LogFAQs > #883756413

Transcendentia posted...

Sativa_Rose posted...

It seems to be very common for a nation that nationalizes a major industry (particularly oil) to squander most of the money it gains from it instead of putting it into long term investments, and then when that industry falters, the country suffers tremendously.

That was just the tip of the iceberg. The issue is much deeper than that, and it involves all the things I mentioned - overspending on welfare programs, borrowing what you can never pay back, forcibly seizing and nationalizing private property and farms, printing too much money, raising minimum wage way too much, debasing your currency, ignoring data and evidence from sound statistical models, etc.

If it was just a badly timed investment into oil, the country could've escaped. But this is much more than that.

Oh I agree. I was just commenting that it seems like almost every country that has nationalized a major sector like that ends up in some kind of scandal, like Petrobras in Brazil for example. The money very rarely seems to be spent well. Norway with Statoil may be the exception.
---

I may not go down in history, but I will go down on your sister.