Sorry Religionists, Government Spending Won't Avert Recession

Sorry Religionists, Government Spending Won't Avert Recession

As is well known now, Venezuela's economic situation is dire. There's no mystery as to what's happened. Whether one reads the New York Times or the editorial page of the Wall Street Journal, the story is the same: nationalization of industries (oil, most notably) has resulted in an economic crack-up.

That Venezuela's economy imploded in response to the state expropriating vibrant businesses shouldn't surprise anyone. Business nationalization is the professional football equivalent of Barack Obama or Donald Trump showing up one day in Foxboro, only to tell New England Patriots owner Robert Kraft that the federal government is relieving him of ownership along with Bill Belichick of his job as head coach. The Patriots are good, by all accounts Belichick designed a masterful game plan on Sunday night, so imagine if Trump or Obama had sidelined football's greatest mind.

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