In the era of relative market freedom, many of Venezuela's best years were during times of low oil prices. Trying to blame Venezuelan socialism's failure on oil prices only highlights how fragile economies are without markets.
Global EconomySocialismCapital and Interest Theory
Oil prices did not cause the Venezuelan crisis. Nor can oil now be its cure.
Global EconomyMoney and BanksMoney and Banking
The future of Venezuela is grim. International reserves will be depleted, monetary expansion will not pay the deficit, and inflation will continue.
As planned by Chavez, barter is indeed replacing currency transactions throughout the economy but with hardly the results the late socialist envisioned.
Media and CultureStrategyU.S. History
Money and Banks
In this 40-minute presentation, Nomi Prins explains the cronyism and secret dealings of central banks.
Calculation and KnowledgeHistory of the Austrian School of EconomicsPrices
If a currency can't be converted on demand into the underlying commodity, it's not "backed" by that commodity.