re: #157 Blind Frog Belly White

I thought it was what an economy based on a single nature resource leads to when the price of that natural resource drops precipitously?

No, Venezuela has a shitload of oil and while they would suffer from the price drop like, say, Russia did, it wouldn’t be lethal had the oil industry not been nationalized (see def. of socialism), which led to its ruin, so that Venezuela had to buy lighter oil from the US, of all places.

Socialism in action.