The International Monetary Fund is predicting that Venezuela's inflation rate will skyrocket to 1 million percent by the end of this year as the government ferociously prints money to sustain the growing budget hole, Bloomberg reported.
Alejandro Werner, head of the IMF's Western Hemisphere department told Bloomberg that the crisis in Venezuela is comparable to that of Germany in 1923 or Zimbabwe in the late 2000s as the country reels from economic collapse.
What's going on?
Socialism is what's going on.
The government is corrupt and its people are starving. Venezuela is a failed state and they're broke. Things took a turn for the worst when the country plunged into a crisis in 2014 after the global price of oil fell resulting in an economic contraction.
In fact, economists predict the economy will shrink by 18 percent in 2018, the third year in a row for double-digit contractions.
The food shortage in Venezuela is so dire that 75 percent of the population has lost an average of 19 pounds nationwide, according to a 2017 report. Resources that are easy to come by -- like food, electricity, and water -- are scarce.
On Tuesday's episode of "Pat Gray Unleashed," Pat railed against this new wave of "democratic socialism" by pointing to the failed state of Venezuela.
See the clip above.
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