The socialist paradise of Venezuela is in the midst of hyperinflation. Property confiscation is at the heart of it.

To fight poverty, Hugo Chávez and Nicolás Maduro took over the oil industry and gave cheap gasoline to the people.

Gasoline is priced well under the cost of production. The black market siphoned off most of the supply which soon collapsed.

Venezuela has the cheapest gasoline price in the entire world, but try getting any.

This Tweet accurately states what happened except it has the price of gasoline wrong.

Daniel Lacalle on Twitter

“Venezuela 🇻🇪 : 90% poverty. Hyperinflation Economic devastation Destruction of human rights Education is just indoctrination…

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Barter, Venezuela's Real Currency

Prof. Steve Hanke on Twitter

“As inflation in #Venezuela = 40,976%/yr #Dictator Maduro continues to starve his people who have given up on the Bolivar. As is always…

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Annual Inflation: 42,489%

Prof. Steve Hanke on Twitter

“#Venezuela's annual inflation rate measured for today, 7/6/18, is 42,489%”

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