Venezuela was sold down the road by a man who painted a picture of a life that could never be. Chavez sold off their nations vast wealth a little bit at a time to buy the loyalty of the little people for a while, but when the money ran out, and all the brains left the country while they still could, it all collapsed. When Maduro took over, the country was well on the way to total collapse.
Now, in her death throes, Venezuela is no longer able to roll over debt and is unable to sell new bonds. Her gold is nearly gone and she only has a few billion dollars left. The government owned oil monopoly has been basically left to rot for so long that it is in total collapse right now and since they have no money, the heavy crude from the Orinoco belt cannot be pumped easily, since they cannot buy the light crude needed to mix with it so it will flow well enough to be pumped, since it is nearly the viscosity of tar.
The brain drain, coupled with the businesses that have been seized and ruined by the government and others that simply shut down have ruined the once proud, rich nation.
Socialism always works until it no longer does. It always looks good on paper, but cannot work in practice because the people in power will always carve out more for themselves, their families, friends an cronies first, leading to what we see in Venezuela.
What's next? Either all out civil insurrection/war or all out totalitarian clampdown and outright executions and shoot downs of protesting civilians to put it all down. Maduro will never concede power. He will be president until he dies or is killed.
I predict the military takes over at some point. We'll wait and see on this one, but it will happen far sooner than later, because the people have had it.
aperbag:
