Those who favor socialism should spend just a week in Caracas to see just how it is working out there.

According to both Moody’s and S&P Global, it failed to make $200 million in payments that were due on November 12, immediately resulting in the declaration by the credit rating agencies that Venezuela is officially in “selective default.”

As many have predicted, Venezuelan President Nicolás Maduro's inability to make principal and interest payments on his government's debt is threatening his regime.

Venezuelan dictator Nicolás Maduro banned elected opposition mayors from taking office, replacing them with allies. His regime is supported by big banks and other countries such as Russia and China.

The U.S. State Department condemned the October 15 elections in Venezuela, stating "the voice of the Venezuelan people was not heard."

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