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To understand the economy, you have to understand human nature.

This podcast is powered by ACAST.

How you doing there? It is podcast time. And today we are going to look at the case of a country

that was once quite wealthy and is now impoverished. We're going to look at how countries go bad,

how good countries actually can go bad,

how countries with enormous resources can end up incredibly poor.

Why?

Because the economic policy pursued by the government is so abject,

so devoid of any economic basis, and so crippling in its impact on the people

of that country. That country, John, is Venezuela. I know it's a long way away. You probably,

if we were to do a podcast from down there, it would be bird song that you would be interested

...