LATE-STAGE SOCIALISM: Venezuela, China, Russia – Oh My.

Venezuela has the largest known reserves of oil in the world, and in 1950 had the fourth largest Gross Domestic Product in the world and second highest GDP per capita. Venezuela’s economy was six times the size of China, and as late as 1982, they were still the largest GDP in South America. However, by 2017 Venezuela’s per capita GDP had shrunk back to levels last seen at the turn of the century, and they continue to shrink in spite of its impressive oil reserves.

“Bad luck.”

But: “With their eye on both Venezuela’s oil riches and the ability to project short-and medium range missile threats to the United States from the Caribbean country, China and Russia have been sending billions of dollars to prop up the Maduro madness.”

What nasty regimes, all three of them.