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Irrespective of UBI, is the US similarly not highly dependent on imports paid for by debt issuance, demand for which is not guaranteed to persist in the future just as Venezuela's oil income was not guaranteed?



Two important points. 1. US debt is denominated in its own currency not the currency of a foreign government. 2. The US economy is not dependent on one volatile commodity. Worse for Venezuela is the price of oil is set for a large part by OPEC so they have little control of the price.

In fact, the crisis in Venezuela was driven by OPEC dropping the price of oil to keep market share and prevent US oil production from fracking and the like from being viable.

Every time you think of Venezuela, think of these issues because any model of economics without this complete picture will yield inaccurate conclusions and fear of inflation being right around the corner when that is not the case.




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