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Posts Tagged ‘Statism’

In TV debates, I’ve asserted that folks on the left are “neurotic” and “guilt-ridden.” And I shared a make-believe divorce agreement that exploited every negative stereotype about left wingers.

So I’m not averse to philosophical mockery, at least if it’s done with humor rather than malice.

As you might imagine, this is a two-way street. Folks on the other side make fun of libertarians quite frequently.

And not always with a smile. According to one leftist academic, we are borderline autistic.

Speaking at New York City’s Unitarian Church of All Souls…, MacLean…answered an audience member’s question about the motivations of the late economist James Buchanan, whom she considers to be one of the founders of libertarianism. In response, she suggested that Buchanan might have been on the “autism spectrum.” “It’s striking to me how many of the architects of this cause seem to be on the autism spectrum,” she said an hour into the talk. “You know, people who don’t feel solidarity or empathy with others and who have difficult human relationships sometimes.”

I don’t know anything about how autism is measured, so I can’t agree or disagree with her assertion. Though I’m tempted to reflexively disagree because MacLean’s book on Buchanan was incredibly shoddy.

But I will admit that libertarians can be a bit dorky. Heck, I’ve specifically shared humor noting our nerdy tendencies.

Moreover, Jonathan Haidt, who is a serious and non-shoddy academic, has done some work quantifying the libertarian psyche.

We’ve been deluged in recent years with research on the psychology (and brain structure) of liberals and conservatives. But very little is known about libertarians — an extremely important group in American politics that is not at home in either political party. …In a project led by Ravi Iyer, we analyzed data from nearly twelve thousand self-described libertarians, and compared their responses to those of 21,000 conservatives and 97,000 liberals. …The findings largely confirm what libertarians have long said about themselves, but they also shed light on why some people and not others end up finding libertarian ideas appealing. Here are three of the major findings:

Here’s how libertarians score on “moral values”.

Libertarians match liberals in placing a relatively low value on the moral foundations of loyalty, authority, and sanctity (e.g., they’re not so concerned about sexual issues and flag burning), but they join conservatives in scoring lower than liberals on the care and fairness foundations (…e.g., they don’t want a welfare state and heavy handed measures to enforce equality). This is why libertarians can’t be placed on the spectrum from left to right: …They really do put liberty above all other values.

Here’s how they score on “reasoning and emotions”.

Libertarians have the most “masculine” style, liberals the most “feminine.” We used Simon Baron-Cohen’s measures of “empathizing” (on which women tend to score higher) and “systemizing”, which refers to “the drive to analyze the variables in a system, and to derive the underlying rules that govern the behavior of the system.” Men tend to score higher on this variable. Libertarians score the lowest of the three groups on empathizing, and highest of the three groups on systemizing. …On this and other measures, libertarians consistently come out as the most cerebral, most rational, and least emotional. On a very crude problem solving measure related to IQ, they score the highest.

And here’s what characterizes libertarians on “relationships”.

Libertarians are the most individualistic; they report the weakest ties to other people. They score lowest of the three groups on many traits related to sociability, including extroversion, agreeableness, and conscientiousness. They have a morality that matches their sociability – one that emphasizes independence.

In other words, based on the final category, maybe there is some truth to the stereotype that we’re introverted, disagreeable, and self-centered.

I don’t know if that means we are more likely to be autistic, but dorkiness might be a semi-fair insult.

But folks on the left should be careful about stereotyping since they have vulnerabilities of their own.

Here’s a story from the U.K.-based Times, for instance, on how leftists are more likely to be weaklings.

A study has found that weaker men are more likely to be in favour of redistributive taxation. …That is one interpretation of research by academics from Brunel University, who assessed 171 men for how buff they were – looking at strength, bicep circumference, weight and height. Writing in the journal Evolution and Human Behaviour, they found that those men who looked more formidable were…much less likely to back policies that redistribute wealth. Michael Price, from Brunel University London, said that this fitted with some of the predictions of evolutionary psychology. …“Our minds evolved in environments where strength was a big determinant of success. If you find yourself in a body not threatened by other males, if you feel you can win competitions for status, then maybe you start thinking inequality is pretty good.” The question was which way did the relationship go? Were men who were naturally strong also more likely to be less egalitarian – calibrating their morals to fit their abilities? Or was it that men who were less egalitarian felt more need to go to the gym, unconsciously believing they needed the strength in order to reach a better place in a red-in-tooth-and-claw social hierarchy? When Dr Price factored in time spent in the gym some, but not all, of the link disappeared – implying some truth to the second explanation.

For what it’s worth, I shared a similar story on this kind of research back in 2012.

There’s also academic research indicating leftists are not as attractive.

The researchers claim that never before has the effects of physical attractiveness on politics been examined on this level and that there is “good reason to believe that individuals’ physical attractiveness may alter their political values and worldviews”. They said that their findings prove attractive people tend to lean towards the right because they have better social skills and are more popular, competent and intelligent due to the “halo effect”… Writing about their findings in the Politics and Life Sciences journal published in December 2017, the pair said that on average, hotter people have an easier life so don’t see the need for more welfare, aid and government support, unlike their left-wing counterparts.

And there’s more than one study reaching this conclusion.

A recently published study in the Journal of Public Economics concludes that the attractiveness of a candidate does correlate with their politics. They find that politicians on the right are more good looking in Europe, the United States and Australia. The study shows correlation, not causation, but the researchers float a simple economic explanation for why this might happen. Numerous studies have shown that good-looking people are likely to earn more, and that people who earn more are typically more opposed to redistributive policies, like the progressive taxes and welfare programs favored by the left. The researchers also offer a more general psychological explanation for the trend: That good-looking people are often treated better than others, and thus see the world as a more just place. Past studies have found that the more attractive people believe themselves to be, the lower their preference for egalitarianism, a value typically associated with the political left.

For what it’s worth, the three articles I just cited don’t reflect well on folks on the left, but conservatives shouldn’t feel good either since the research sort of implies that they’re entitled and arrogant jerks.

It’s unclear where libertarians score on these measures.

Incidentally, there is research on how attractiveness means higher earnings and some folks actually think government should somehow intervene to compensate for “lookism.”

Now let’s shift from soft science to hard science. A 2012 study from Trends in Genetics advances the hypothesis that ideology and values may be hard-wired.

