“Democratic socialism” is just a nice name to soften the ultimate blow that comes through “true socialism.” What is the “blow,” ask you. The “blow” is that your nation goes broke, answer I. Venezuela is simply the most recent iteration of the this fundamental rule of socialism. Other good examples are Cyprus, Greece, Cuba, the USSR, the Democratic Republic of East Germany… I could go on, but what’s the point.
Now these clever people have come up with a way to abrogate their debt. And I must give credit where credit is due. Leave it to the Germans to figure out how to reduce debt without actually doing anything “politically” unpalatable.
In the Eurozone, Germany sold 5-year government bonds at record low yield – deep in negative territory.
In fact, 70% of German government paper now has negative yields.
And thanks to PK for sending this to me.