Venezuela

[Ancient Citizen]

So, after around 14 years of socialist government, what was the richest and most prosperous country
in South America is now a complete basketcase, with eye watering inflation, rocketing crime, and
massive food/essential sevice shortage.
I went there over 30 years ago and it was a beautiful place, now, apparently after being a magnet for immigrants,
people are scrambling to get out, very sad.

 

[BoyBlue_1985]

A government with no clue how to govern would be the simple answer, They have more oil than Saudi so where is all this publicly owned oil money going?

 

[everythingchangesbutblue]

No doubt its America's fault.

 

[BlueHubert]

I'm sure 30 years ago many more people living in abject poverty than in the last 10 as a proportion of the population. Not to mention illiteracy rates

 

[This and only this]

A government with no clue how to govern would be the simple answer, They have more oil than Saudi so where is all this publicly owned oil money going?

I've been following this over the past couple of months. The reporting coming out of there is pretty grim reading. Venezuela is in the bottom 10 of corrupt countries and it's estimated officials have looted, if memory serves, at least $3 billion from the country's coffers over the past few years.

 

[Return of the Mac]

I've been working over here for a few weeks now and have a few more weeks to go. It doesn't look good for the country in the long run and the protesting against the government is becoming more open everywhere with violence ready to erupt very soon I would imagine. It's not a great place to be just now and I'll be glad to get finished and back home, the reason we are finishing is the government owned oil company that gives out the contracts have been witholding their payments to us forcing us out along with many others. The low price of oil has destabilised everything and there isn't as much cream for the corrupt government to take. Crazy situation similar to the meltdown Argentina had in the late 90s. If I was to exchange money at the airport I would get 10 bolivares for one US dollar. If I change it on the street I get 1000 bolivares. Their economy is collapsing because of the low oil price and the future is bleak here in such a once beautiful country.

 

[The perfect fumble]

Yeah, I've no evidence to suggest it, but I'm sure the socialists are screwing up Nigeria as well and the Democratic Republic of the Congo and well everywhere really.

The biggest reason under developed countries stay that way is corruption. There can be no prosperity with endemic corruption and you find it in poor countries that purport to be right wing, left wing and all points in between.

 

[BayernMan]

No surprises here, what do you think would happen when your economy relies on high commodity prices and unfortunately there all pretty low right now not just crude oil....

No doubt its America's fault.

Fair argument since increased fracking has driven down crude oil prices

 

[dickie davies]

I went to Margarita Island twenty odd years ago and there were riots against the government then

 

[johnmc]

Wasn't fuel free to residents there at one point.