…we review the ‘genetics of politics’, focusing on the topics that have received the most attention: attitudes, ideologies, and pro-social political traits, including voting behavior and participation. …there has been a recent shift in perspective by both life and social scientists that emphasizes the interplay between genes and the environment, and gene–culture coevolution, which has proven more accurate than any position favoring either nature or nurture. It is against this background that a growing movement has begun to address the substantial, but not exclusive, role of genetic influences in the manifestation of political differences. …These findings are summarized in Figure 1, which shows that genetic influences account for a substantial proportion of individual differences in political traits.

And here is Figure 1, which shows that genetics (the blue bars) matters a lot for certain things like overall ideology and doesn’t matter at all for other factors such as party identification.

By the way, I have no way of judging whether this is good science or bad science, and I don’t even know if the results are positive or negative from a libertarian perspective. I’m simply sharing the results because they’re potentially illuminating/interesting.

Let’s close with some research that teases out some differences between libertarians (or “economic conservatives,” which I assume is a proxy) and other groups.

Here’s some academic research on attitudes about science.

It is frequently asserted that conservatives exhibit a cognitive style that renders them less well disposed toward science than progressives, and that they are correspondingly less trusting of scientific institutions and less knowledgeable about scientific ideas. Here we scrutinize these assertions, using data from the U.S. General Social Survey. We distinguish between three different definitions of ‘conservative’: first, identifying as conservative, rather than as liberal; second, holding socially conservative views, rather than socially progressive views; and third, holding economically conservative views, rather than economically leftist views. We find that self-identified conservatives and social conservatives are less scientifically literate and optimistic about science than, respectively, self-identified liberals and social progressives. However, we find that economic conservatives are as or more scientifically literate and optimistic about science than economic leftists.

In other words, folks that lean more libertarian rank at the top in terms of knowledge and attitudes.

And here’s an article about underlying value systems.

Political battles in the US are often portrayed as a clash between “bleeding heart” liberals and “pull yourself up by your bootstraps” conservatives. …Scientists are beginning to zero in on a few key differences in the ways that people on opposite ends of the political spectrum react to stimuli. …A study published in the journal Behavioural Brain Research in January suggests that you might be able to tell whether someone is liberal or conservative simply by the way they react to pictures of gross things like blood, feces or vomit. The authors found that socially conservative students will physically look away from “disgusting” images more quickly than their liberal peers (but the same didn’t hold true for people with fiscally conservative beliefs). …There’s also evidence that the areas of the brain that process and express fear are more active in conservative voters, which might make them more likely to quickly turn away from something that could make them sick. …New research on compassion is de-bunking the myth that liberal voters might inherently be more empathetic and kind-hearted people than conservatives.

Since folks on the right donate more than folks on the left, I’ve always thought the stereotype about generous leftists was absurd.

As “Libertarian Jesus” teaches, you’re not supposed to be charitable with other people’s money.

But what I noticed in the article was the difference between fiscal conservatives (presumably more libertarian?) and general conservatives. We may be allies on some issues, but we’re not the same (though I’m not sure why anyone would want to look any longer than necessary at pictures of blood, feces, and vomit).

My last item is a video exploring the research of Haidt and others on libertarian values.

Haidt isn’t a libertarian, but his research (which I’ve cited before) seems honest and rigorous.

My goal in all this is to figure out how nerdy libertarians can be more persuasive.

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It’s now a pattern. I’ll come across a soul-sapping story about terrible suffering caused by statism in Venezuela and I think the country has hit rock bottom. Such as back in September, when I read about people literally starving.

But then I will read another report about incredible misery and realize that the socialist regime is even worse than I thought. Such as back in December, when I read about economic deprivation ruining sex for the women of the country.

And then I find another horrifying example of how big government destroys lives and I’m forced to reconsider the definition of failure. Such as last month, when I read about criminal gangs using food to recruit children.

Despite this pattern, I’m going out on a limb and asserting that nothing possibly could be worse than this Washington Post story of Venezuelan parents giving up their children because they can’t afford to feed them.

In September, her mother left her at a subway station with a bag of clothes and a note begging someone to feed the child.  Poverty and hunger rates are soaring as Venezuela’s economic crisis leaves store shelves empty of food, medicine, diapers and baby formula. Some parents can no longer bear it. They are doing the unthinkable.  Giving up their children. …it was a challenge to actually meet the tiniest victims of this broken nation. My requests to enter orphanages run by the socialist government had gone unanswered. One child-protection official — warning of devastating conditions, including a lack of diapers — confided that such a visit would be “impossible.” …A child-welfare official in El Libertador — one of the capital’s poorest areas — called the situation at public orphanages and temporary-care centers “catastrophic.”  “We have grave problems here,” said the official, who spoke on the condition of anonymity out of fear of reprisals from the authoritarian government.

Fortunately, there are still some private facilities that help families.

But even though such institutions are run more efficiently and compassionately, it’s still a tragedy that they have to exist. And the stories the reporter uncovered are heartbreaking.

“I didn’t know what else to do,” said Angélica Pérez, a 32-year-old mother of three, near tears. …she showed up at Fundana with her 3-year-old son and her two daughters, ages 5 and 14. She lost her job… Her plan: leave the children at the center, where she knew they would be fed, so she could travel to neighboring Colombia to find work. She hoped she would eventually be able to take them back. Typically, children are allowed to stay at Fundana for six months to a year before being placed in foster care or put up for adoption. “You don’t know what it’s like to see your children go hungry,” Pérez told me. “You have no idea. I feel like I’m responsible, like I’ve failed them. But I’ve tried everything. There is no work, and they just keep getting thinner.

Here’s another incomprehensibly sad example.

For many Venezuelan families, hunger presents an excruciating choice.  I met Dayana Silgado, 28, as she entered Fundana’s new food center for parents in economic crisis. Silgado seemed drained. The shoulder blades on her thin frame protruded from her tank top. In November, she surrendered her two youngest children to Fundana after losing her job… At the center, she knew, they would get three meals a day. Fundana’s home for children did not accept older kids, so Silgado was still trying to feed her two eldest — ages 8 and 11 — at home. …After eating dinner, Silgado said, her children tell her, “Mom, I want more.” “But I don’t have more to give,” she said.

What a terrifying awful country.

Shame on Bernie Sanders. Shame on Joe Stiglitz. Shame on every leftist who offered support for the evil government of Venezuela.

Since we’re on the topic of that despotic regime, here are a few additional stories that are worth a mention.

We’ll start with a lesson about inflation.

Street vendors in Venezuela are weaving baskets from banknotes after 13,000 per cent inflation rendered them practically worthless. …Cash is worth so little there bank notes are often seen littered on the streets. …street seller Wilmer Rojas has found a use for them. …The 25-year-old is selling origami-style handbags, purses, hats and baskets – all made out of money. …Mr Rojas, a father-of-three, said: ‘People throw them away because they are no good to buy anything. …These things are no good for buying anything. At least I am putting them to good use rather than throwing them away.’ …Jose Leon, a 26-year-old designer, draws the faces of Star Wars characters over the image of Simon Bolivar and other famous Venezuelans pictured on the notes. Foreign customers pay him up to £14 ($20) for each piece of ‘money art’, which he said increases the note’s value by nearly 5,000 per cent.

Wow. I periodically gripe about the Federal Reserve, but I guess I should consider myself lucky.

Now let’s look at our next story. Rather than weave money, some Venezuelans have turned to crime.

When he set off at sunset from the town of La Grita in western Venezuela on his 900-km (560-mile) journey, Aguilar knew he was taking his life in his hands. With hunger widespread amid a fifth year of painful economic implosion under President Nicolas Maduro, Venezuela has seen a frightening surge in attacks on increasingly lawless roads. Just a few days earlier, Aguilar said he sat terrified when hundreds of looters swarmed a stationary convoy, overwhelming drivers by sheer numbers. They carted off milk, rice and sugar from other trucks but left his less-prized vegetables alone. “Every time I say goodbye to my family, I entrust myself to God and the Virgin,” said the 36-year-old trucker. …looting of cargoes on roads has soared in Venezuela in recent times and appears…directly linked to growing hunger and desperation among the population of 30 million. …“The hunger and despair are far worse than people realize, what we are seeing on the roads is just another manifestation of that. We’ve also been seeing people stealing and butchering animals in fields, attacking shops and blocking roads to protest their lack of food. It’s become extremely serious,” said ORC director Oswaldo Ramirez. …The dystopian attacks in a country with one of the world’s highest murder rates are pushing up transport and food costs in an already hyperinflationary environment, as well as stifling movement of goods in the crisis-hit OPEC nation.

Given these horrifying condition, is it any surprise that people are doing whatever they can to escape the socialist hellhole of Venezuela?

Thousands of desperate Venezuelans are trying to enter Colombia in a bid to escape the hunger and soaring crime rate caused by the spiralling economic crisis. Incredible pictures show the mass exodus of refugees crossing the Simon Bolivar international bridge trying to flee the political crisis threatening to engulf Venezuela. Colombia – along with its neighbour Brazil – has sent extra soldiers to patrol their porous border with the country after officially taking in more than half a million migrants over the last six months of 2017. …In a visit to a border city at the epicenter of Colombia’s mounting migration crisis, President Juan Manuel Santos on Thursday announced new measures that could make it more difficult for Venezuelan migrants to cross into the country illegally or remain there without any official status. ‘Colombia has never lived a situation like the one we are encountering today,’ Santos said. Migration into Colombia has surged as Venezuelan President Nicolas Maduro has moved to consolidate his rule and the nation’s economy plummets. Colombia migration authorities say there are an estimated 600,000 Venezuelans currently in Colombia – double the number six months ago.

I also know from my visits to Panama that the Venezuelan population has exploded there as well. And I wouldn’t be surprised if the same is true for other nations in Latin America as well.

In other words, this image may be humorous, but it’s also true.

P.S. To be fair, while Venezuela has an awful government, it does allow citizens to escape. So it’s not as bad as the despotic dictatorships of Cuba and North Korea. At least not yet.

P.P.S. Some leftists are disowning Venezuela. But only because it isn’t sufficiently socialist!

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I realize that such exercises are probably “click-bait,” but I generally can’t resist taking tests/quizzes designed to identify my philosophical/political orientation.

Here are some previous examples, all of which made sense.

But there was also a political quiz that pegged me as a “moderate,” which might be reasonable conclusion since libertarians have some right-wing views and some left-wing views. But that quiz also concluded that I had “few strong opinions,” which is a nonsensical result.

But maybe I really am a moderate because there’s a new 20-question quiz from IDRlabs and – as you can see – I’m exactly in the middle.

What makes this quiz interesting (or bizarre, depending on your outlook) is that none of the questions are about issues. Instead, you’re asked about lifestyle. Such as:

  • Are you orderly or messy?
  • Do you prefer country music or classical music?
  • Do you want your home on a busy street or quiet street?
  • Are philosophical discussions fun, boring, or pointless?
  • Do you like arugula?

At the risk of over-simplifying, if you give answers suggesting you prefer a quiet and conventional life, you’ll get a right-wing score. And you’ll get a left-wing score if your answers suggest you have a more eclectic approach to life (and, if you’re like me, you don’t know whether you like arugula, so you have a hard time answering certain questions).

For what it’s worth, I think the quiz does capture something important. There is research indicating that people’s policy views are largely determined by underlying values.

And these values are more important than economics. Coming from a leftist perspective, Thomas Frank wrote What’s the Matter with Kansas last decade to address the supposed paradox of people with modest incomes voting for conservative politicians. And Thomas Edsall, also coming from the left, observed in the New York Times that wealthy people have become Democrats.

So much for Marx’s theory of economic determinism!

This is outside of my area of expertise, but I’m interested in this type of analysis because it’s my job to proselytize in favor of freedom. So I often try to convince right wingers to have a more laissez-faire approach to social and international matters and I often try to convince left wingers to have a more laissez-faire approach to economic issues.

But how do you convince people about issues if their views are dependent on an underlying value system?

And it gets more complicated because of what’s happening in society.

I’ll share a couple of items that struck me as important. First, here’s some of what Peggy Noonan wrote in the Wall Street Journal.

There are the protected and the unprotected. The protected make public policy. The unprotected live in it. …The protected are the accomplished, the secure, the successful—those who have power or access to it. They are protected from much of the roughness of the world. …They are figures in government, politics and media. They live in nice neighborhoods, safe ones. Their families function, their kids go to good schools, they’ve got some money. All of these things tend to isolate them, or provide buffers. …They’re insulated from many of the effects of their own decisions. …This is a terrible feature of our age—that we are governed by protected people who don’t seem to care that much about their unprotected fellow citizens.

And here’s a video featuring David Goodhart of London’s Policy Exchange, who says that the split is now between the “anywheres” who are cosmopolitan and the “somewheres” who are traditional.

