How do you make a wealth country poor?
Start with putting the wrong people in charge and then implement the policies advocated by the no skin in the game intelligentsia.
Below is a chart of Venezuela’s GDP.
Then watch as:
Then appoint your mates and other cronies and watch some more.
For example, consider that Venezuela used to be the wealthiest country in South America; and what happens when the country with the world’s largest proven oil reserves (which accounts for almost all of its exports) completely mismanages things and allows production to approach close to zero:
Venezuela—one of the world’s earliest and (at one time) largest oil producers, as well as a founding member of OPEC—could soon be producing close to zero barrels of oil, according to a new analysis by IHS Markit.
How did this happen? Here is a policy suggestion:
President Maduro has ordered 26 minimum wage increases in his six years in office, including a 300% increase earlier this year (2019).
Venezuela’s estimated (pre-Covid) unemployment rate stands at a staggering 44%.
And then pepper supporters of this throughout places of influence in Australia …