A Socialist Takeover Of Colombia Would Devastate Its Economy

Chávez And Petro, Cut From The Same Cloth

Before entering politics, both Chávez and Petro were members of militant rebel groups. As a candidate, Chávez vowed to end the expansion of Venezuela’s oil sector, despite it sitting on the world’s largest proven reserves. Petro, 61, similarly has promised to take an adversarial stance against the mining industry, saying in 2018 that companies involved in oil and gas “will not find a friendly government” if he becomes president.

A Wolf In Sheep’s Clothing

As former U.K. prime minister Margaret Thatcher once quipped: “The trouble with socialism is that eventually you run out of other people’s money.” Venezuelans have learned this lesson the hard way, and it troubles me that voters in Colombia, who have witnessed the influx of refugees fleeing poverty, might now elect a man who would institute the very policies that led to such poverty.

Bitcoin And Gold Are Incredibly Undervalued

I hope Colombian voters make the right choice next month, especially since authoritarianism is steadily making gains worldwide. According to Freedom House, nearly 40% of the global population now live in countries without basic freedoms, including financial freedoms. That’s the highest proportion since 1997.

Gold Coins Sales Had Their Best Quarter Since 1999

Gold had a solid first quarter for many of the same reasons as Bitcoin, namely, high inflation and geopolitical risk. The metal’s price rose 8% in the first three months of the year, its best quarter since the second quarter of 2020, and inflows into gold-backed ETFs totaled $17 billion, according to the World Gold Council (WGC).

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