The Cato Institute’s Dan Mitchell writes that Alejandro Andrade, the former treasury minister of socialist Venezuela, was discovered to have $11.2 billion in his name. And it’s not just Mr. Andrade:
The daughter of Hugo Chavez, the former president who once declared “being rich is bad,” may be the wealthiest woman in Venezuela, according to evidence reportedly in the hands of Venezuelan media outlets. Maria Gabriela Chavez 35… holds assets in American and Andorran banks totaling almost $4.2 billion.
Dan, looking at socialistic Venezuela, notes that Chavez and co. denounced successful people who presumably earn money honestly. Yet they amassed huge fortunes by pilfering their nation.
Dr. Mitchell concludes, “Socialism fails because it attempts to replace market determined prices with various forms of central planning based on government dictated prices.”