Venezuela's road to serfdom

Today’s FT reports on the ongoing traffic chaos in Caracas. Some Venezuelans are upset at the failure of a plan whereby Venezuela would provide subsidized fuel to the city of London, in exchange for transport and planning advice.

How does one even begin to analyze the levels of stupidity involved here? Let’s start with what Ken Livingstone, the former London mayor who signed the deal, should have said to Chavez as his first piece of advice: DON’T SUBSIDIZE FUEL.

Boris Johnson, to his credit, has cancelled the agreement, but Caracas remains a disaster. Funny, no one involved seems to think that the “deep structural problems” in the city have anything to do with this chart. (Scroll to the veeerryy bottom).

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