In some sense, it seems that politics is being determined by class.  The “protected” and the “anywheres” are increasingly on the left (the “rational left” rather than the Bernie variety). And the “unprotected” and the “somewheres” are voting blocs for the right.

Incidentally, this worries me because elites have a disproportionate influence on public policy, And there’s now cultural pressure for such people to adopt left-wing views (a good example is the condescending tone of this Washington Post column). Simply stated, most educated people want to be seen as urbane and cosmopolitan, characteristics that are now associated with the left.

And it goes without saying that Trump is probably accelerating this process – which is doubly frustrating to me because his occasional support for good policy doesn’t change the fact that he’s not a supporter of free markets and limited government. Yet because he is now an avatar for the right, many educated people will now decide they should support statist policies and candidates.

The bottom line is that being an advocate for liberty is becoming an even bigger challenge!

P.S. Returning to the original topic of online tests, Reason’s political candidate quiz produced a logical conclusion.

P.P.S. By contrast, I thought the quiz on supposed libertarian hypocrisy was largely a straw-man exercise.

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The left’s fixation on reducing inequality is misguided. If they really care about the poor, they instead should focus on reducing poverty.

And that means pushing for more growth. We know from U.S. evidence and global evidence that better economic performance is the effective way to boost living standards for the less fortunate (I also recommend a look at the data from China).

Unfortunately, many folks on the left pursue policies that undermine prosperity and actually exacerbate inequality. I put together some examples back in 2015, and now it’s time to expand that list.

A report from the left-leaning Brookings Institution looks at how regulations protect – and enrich – the top 1 percent.

The real cause of elite inequality is the lack of open access and market competition in elite investment and labor markets. To bring the elite down to size, we need to make them compete. …people working in the securities industry (which includes investment banks and hedge funds) earn 26 percent more, regardless of skill. Those working in legal services get a 23 percent pay raise. These are among the two industries with the highest levels of “gratuitous pay”—pay in excess of skill… Using microdata from the Census Bureau, I find that the “gratuitous pay” premium in certain industries has increased dramatically since 1980. …The accredited investor…rules contribute to inequality by giving the richest investors privileged access to the best investment strategies. …If the law was changed to allow mutual funds to offer hedge fund portfolios, hundreds of billions of dollars would be transferred annually from super-rich hedge fund managers and investment bankers to ordinary investors, and even low-income workers with retirement plans. …politicians and intellectuals often champion market competition—but what they mean by that is competition among low-paid service workers, production workers, or computer programmers who face competition from trade and immigration, while elite professionals sit behind a protectionist wall. …For lawyers, doctors, and dentists— three of the most over-represented occupations in the top 1 percent—state-level lobbying from professional associations has blocked efforts to expand the supply of qualified workers who could do many of the “professional” job tasks for less pay.

Matt Ridley, a columnist fo the U.K.-based Times, writes about the pernicious impact of cronyism, licensing, and industrial policy.

The history of industrial strategies is littered with attempts to pick winners that ended up picking losers. Worse, it is government intervention, not laissez faire, that has done most to increase inequality and to entrench wealth and privilege. For example, the planning system restricts the supply of land for housebuilding, raising property prices to the enormous benefit of the haves (yes, that includes me) at the expense of the have-nots. …Why are salaries so high in financial services? Because there are huge barriers to entry erected by government, which hands incumbent firms enormous quasi-monopoly advantages and thereby shelters them from upstart competition. …Why are lawyers so rich? Because there is a government-licensed cartel restricting the supply of them. …Our current “industrial strategy” for energy — to subsidise offshore wind, solar, biomass and nuclear — is responsible for the fact that domestic electricity prices are the seventh highest… Domestic electricity bills are a higher proportion of household budgets for the poor than for the rich, so this policy is regressive; doubly so, because the wind and solar subsidies mostly go to the rich. 

Let’s consider health policy. Folks on the left favor the healthcare exclusion in the tax code because government supposedly should play a role in encouraging health insurance. What’s the impact of this policy? Well, let’s peruse a Robert Samuelson column on health policy and inequality, which is based on a study from the Mercatus Center.

…add health care to the causes of growing wage inequality in America. There’s a largely unknown paradox at work. Companies that try to provide roughly equal health insurance plans for their workers — as many do — end up making wage and salary inequality worse. …It’s simple arithmetic… Paying for expensive health insurance squeezes what’s left for wage and salary raises. Economic inequality increases, because health insurance typically represents a larger share of total compensation for lower-paid than higher-paid workers. Their wages are squeezed the most. …Even though the company raised its compensation package by 5 percent for all workers, the wage and salary gap between the best- and worst- paid workers widened. Pursuing one type of equality (health coverage) inadvertently worsened another type of inequality (wages and incomes). …From 1992 to 2010, about half the increase in wage and salary inequality is explained by rising health costs.

We’ll close with a new study by an economist at the University of Michigan for the National Bureau of Economic Research.

The three major reforms that I will analyze are: (1) the state income tax introduction, (2) the introduction of withholding, bundled with the introduction of third-party reporting, and (3) the intergovernmental agreement between the federal and the state governments for coordinating auditing practices. …the introduction of the income tax raised the Atkinson inequality index by 0.015, which is about 7 percent of the sample mean, statistically significant at the 1 percent level. …The income tax introduction raised the Gini coefficient by 0.014, which is about 3 percent, significant at the 5 percent level. …All of the three reforms raised the Theil index in a statistically significant way, at least at the 5 percent level. The introduction of the income tax and of the withholding raised it by about 0.06… In other words, the fact that the only effect that these reforms had in common was raising the revenues from income tax and making the government bigger and the private sector smaller, suggest that a bigger government, at least in the recent history, had the effect of higher inequality.

Here’s a chart from Professor Troiano’s research. Note how the rich got richer at the point (“0”) the income tax was implemented.

And here’s a look at what happened to various measures of inequality. Again, pay attention to the point (“0”) where the income tax was imposed.

Writing for PJ Media, Simon Constable discusses some implications of the NBER report.

