Venezuela, under Chavez and then Maduro, has certainly tried to impose a non-market form of socialism on that unhappy country. Leading to a destruction of wealth to rival, perhaps even beat, the idiocies in Zimbabwe over much the same period.

Both places have also employed the essence of modern monetary theory in the course of their economic actions. Print money for the government to spend and don’t worry over that pesky idea that possibly there should be some connection, just some relationship at all, between tax revenue and that spending.

It’s even possible to claim, as some do, that there’s nothing wrong with either theory or course of action, it’s just it was all implemented by know nothings, by idiots:

Venezuela plans to launch the biggest-denomination note in its history, but owing to delays in printing and hyperinflation it will be worth less than 18p by the time it enters circulation.

The value of the bolivar has collapsed after years of economic mismanagement and even beggars on the streets of Caracas refuse to accept the lower-denomination notes.

The central bank took delivery of 71 tons of security paper from an Italian printing company this year in preparation for the issuing of a 100,000 bolivar note, according to Bloomberg.

Since 2007, eight zeroes have been removed from the currency to make accountancy simpler and avoid the humiliation of having to issue multimillion, or even multibillion, bolivar notes.

Inflation is running at about 2,400 per cent, down from its high of over 2 million per cent in early 2019. The minimum wage, once a boast of the government, is now the lowest in the world. Including all “bonuses”, it is equivalent to £1.40 a month.

Of course our socialism, our modern monetary theory, would be implemented by clever people.

So, that’s alright then.