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JORGE SILVA / Reuters

Humberto Garcia, 66, lines up on Monday outside a supermarket waiting for any basic goods to be sold in , Venezuela, an oil-rich nation that is experiencing unprecedented shortages.

OPINION:

The problem with socialism isn't that you eventually run out of other people's money. It's that you eventually run out of oil money.

Well, at least in Venezuela. It doesn't have an economy, you see, so much as a poorly-run oil exporting business that isn't enough to subsidize everything else. And that was true even when oil was over US$100 (NZ$130)-a-barrel. So now that it's under US$50 (NZ$65)-a-barrel, Venezuela's government has gone from defaulting on its own people, as former minister Ricardo Hausmann put it, in the form of rampant inflation and shortages, to really doing so, to the point that it might have to start defaulting on its debt, too.

It shouldn't be this way. Venezuela, after all, has the largest oil reserves in the world. It should be rich. But it isn't, and it's getting even poorer now, because of economic mismanagement on a world-historical scale. The problem is simple: Venezuela's government thinks it can have an economy by just pretending it does. That it can print as much money as it wants without stoking inflation by just saying it won't. And that it can end shortages just by kicking people out of line. It's a triumph of magical thinking that's not much of one when it turns grocery-shopping into a days-long ordeal that may or may not actually turn up things like food or toilet paper.

JORGE SILVA / Reuters

LONG WAIT: A woman shows a queue number as she lines up outside a supermarket to buy corn flour in Caracas earlier this week.

RELATED: In shortages-hit Venezuela, queuing becomes a profession

This reality has been a long time coming. Venezuela, you see, has the most oil reserves, but not the most oil production. That's, in part, because the Bolivarian regime, first under Chavez and now Maduro, has scared off foreign investment and bungled its state-owned oil company so much that production has fallen 25 per cent since they took power in 1999. Even worse, oil exports have fallen by half. Why? Well, a lot of Venezuela's crude stays home, where it's subsidized to the tune of 1.9 NZ cents per gallon. (Yes, really). Some gets sent to friendly governments, like Cuba's, in return for medical care. And another chunk goes to China as payment in kind for the NZ$58 billion it's borrowed from them.

Original post:
Venezuela should be rich, but socialism has destroyed its economy

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TIME World China Whats the Priority for Chinese Colleges? Studying and Propagating Marxism Students walk down a flight of stairs outside a dining hall at the campus of North China University of Water Resources and Electric Power in the Chinese city of Zhengzhou on Jan. 17, 2015 Reuters Xi Jinping is fond of the kind of socialist jargon more reminiscent of Chairman Maos era

University life in China involves more than just cramming for exams and polishing rsums. On Jan. 19, Chinas official Xinhua news agency published a high-level government and Communist Party decree stating that Chinese universities needed to make a renewed effort to fortify conviction in the right ideals and faith. The appropriate ideologies, lest anyone be confused, are socialism and Marxism, as the pronouncement explained:

As the front line of ideological work, universities bear the responsibility of studying and propagating Marxism; cultivating and promoting the core values of socialism; and providing the intelligence and talent for the realization of the China dream.

The China dream (also called the Chinese dream) is President Xi Jinpings amorphous mission statement for a country intent on regaining its former glory and encouraging individual fulfillment. Last month, in a harbinger of the Jan. 19 university decree, Xi gave a speech in which he urged universities to exert better ideological guidance over students and professors alike.

When Xi assumed control of Chinas ruling Communist Party in late 2012, some China watchers wondered whether he would be more amenable to economic and political reform than his predecessor Hu Jintao. But if Xi has a soft spot for political liberalization, he has not exposed it. The Chinese Presidents speeches have been peppered with the kind of socialist jargon more reminiscent of Chairman Maos era. Under Xi, China has intensified a crackdown on dissent that has locked up everyone from university students and poets to journalists and lawyers. An internal government memo that was leaked in 2013 enumerated seven Western values and institutions that China needed to wage war against, including constitutional democracy, civil society, market liberalism and the universal values of human rights.

How do Chinese campus denizens feel about the need to build universities into strongholds of studying and propagating Marxism and persistently use socialism with Chinese characteristics to arm the brains of students and teachers, as the decree urges? Are they as committed to uncompromisingly resisting the infiltration of hostile forces, as Western ideals and values are labeled?

It is, of course, impossible to generalize about a university population of more than 30 million students. But Zhang Ming, a politics professor at Renmin University in Beijing, noted on his microblog that ideological indoctrination can only succeed in a closed environment. China today, Zhang said, is a semiopen environment so mandatory indoctrination will cause an antagonistic psychology the more forceful the indoctrination is, the more superficial obedience is.

A Peking University postgraduate student, who, given the sensitivity of the subject only wants to be identified by her English name, Penny, tells TIME: The notice is a heap of long, disgusting, empty words I read the whole [decree] and I still do not understand what they will do in the future. As for the mandatory ideology classes she has already attended in college, Penny issues no praise. Very boring, she says. Most students just sleep at their desks.

With reporting by Gu Yongqiang / Beijing

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Whats the Priority for Chinese Colleges? Studying and Propagating Marxism