Income taxes don’t reduce income inequality. Instead they do quite the opposite, according to December-dated analysis published by the National Bureau of Economic Research. The paper looked at three major 20th century U.S. tax reforms and found that they did nothing to decrease income inequality and everything to increase it. …Why did income inequality increase when that wasn’t the goal of the reforms? …bigger government ends up retarding the private sector and reducing the size of the wealth pie. Naturally, the poorer come out worst in such a situation, while the well-heeled can get top tier advice to dodge the tax bullet. Hence, the rich get richer and the poor stay skint. …Nobody who believes in liberty, or public choice theory, will be surprised to learn that higher taxes lead to more inequality,” says Robert E. Wright, professor of political economy at Augustana University in South Dakota. The problem is that the elites in any society, including the U.S., control the government and they quite naturally take care of themselves first, he says.

The bottom line is that our statist friends claim that they’re shooting at the rich, but the poor tend to suffer the most damage.

If you want more evidence, look at what happened to income for various groups during the pro-free market era of the 1980s and 1990s compared to what’s happened so far this century.

P.S. The most twisted look at inequality was produced by the IMF, which implied that radically lower living standards would be acceptable if everyone was more equally poor.

P.P.S. The most satirical look at inequality comes from David Azerrad.

P.P.P.S. The most insightful comment on inequality comes from Johan Norberg, who reminds us that we should be upset by unfairness, not inequality.

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In recent months, I’ve written two very lengthy columns about the deterioration of Venezuela’s evil government.

And I’ve also looked at long-run economic data to show how statism produces awful results for ordinary people.

But I sometimes think anecdotes are the most persuasive for the simple reason that ordinary people can relate. That’s why I shared last month the story about how the government has even made sex less pleasurable.

The Miami Herald has a story that underscores the horrible consequences of statism.

…on the streets, walking around with a bag of groceries can attract more thieves than a full wallet. The critical food shortages pummeling Venezuela have started to change the nature of crime in the country, at times increasing what some experts have started to call “hunger crimes” and at other times turning food into a valuable item to be taken by force. …The crisis has forced millions of Venezuelans to eat just once a day, and thousands of others to regularly search garbage cans in hopes of finding something to eat, according to recent surveys.

This is very grim, but it gets worse.

Not only are people committing crimes because of hunger, children are being recruited into gangs because that is the way to eat.

Venezuelan gangs are no longer recruiting youths in some poor areas by offering them easy money to buy clothes or the latest cell phones. Instead, they are offering food baskets. …Criminal gangs are also using food to recruit children and teenagers in Venezuela, a country with one of the world’s highest crime rates. …“The recruitment techniques, the bait that in the past used to be fashion or luxury goods, have been replaced by the offer of basic food items,” said the report, published this week. That’s how “crime gangs are gaining ground in conquering thousands of youths who are joining in the violence and whose destiny is death, prison and the frustration of so many dreams and hopes forged by their families and communities,” the report added.

As a parent, this is a horrifying story. Imagine not being able to feed your children and then watching getting lured into a life that almost certainly will not end well.

Utterly depressing. A very bad situation keeps getting worse.

The only good news is that leftists used to make excuses for Venezuela and now some of them are trying to disown that brutal regime.

P.S. In spite of the wretched state of the Venezuelan economy, some nutty leftists who put together a “Happy Planet Index” that ranked Venezuela above the United States. I still haven’t figured out whether that was crazier than the Jeffrey Sachs’ index that put Cuba above America.

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I wrote a lengthy column yesterday on the horrific situation in Venezuela.

As I thought about the suffering, especially among the poor, I wondered whether Bernie Sanders and Joe Stiglitz are still willing to defend that country’s barbaric government.

And I also contemplated whether there are any comments from Jeremy Corbyn, Sean Penn, Jesse Jackson, Michael Moore, and Noam Chomsky, who also carried water in the past for that despicable regime.

Would these people still defend Venezuelan statism? And if they did, what could they possibly say?

It’s not my job to give advice to Sanders, Stiglitz, et al, but they may want to borrow the strategy of the Socialist Party in the United Kingdom. Those folks are actually arguing that the real problem with Venezuela is that it’s not socialist enough.

I’m not joking.

Let’s look at some recent tweets.

To be fair, since there is still some degree of private ownership in the nation, the statism practiced in Venezuela is probably closer to fascism than pure socialism, so there was a tiny bit of merit to that tweet.

The U.K.’s socialists double down on this argument by claiming that true socialism only exists when there is collective ownership of the means of production.

That’s also a reasonable point. But on that basis, then it’s silly for anyone (like Bernie Sanders) to claim that places such as Denmark and Sweden are socialist.

Let’s take a look at one final tweet from Socialist Party on the other side of the Atlantic. What makes this one special is that they actually claim that North Korea is an example of capitalism.

This is utterly bizarre. Are they smoking crack? In North Korea, the government does own and control the means of production (factories, mines, railways, etc).

If you read the fine print on the last row, you’ll see that they define socialism to exist only in a make-believe world where there’s basically no state. Anarcho-socialism, or something like that.

If that’s how they want to redefine socialism, then I have no problem with it. If a bunch of people want to set up some sort of commune based on voluntary sharing of everything, that’s fine with me so long as they don’t try to force me to either pay for it or be part of it.

I’ll simply close by noting that the Pilgrims used that model when they first landed in America and many of them starved to death.

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What country has the world’s worst government? It’s not an easy question. There may be a different set of answers based on whether the focus is political oppression or economic mismanagement.

Regardless of methodology, there are some nations that will probably show up on just about any list.

Today, though, I want to make the case for Venezuela. That unfortunate country used to be rich compared to other Latin American nations, but decades of bad policy have now morphed into awful policy. The long-run drop in economic freedom – from 10th-freest to 159th-freest – is staggering.

Wow. Combined with growing political oppression, the country may zip through the fourth circle of statist hell and soon find itself in the fifth and final circle.

To grasp the horror of the situation, let’s look at what’s happened since April, when I put together a column of 28 headlines to capture the death throes of Venezuelan socialism.

Now, in just the last six months, we have another 28 examples.

On May 30, a column in the New York Times catalogued the misery in Venezuela.

…huge protests rocking Venezuela… President Nicolás Maduro has responded with an iron fist. More than 50 people have been killed, 1,000 injured, and 2,700 arrested, and that last figure doesn’t include the country’s more than 180 long-term political prisoners. …economic and humanitarian crisis. It is hard to overstate the severity of the suffering of the 31 million people of this once-rich country. …hospitals lack 98 percent of needed medical supplies and 85 of 100 drugs are totally unavailable. As a result, in the last year, some 11,500 infants died before their first birthday… Cases of malaria are up 76 percent and diphtheria, which had been eradicated 20 years ago, has returned to Venezuela.

