From Bloomberg's Megan McArdle:
President Nicolas Maduro ordered a military "occupation" of the company's five stores as he continues the government's crackdown on an "economic war" it says is being waged against the country, with the help of Washington.The military "occupation" created a surge of shoppers waiting outside hoping to get a good deal (before price inflation takes hold again). But before long, the chaotic situation led to a free-for-all of looting of stores with the explicit approval of Maduro who was reported as saying (quote from ZeroHedge):
"This is for the good of the nation," Maduro said on state television. "Leave nothing on the shelves, nothing in the warehouses … Let nothing remain in stock!"
“I’m no looter, and neither are the Venezuelan people. Don’t fall into desperation,” Maduro said. “It’s the parasitic bourgeoisie that is looting Venezuela.”Some are saying that the whole episode was planned so as to end in looting to "boost" public sentiment. Here's a video of the organized robbery by looters with a "wink" and a "nod" from the President himself.
This kind of organized lawlessness has been a hallmark of Chavez and now Maduro for about 14 years now. Just last week, Maduro stole 2 rigs from Houston-based Superior Energy Services after the Venezuela government failed to pay Superior $9 million for a year's worth of work. Chavez has seized about 1000 companies in 14 years. But now there's hardly anything left to steal.
Eventually Socialists run out of other people's money (and assets). The money has run out.
Expect an outright collapse of the Venezuela economy and an even more dangerous period of chaos and blood-spilling. The ignorant and uneducated people, who maintained these fools in power, will suffer even more. Today food, tomorrow hunger. You can't eat those Sony Bravia TVs.