here in China, I seldom have to travel as a tourist. I often go by car and stay in peoples' houses. I can stay in any hotel, not just the ones approved for tourists. I see the China that the tourists don't see. I have lots of relatives who are just ordinary blue collar people and I am part of their lives. I spend time with them and their children. About half of them are successful entrepreneurs and I see what it takes to make it in the field. I babysit my granddaughter 13 hours a day 5X a week with all the other local yeye's and nainai's. It's the Chinese way.
The good DR lives in Hong Kong, not mainland China. It is very different. There is a wall between HK and the mainland, with armed guards and razor wire. To pass between you have to go through customs. In Honk Kong they have a different language, different passports, different money, different laws, and drive on the wrong side of the road. I go there twice a year because it is so different. It is not mainland China.

Dr. Bonzo pretends he is in China when he is not. He never makes statements based on personal experiences, just URL's by other people. He depends on Youtube videos.  He is a bitter old man who drinks too much with an agenda and an axe to grind. He loves to point out couple of bloggers he likes as being representative of ALL of China. What a sad man.  

In reply to by Dr. Bonzo

Dr. Bonzo roddy6667 Fri, 08/03/2018 - 10:15 Permalink

Dude... I never pretend to be anything I'm not, or be anywhere I'm not. What's the point? I don't even get it. You keep assuming all sorts of shit. Go ahead and keep slandering me. It's cool. Says more about you than it does about me.

Hey Rod-man, one day the honeymoon wears off. It does for everyone. It's an inevitable psychological development. We'll be there for you when it does. Fight the inevitable, that's okay too. It's like fighting gravity, or old age.

I live in Hong Kong you assume I've never been to China or don't know any Chinese? Again... all your assumptions... staggering.

I provide Winston's links because I happened to stumble across him one day and his site is interesting and I find that he and Matthew share a very similar view of the China I've gotten to know over the last 20 years. He lays it out in short, simple, easy-to-grasp videos that even a simpleton can grasp. Like his stuff. Link it. Done. You've got any links, by all means share. Please. Share. Show us the money bruv.

You stick to your guns and sorry to burst your China fantasy with a different opinion. Gentlemen would say, let's just agree to disagree, but you want to keep harping that commie shit about people grinding axes and shit and I've noticed your proclivity to talk down to everyone on that high pony of yours. Have at it Rod-man.

You keep fighting the good fight buddy. Next time LiT is in town, let us know we can sit down have some drinks and you can lay into us about what a human heaven-on-earth it is north of the border in that charnel house they built on top of 40 million corpses. I'd laugh my ass off listening to you spinning those yarns. All the better over cold beers.

Love and kisses buddy!!!!

In reply to by roddy6667

nmewn Boris Alatovkrap Thu, 08/02/2018 - 06:51 Permalink

"No more whining, I want solutions comrades!" - Maduro

lol...sounds like he's giving orders to his centralized command & control ekonomy. He should try the softer, ObaMao-style socialism where he tells a room full of blue ribbon Marxists to form up into groups of 3-4 per table to hashout their best ideas, then report back to him in a month or so with their plans so he can personally choose one.

That gives Maduro the opportunity to pursue some of his other goals like maybe, the Nobel Peace Prize or have his government spy on his political opponents or perhaps subsidize a few moar Venezuelan oligarchs trying to break into the solar panel & electric car biz.

Or sumpin ;-)

In reply to by Boris Alatovkrap

Dilluminati nmewn Thu, 08/02/2018 - 07:09 Permalink

I read this and think.. Baltimore, Detroit, and many other democratic plantations are "failed" as they spend more taxes than they generate, produce less (with or without the real or imagined benefits of globalism).  And to be succinct.. the globalists are also in the same camp they just want a larger plantation.   Failed nation states coming to you.   The Neville Chamberlain's cry as an example over meddling in politics.. as if that is something new.. or a plastic gun.. or whatever, and they seem to ignore Nationalist Chinese Communism or North Korea where all the pretext of freedom is abandoned.. socialists are cuckolds to the tyrants, they make the bed for the final act.  

Plastic firearms are only frightening to those who would deprive you to a point of utilizing it.. that is why they call it a peacemaker.

Reality and logic are something the socialist ignores, they emote and when things go bad from simply bad management do the Maxine dance and call for violence.  


In reply to by nmewn

Joe A Thu, 08/02/2018 - 04:18 Permalink

Democratic Socialists of America, take note unless of course your goal is to become a select group of happy few while the rest starves.

shovelhead HRH of Aquitaine 2.0 Thu, 08/02/2018 - 07:50 Permalink

Stealing businesses from people who know how to produce and giving them to a committee of illiterate peasants to run just seems like the logical way FORWARD------}

See? It's fair...Nobody makes a profit, because nobody makes any goods to sell either.

The brilliance of Socialism is that you can admit you failed, so you need more theft to correct the situation.

In reply to by HRH of Aquitaine 2.0