On June 1, we learned about the bravery and ingenuity of protestors.

Daniella Liendo is gaining frontline practical experience as she completes her medical studies. …On the streets of Caracas this week, the second-year student treated a demonstrator who had been shot at close range with a marble pellet in the city’s Chacao neighbourhood. “Once we get to a patient we must decide with the more senior doctors if [the injured] must be taken away for treatment,” she said. “The most common problem is asphyxia from the tear gas. We’ve also had a lot of head traumas and burns to deal with.” …An exodus of Venezuelan medical graduates has meant that even those with the most basic training are in demand. An estimated 15,000 doctors have left to work abroad since 2003.

On June 2, Reuters exposed the gilded lives of the government elite.

One is shown blowing a kiss from a private jet. Another is seen posing in front of a store of luxury jeweler Cartier in China. Others grin as they tuck into a plate of lobster or a massive birthday cake. Venezuelan activists are increasingly posting details of locations and lifestyles of leftist officials and their families, depicting them as thriving off corruption while the population struggles to eat in a devastating economic crisis. …One Twitter account published photos purportedly showing the wife of Vice President Tareck El Aissami enjoying champagne and lounging on a pristine beach with her sisters. In another case, an alleged lover of a powerful Socialist Party official is shown on trips to the Middle East. Venezuela’s opposition accuses officials of profiting from currency controls and a decade-long oil boom to fill their pockets. The opposition-led congress estimates that at least $11 billion have “disappeared” from state-run oil company PDVSA .

On June 5, Fox reported on women driven to prostitution by poverty.

As a humanitarian and political crisis in neighboring Venezuela deepens, a growing number of Venezuelan women are working in bars and brothels across Colombia. “I didn’t do this in Venezuela. I never ever imagined I’d be doing this in Colombia,” said Maria, who…charges $17 for 15-minutes of sex, and the money earned is spent on buying medicine for her mother who has cancer. …According to Asmubuli, a Colombian sex workers association, currently there are around 4,500 Venezuelan sex workers in the country. …It’s not just women who say they have no option but to sell their bodies for sex, but young Venezuelan men too. Dorian, 25, started working in Bogota’s Lourdes Park about two weeks ago. “It’s disappointing. I’m disappointed in myself,” said Dorian, a business studies university graduate unable to find a job and with no money to pay for rent and food.

On June 6, we learned about the current regime’s utter depravity.

Norma Camero Reno has been shipping a steady supply of desperately needed medicines from the United States to Venezuela. Reno and other members of her nonprofit, Move Foundation, pack painkillers, cold medicines and other supplies to be distributed to hospitals, health clinics and churches throughout the beleaguered nation. Two weeks ago, however, that all changed. …Reno discovered that none of the recent medicine shipments had made it to her contacts in the country. …“They are stopping everything from going in,” Reno told Fox News. “They are taking everything for themselves.”

On June 28, a column in the New York Times condemned Maduro’s brutal regime.

Every day, Venezuelans of all stripes pour into the streets protesting the loss of their freedom and their constitutional rights by a tyrannical regime that condemns them to scarcity, illness, malnutrition and outright hunger. …There has been terrible economic and social destruction. Across 15 years, a trillion dollars’ worth of oil income has been squandered and 80 percent of Venezuelans have fallen into poverty. …Venezuela has become the Zimbabwe of the Americas, a shameless alliance of corrupt politicians and the military acquiescent to the dictates of Cuba. …They have kidnapped the Latin American nation that is richest in oil resources, which they wish to appropriate for themselves, permanently and at whatever human cost it may require.

On July 3, we learned that poor people are waking up to the downside of socialism.

In Caracas, the rich and poor are suddenly less divided. For most of Venezuela’s two-decade socialist experiment, the city’s wealthier, whiter east has been the hotbed of anti-government sentiment. Now, noisy protests are erupting in poorer-but-calmer western neighborhoods that were strongholds for embattled President Nicolas Maduro as crime explodes and medicine and food are scarce and expensive. …They’re increasingly demanding a change in government, infuriated by mismanagement… “Everyone protests, without differences, because the hunger of the stomach and the hunger for democracy have been united,” said Carlos Julio Rojas, a La Candelaria activist… Services are shaky in Caracas, particularly in the slums that surround the capital. Water pipes go dry for days at a time, trash sits rotting and lights go out.

On July 20, the Economist shared news of despair about the plight of Venezuelan women.

Barbara and her cousin Sophia have more serious business: they hope to make enough money from selling sex to live decently after fleeing Venezuela, where survival is a struggle. Barbara, who is 27, prefers her former occupation as the owner of a nail and hair business in Caracas, Venezuela’s capital. But polish and shampoo are as hard to find as food and medicine, and so she has come to Medellín. In an hour a sex worker can make the equivalent of a month’s minimum wage in Venezuela. Colombian pesos “are worth something”, unlike Venezuela’s debauched currency, the bolívar, Barbara says. “At least here one can eat breakfast and lunch.” …Some 4,500 Venezuelan prostitutes are thought to be working in Colombia… The sex workers are joined by electricians, mechanics, empanada vendors—all of whom are seeking a way to cope with their country’s shortages and queues, and an inflation rate expected to exceed 700% this year.

On July 30, a column in the Wall Street Journal analyzed the crumbing of Venezuela.

Hungry, hurting Venezuelans are done talking. The country is in the early stages of civil war. …In polls, some 80% of Venezuelans oppose Mr. Maduro’s “constituent assembly.” But the opposition boycotted Sunday’s election because they know Cuba is running things, that voter rolls are corrupted, and that there is no transparency in the operation of electronic voting machines. …faith and hope in a peaceful solution has been lost. One symptom of this desperation is the mass exodus under way. On Tuesday the Panam Post reported that “more than 26,000 people crossed the border into Colombia Monday, July 26… But a citizens’ revolt, led by young people whose families are starving, is already under way.

On July 31, we got a thorough analysis of economic chaos in Venezuela.

With per capita GDP down by 40% since 2013, Venezuela’s economic catastrophe dwarfs any in the history of the US, Western Europe, or the rest of Latin America. And yet headline GDP numbers actually understate the magnitude of the economy’s decline. …Venezuelans clearly want out – and it’s not hard to see why. Media worldwide have been reporting on Venezuela, documenting truly horrible situations, with images of starvation, hopelessness, and rage.

On August 2, the Associated Press published a first-person look at the country’s decline.

