Tuesday, November 12, 2013

How to Destroy Your Economy

In one easy step.

Venezuela becomes an Ayn Rand caricature. From Tyler Cowen:

USA Today: Thousands of Venezuelans lined up outside the country’s equivalent of Best Buy, a chain of electronics stores known as Daka, hoping for a bargain after the socialist government forced the company to charge customers “fair” prices.

…Members of Venezuela’s National Guard, some of whom carried assault rifles, kept order at the stores as bargain hunters rushed to get inside.

“I want a Sony plasma television for the house,” said Amanda Lisboa, 34, a business administrator, who had waited seven hours already outside one Caracas store. “It’s going to be so cheap!”

…The president, who took over from Hugo Chávez in April 2013, appeared on state television Friday calling for the “occupation” of the chain, which employs some 500 staff.

“This is for the good of the nation,” Maduro said. “Leave nothing on the shelves, nothing in the warehouses … Let nothing remain in stock!”

…Daka’s store managers, according to Maduro, have been arrested and are being held by the country’s security services. Neither Daka nor the government responded to requests for comment.

- See more at: http://marginalrevolution.com/marginalrevolution/2013/11/who-is-juan-galt.html#sthash.bHfu4PS3.dpuf