Another Venezuelan industry bites the dust

Since Hugo Chavez gained power in Venezuela, the government has taken over industry after industry, with catastrophic results! Now it’s the turn of the biggest bank. Each industry was taken over in the name of “the people.” But each take over has made things worse for “the people.” This is an oil-rich country that now has to import petroleum! It also went from a coffee exporter to a coffee importer. And as things continue to deteriorate, the Chavezists, as is true of all socialists and Progressives, simply double down. Whenever reality demonstrates that a socialist program doens’t work, the response is never to eliminate it. The response is always to double-down, to throw more money at it, or to expand the police powers of the state to try to force people to make it work.

The government of Venezuela announced on Thursday the arrest of 11 executives of the nation’s leading private bank, Banesco, for alleged “attacks” against the country’s struggling currency.

Shortly after the arrests, the government announced that the state would intervene in the bank’s activities for a period of 90 days, in order to “guarantee the full functioning and continuation of its services.”

Maduro’s government explained that the takeover was necessary to “protect the people” and “clean up” all the illicit activity that was taking place in the bank.

The arrests are the latest strike by Nicolas Maduro’s government against the private sector, as the country endures a continuing economic crisis, crippling hyper-inflation and the steady collapse of the national currency,the Bolivar.

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