The first thing the muscled-up men did was take my cellphone. They had stopped me on the street as I left an interview in the hometown of the late President Hugo Chavez and wrangled me into a black SUV. …I had thought that being a foreign reporter protected me from the growing chaos in Venezuela. But with the country unraveling so fast, I was about to learn there was no way to remain insulated. I came to Caracas as a correspondent for The Associated Press in 2014, just in time to witness the country’s accelerating descent into a humanitarian catastrophe. …the men trained a camera on me for an interrogation. One said that I would end up like the American journalist who had recently been beheaded in Syria. Another said if I gave him a kiss I could go free. …In the end, the secret police cut me loose a few hours after they arrested me, with a warning not to return.

On August 7, a CNN story looked at Venezuela’s looming default.

he country, which is engulfed in crisis, …has other payments coming due in the near future and could fall short on those if the economy continues to tailspin… “This model is broken, and default is inevitable,” says Siobhan Morden, an expert in Latin American bonds at Nomura Holdings. …Venezuela’s economy continues to spiral our of control. The unofficial exchange rate that most Venezuelans use has more than doubled since late July. Inflation is expected to soar 720% this year and and over 2,000% next year, according to the International Monetary Fund.

On August 13, we learned about the plight of Jews in Venezuela.

Jews in Venezuela are increasingly fleeing the country amid the rising political instability and violence under President Nicolas Maduro, with a growing number decamping for Israel. Estella and Haim Sadna, a religious couple with four kids from the Venezuelan capital Caracas, described the food scarcity and rampant crime that drove them to move the Jewish state. …While Venezuela once had one of the largest Jewish communities in the region, numbering some 25,000 in 1999, only about 9,000 Jews are believed to remain in the country.

On August 15, the Miami Herald reported that even the military must beg for food.

Venezuelan soldiers — armed and in uniform — were caught in neighboring Guyana last week begging for food, local police reported, another sign of Venezuela’s deepening hunger crisis. …Hunger is on the rise in Venezuela, amid triple-digit inflation and the government’s inability to import basic goods. And neighboring Colombia, Brazil and Guyana have seen a spike in Venezuelans looking for food. …That soldiers would cross into Guyana is telling. The two nations have been locked in a centuries-old border dispute over a swath of Guyanese territory known as the Esequibo and are not on good terms.

On August 29, the incompetent brutality of the government was discussed.

…socialist policies exacerbated the oil crisis and created the poverty we see in Venezuela today. …the poorest economies in the world are characterized by oppressive government intervention. …In Venezuela’s case, a government takeover of the oil industry reduced supply, sowing the seeds of future impoverishment. …When Hugo Chavez took power in 1999, he…closed Venezuela’s oil fields to foreign investment and stopped reinvesting oil proceeds in the company. He fired 18,000 workers at PDVSA, replacing professional oil employees with inept but politically loyal workers. …Healthy non-oil industries could have diversified Venezuela’s economy and blunted the impact of falling oil prices. By strangling them, Chavez and his successor, Nicolas Maduro, forced the economy to rely more on oil at precisely the wrong time. …Commentators who dismiss Venezuela’s suffering as being caused by the oil crisis need to explain why other oil-dependent countries have not collapsed. According to the World Bank, seven nations rely more on oil than Venezuela. All seven saw economic growth from 2013 to 2017.

On September 11, it was reported that even the United Nations is appalled by the regime’s actions.

The United Nations human rights chief has said that Venezuelan security forces may have committed “crimes against humanity” against protesters and called for an international investigation. …Zeid said the government was using criminal proceedings against opposition leaders, arbitrary detentions, excessive use of force and ill-treatment of detainees, which in some cases amounted to torture. …Last month, Zeid’s office said Venezuela’s security forces had committed extensive and apparently deliberate human rights violations in crushing anti-government protests and that democracy was “barely alive”. …Venezuela is among the 47 members of the Human Rights Council, where it enjoys strong support from Cuba, Iran and other states.

On September 15, we learned more about the depravity of the socialist government.

The association Prepara Familia denounced yesterday the death of 11-year old Cristhian Malavé, contaminated with a bacteria from the hemodialysis unit of the the J. M. de los Ríos Children’s Hospital. He’s the fifth child to die of this cause. Others die of unattended complications and their records are blurred and their names are lost in view of a State unable to offer a response to our simplest and most urgent needs. …Tamara Suju, head of the Casla Institute, denounced in fron of the OAS the tortures and violations committed by public force officers against 289 people, protesters and citizens. There are complaints of assaults and rapes (with batons or firearms), feces force-feeding, electroshocks, beating, in most cases, and psychological torture, in all of them. The huge majority of victims are men, 79% between 18 and 30 years old. Torture in Venezuela went from selective to massive and no government representative has denied torture cases.

On September 22, the Miami Herald reported on the tragic growth of prostitution.

At a squat, concrete brothel on the muddy banks of the Arauca River, Gabriel Sánchez rattled off the previous jobs of the women who now sell their bodies at his establishment for $25 an hour. “We’ve got lots of teachers, some doctors, many professional women and one petroleum engineer,” he yelled over the din of vallenato music. “All of them showed up with their degrees in hand.” And all of them came from Venezuela. As Venezuela’s economy continues to collapse amid food shortages, …waves of economic refugees have fled the country. …with jobs scarce, many young — and not so young — women are turning to the world’s oldest profession to make ends meet. …“Prostitution obviously isn’t a good job,” she said. “But I’m thankful for it, because it’s allowing me to buy food and support my family.”

On September 25, we learned more about the suffering of the people.

As the economic and political crisis deepens in, so do the levels of hunger. A survey by a top university found the average Venezuelan has lost nine kilogrammes in the past year. Many families are now forced to scavenge for food in what was once South America’s richest country. At a soup kitchen run by the Catholic Church in Caracas, …many of the children are given a special formula after arriving, when they are found to be severely malnourished. …Venezuela’s prolonged and acute economic crisis – characterised by food shortages and hyperinflation – has seen infant mortality rise to almost 35 percent and maternal mortality to 65 percent in just the last year. Anemia is rampant.

On October 6, Reuters reported on the country’s miserable business environment.

