Today we hear that the corrupt Venezuelan government is making bond payments by selling off the nation's gold. This is good for government officials in the short term as it allows them to remain in their undeserved positions for a bit longer. But the price is eventual destruction of the Venezuelan economy as their fake paper money will continue to hyperinflate.
Let's face it: Venezeula is bankrupt. It should just default. Yes, that will cause it to lose rights to make credit rollover/extend and pretend deals with its creditors but then it would be left with the national gold supply in hand with which to rebuild confidence in the fake paper money. Selling the gold at the ridiculously low price of $1200 USD is like giving away the national treasure so that a few useless bureaucrats can suckle at the public teat for a few months more.
Venezuela is already bankrupt. All that is happening now is the calculating of who will have to pay for it. I ask you, who was the beneficiary of all that debt? The people?? HARDLY. It was the corrupt politicians who borrowed to spend (with them taking a corrupt cut of every deal in the form of kickbacks no doubt). The people are idiots to accept that they should pay for this. The best solution is to take their politicians into the streets and then look for a rolling bus to toss them under.
Figuratively speaking, of course...
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