Encore Episode 335: When Benevolence Backfires
Words & Numbers
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The Unintended Consequences of Oil Production in Venezuela
Venezuela nationalized the oil industry with the intent of capturing those profits for itself and for the people. The unintended consequence is that oil production falls, right? So the government steps in and starts to print money because this is the only place remaining for it to come up with revenue. That creates an unintended consequence: inflation. And so now people are complaining because they can't afford food. It got so bad that people could no longer afford food.
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