Moron is an apt characterization of people who believe in a system that’s failed everywhere it’s been tried. From Simon Black at sovereignman.com:
I’ve spent the last several days in this quaint Colombian city near the Venezuelan border (though I’m presently at the airport, en route to Chile for a board meeting).
As I’ve discussed several times in the past, Colombia is great. It’s naturally gorgeous, incredibly cheap, and full of interesting opportunities.
The country has recently emerged from decades of civil war. And the rebuilding efforts will have a profound impact on the economy… most notably with the national infrastructure.
Colombia’s highways are pitiful.
The distance from here to Bogota is barely 400 kilometers– it shouldn’t be more than a 3-4 hour drive. But it takes almost nine hours thanks to the terrible highways.
Railways, ports, even digital infrastructure are all lacking in Colombia, in large part because of the decades-long war against the FARC. For years the government didn’t want to build more railways if the guerrillas were just going to destroy them.
With the war over, they’re dumping an enormous amount of money into modernizing the country, which invariably brings interesting opportunities.
Colombia is still cheap today.