How America Becomes the Next Socialist Hellhole
How America Becomes the Next Socialist Hellhole By Justin Spittler for Casey Research
I walked into my Airbnb and was greeted by a glass case full of money…
I’d never seen anything like it before. So I decided to take a closer look.
I opened the glass case, pulled out the cash, and counted it. There were 20 notes – each valued at 100. Lucky me, right?
Not exactly. You see, the case wasn’t full of U.S. dollars, euros, or some other major currency. It was Venezuelan bolívars. See for yourself:
• I came across this while visiting Lima, Peru last summer…
My Airbnb host must have left the bolívars there as a decoration… or a joke. It certainly wasn’t a gift.
You see, this pile of cash was just about worthless. These 20 Venezuelan bolívars were only worth about US$0.02 at the time.
Regular readers might remember this story. I first told it last July.
I bring it up again because, believe it or not, those bolívars are worth even less today – just a fraction of a penny.
You see, inflation is through the roof in Venezuela. According to Bloomberg, it reached 1.4 million percent last year. By the end of this year, the International Monetary Fund (IMF) says inflation is expected to hit 10 million percent.
This has brought Venezuela to its knees. Food and medicine shortages have run rampant. Violent crime in the country has never been higher. People have resorted to eating from trash cans just to survive…
Of course, there’s a reason the country is in this mess.
• Venezuela went “all in” on socialism…
Its government nationalized many key industries, including oil assets – the country’s crown jewel.
It used these proceeds to fund a giant welfare state. But overspending on these social programs ultimately wrecked the country’s finances. That led the government to create more money out of thin air, which obviously only made matters worse.
I’m telling you this because the U.S. is headed down the same path as Venezuela.
Now, I’m not saying the U.S. will become a socialist hellhole overnight. But make no mistake… America’s descent into socialism is a trend in motion. And as Casey Research founder Doug Casey says, “trends in motion tend to stay in motion until they reach a crisis.”
The good news is that you can still protect yourself. I’ll show you how in today’s essay.
But let’s first look at how the United States will become the next Venezuela…