by tonytran2015 (Melbourne, Australia).
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(Blog No. … ).
The current time is quite interesting as it allows the testing of many economic theories. After that, some theories will gain credential while others may get forgotten.
#inflation, #economy, #Venezuela, #Argentina, #Turkey, #dollar,#currency #yuan, #gold based, #oil based
Real life lessons on national economics.
1. Venezuela and its wealth from oil.
Venezuela was a wealthy country living from its sale of oil. The 1998 Venezuelan government by Hugo Chavez then played with the game of commanding the economy and sent its economy crashing and then into hyperinflation.
“Chavez used the abundant income stream to go on a spending spree as he instituted a large number of entitlement programs using the oil revenues. A strike in 2003 interrupted…
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