With Venezuela’s economy in shambles, Ford has furloughed Nunez and 1200 colleagues at its moribund plant here in Valencia, Venezuela’s third-largest city. …Nunez hasn’t reported for work in ten months, save for a few days in September… But he still collects a quarter of his weekly salary of 50,000 bolivars, the equivalent of just $1.70 at the widely used black-market exchange rate. The father of two teenagers counts himself lucky. …Ford is among roughly 150 multinationals still hanging on in Venezuela. The once-prosperous OPEC nation is now in the fourth year of a recession caused by a fall in oil prices and, economists say, failed policies of its socialist government. …As of April 2016, half of Venezuela’s working population was either jobless or employed only in part-time, “informal” jobs.

On October 11, the horror of Venezuela was captured by a single story.

Conditions in socialist Venezuela are so diabolical that people are forced to eat cats in the street. A stomach-churning video shows a homeless woman sitting on the roadside with her possessions around her and a dead domestic cat in front of her. She painstakingly skins the cat and then slices off pieces of its body before popping them in her mouth. …Viewers have blamed the socialist government for leaving people penniless and hungry with price controls, soaring inflation and shortages of basic essentials.

On October 19, we learned more about the exodus from the socialist hellhole.

Ana Linares…earns about $15 a day — more than she made in a month in her native Venezuela. …Linares arrived in Lima last May after enduring a six-day bus trip from central Venezuela, her 8-month-old son on her lap… Life in Venezuela had become intolerable, with millions struggling with hyperinflation, food shortages, lack of work and lawlessness. “Everything there has turned ugly. There’s hunger and crime. You can’t leave your house after 5 p.m. because you’re going to be robbed or killed,” Linares said, adding that she now earns enough to afford three meals a day, an impossibility for many these days in Venezuela. …as many as 500,000 Venezuelans have fled their country in the last two years and a total of 2.1 million since 1998.

On November 3, Katherine Mangu-Ward of Reason correctly assigned blame for the horrible situation.

Venezuela—which is the midst of a brutal food shortages brought about by a brutal socialist regime—…continues to worsen. Good soldiers are rewarded with scarce basic necessities such as toilet paper. Citizens are urged to eat rabbits. Opposing forces have taken to the streetsas the country’s socialism descends into dictatorship. Meanwhile the government is reserving food aid for loyalists and others turn to bitcoin to survive.

On November 4, we learned that animals in zoos are on the menu because of starvation.

In a country that once was rich, but where people are beginning to starve, few animals are safe. One morning in August at the metropolitan zoo in the torrid city of Maracaibo, workers were shocked to find the bones of a buffalo and some wild pigs inside their cages with clear signs of mutilation. …In west Caracas, …the same sort of thing happened. Watchmen found the bones and offal of a black horse inside its enclosure. Apparently the perpetrators only took the edible parts of the animal.

Though the people eating zoo animals are the lucky ones.

Every Saturday, Natalí wakes up…dresses in a hurry and whenever she can she feeds something to her sons and daughters and tells them to wait patiently for her return. …Natalí takes a four-wheel-drive car, then a bus, and then the train from Antímano to municipal Coche Market in south Caracas where, for the last three and a half months, she has made her pilgrimage to dig through the garbage left by the vendors—trying to find a half-rotted vegetable, a piece of fruit, or, if luck is on her side, chicken skin to take back home and feed her children.

On November 19, a column in the Wall Street Journal points out that the misery is deliberate policy.

Venezuelan shortages of everything are widely acknowledged. But there is less recognition that strongman Nicolás Maduro is using control of food to stamp out opposition. Hyperinflation has shriveled household budgets and the government has taken over food production and distribution. Most damning is evidence that access to government rations has become conditional on Maduro’s good favor. The hardship is killing and deforming children. …some communities are experiencing undeniable “famine” and that in some parts of the country 50% of the children have left school because of hunger.

On December 14, USA Today looked at the people escaping Venezuelan tyranny.

Although Venezuelans for years have been fleeing the “socialist revolution” first launched by the late Hugo Chávez in 1999, in recent months the trickle has turned into a flood as living conditions become ever more dire — from hyperinflation to acute shortages of food and medicine to one of the worst homicide rates in the world. …In response to…the once-wealthy country’s seeming demise, …many exiles had fled to the United States, surging numbers, like the Sequieras, now head to other Latin American nations. …From Mexico to Argentina, immigration agencies are reporting skyrocketing numbers of Venezuelan arrivals, doubling and even tripling the total for previous years.

On December 17, the New York Times exposed the pervasive hunger and horror in Venezuela.

Kenyerber Aquino Merchán was 17 months old when he starved to death. …Hunger has stalked Venezuela for years. Now, it is killing the nation’s children at an alarming rate, doctors in the country’s public hospitals say. …Riots and protests over the lack of affordable food, excruciating long lines for basic provisions, soldiers posted outside bakeries and angry crowds ransacking grocery stores have rattled cities, providing a telling, public display of the depths of the crisis. But deaths from malnutrition have remained a closely guarded secret by the Venezuelan government. …doctors at 21 public hospitals in 17 states across the country said that their emergency rooms were being overwhelmed by children with severe malnutrition… Parents like Kenyerber’s mother go days without eating, shriveling to the weight of children themselves.

On December 18, we got the latest details on the victims of Venezuelan statism.

Joel Rodriguez, a one legged panhandler, bursts into tears as a young man dressed as Santa Claus gives him food and clothing — a rare scene of holiday cheer in economically-depressed Venezuela. “Sometimes we eat out of the garbage,” said Rodriguez… In a Caracas with no Christmas lights or decorations this year because of the economic crisis, …Venezuelans are enduring acute shortages of food and medicine, and inflation is forecast by the IMF to hit a staggering 2,349 percent in 2018. “…are you doing the Maduro diet?” people shouted… They were using a popular expression used to refer to President Nicolas Maduro and people who have lost weight because of the hard economic times. This is so common it has been documented by Venezuelan universities.

Now that we’ve caught up with the calendar, let’s return the economic freedom scores from the Fraser Institute.

We started today’s column looking at Venezuela’s amazing (in a bad way) loss of overall economic liberty since 1970. Now let’s look at the specific issue of monetary policy. The country has gone from an almost-perfect score to the world’s most abysmal rating.

When I look at that data, it makes me glad that at least some Venezuelans are able to protect themselves with either offshore bank accounts or bitcoin.

And it makes me grateful to be in the United States. In my video on the history of central banking, I groused that the dollar has lost 95 percent of its value since the Federal Reserve was created in 1913. But that’s a heck of a lot better than losing 95 percent its value every year, which seems to be what’s happening in Venezuela.

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