@@makisekurisu4674 No. this video pretends it's some sort of 'clean lab environment'. but the reality is that Venezuela is also the most coup attempted country by the US military complex for the last 20+ years, with efforts that continue daily, with 100s of millions allocated to wage this soft coup war. Venezuela, in addition is also amongst the most aggressively sanctioned.... So if this video cannot wake up to note that reality of the last 20+ years, it is incapable of thinking critically about this subject.
@wihenao Delusional Trumptard has entered the chat. You guys sure do a great job at making just about everyone look great. But I wouldn’t expect people who consistently vote against their own interests to have the self-awareness to admit that.
North vs South baby. Although I have to say, Miliei is a moron. So, for what it's worth, it's sad to see what is happening to such a large and geographically unique nation.
As a kid growing up in Brazil, I would sometimes hear about Venezuelans' wealth. An uncle of mine went there and came back saying that they had super cheap gas and high standards of living, and some people even talked about migrating there. Brazil has never been an oil superpower, but now it's one of the biggest producers in terms of barrels per day, thanks to investments in infrastructure and technology. Nowadays, Venezuelans around my city are working as cashiers, selling cellphone cases, and some are even begging. It’s sad!
it merely demonstrates what happens when the largest economic bloc in the world wages a soft coup war and aggressive financial sanction campaign against a MUCH smaller country for 20+ years. its a joke pretending that history did not happen, or that it continues to this day.... and will continue until Venezuela collapses.
The economy so messed up that people farm gold on old school runescape to then sell for significantly more money than you can get from working a normal job
I think you mean: "Mine gold". It has been the "money of choice" for 5000 years for many good reasons. You imply a "black market money" keeps the economy going.
Probably because the oil age is coming to an end. It will continue for a while but by 2030 it will probably become clear that green energy is taking over from fossil fuels. Even if the best government was elected this year, there just isn't much time to take advantage of oil profits now.
@@coolbanana165 I think there's still quite some time. Oil is very prominently used in manufacturing and farming. Energy is just a slice of its market share, and is the easiest one to replace. Fertilizers and plastics are much harder. I think EE just simply does not have hope for Venezuela's government and also thinks its industry got beat down too much.
@@renato360a exactly oil extraction isn't going anywhere. less than 30% of a barrel of oil is used for gasoline and heating. the vast majority of it is used industry, medicine, cosmetics, etc
As a Venezuelan that lived there for 26 years after I left in 2016, it is incredible to see how accurate this video is. Except for the 6.1M people exodus, which is the official number, but in reality it is closer to 8M.
Calling it missmanegement is tecnically true But that's just socialism in real life, cuba is missmaneged too, so is north korea or even the fallen USSR
Venezuelan here; one thing that’s missing from all these data points and videos is that Chavez destroyed the domestic industry over 15 years only because they were not politically aligned. Most factories were taken from owners and given to his military friends who ran it to the ground. Later they Had to import most goods from China/iran/russia with oil barrels and when the oil prices went really low they couldn’t import anything. Of course there where too Many people chasing too few items and that’s what mostly drove the hyperinflation right when maduro printed more money. The rest of the info is about right. Specially the stock footage of the corrupt official. Nailed it.
Yes. Basically not a single word about expropriation, decrease of food production as consequence of collectivised farms by cooperatives and the persecution and shrinking of the private sector.
Most of Venezuela's problem is the sanctions. You can't name a single country that is on sanctions and doesn't face economic collapse and inflation which is the reason behind sanctions. It's to impoverish people to a point to overthrow their government.
@@mehrshadvr4 Check your Bible again, the fat cows come right before the gaunt cows. Chavez really thought the oil price surplus was meant to be used to give free houses, free electricity, literally free money, free food and free stuff to socialist Cuba and other countries. There were also the worst cases of overpriced and unfinished infrastructure projects we ever saw in our history. For example, there are graveyards of unfinished buildings and broken 🚌 buses that were not older than 10 years. There's a huge hydroelectric plant that never operated. I kid you not, the list is huge. This government has earned the title for the most incompetent we ever had. This government was just worse than the last governments, and boy were those awful. They worked really hard to surpass their predecessors. Watch the video as many times as you need until you understand that money needs to be treated with respect. Nothing is for free, and there's no such thing as a free lunch. People in my country, Venezuela grew entitled to every penny from the country, even if it meant spending the wealth of their future children and their grandchildren. We wanted all for ourselves. Little fat kids with an awful father.
I had a coworker who was from Venezuela. He worked hard to get an exchange in University, then threw himself over the first job he was offered so he could get a work visa and he's stayed in Sweden ever since (about 10 years by now). He always worried about his parents who were stuck back there though...
Venezuelan here, i emigrated to Chile and after a lot of effort i finally got my family out of that place, dont really care what happens to venezuela now
One part of the mismanagement problem is unique and wasn't addressed. The government has been propped up by the military for a decade. In return military officers are given control of economic assets that they have no idea how to manage. This is similar to Zimbabwe where assets were stripped from whites and rather than redistributing them to black employees who knew how to run the business they were given to guerilla commanders who usually ran them into the ground.
@@pyaklich yup. Exactly. Thats pretry much what ruined all major companies in venezuela and all the heavy industry thst bloomed during the 60s and 70s. All the people eho knew how tp runnthem were ignored or replaced with people on the government's pocket that knew nothing of the industries they were tasked with managing. Thats how we saw the enormous fall of big industries like PDVSA, VenAlum, Guri, most of the food companies....
@@russellgillick7938 the ones (like you) who are in favor of socialism have never lived in a country with socialism. Otherwise you wouldn't be in favor of it.
Venezuelan here, Thanks for making this Now come the waves of tankies telling us how our own country works and how all of the atrocieties we've seen the goverment commit didnt actually happen it was just mass schizophrenia or something
Como español me avergüenza haber permitido que esos mismos tankies hayan ayudado a instaurar la dictadura chavista. Lo peor es que lo estamos pagando y poco a poco España se está convirtiendo también en una dictadura chavista. Fuerza, hermanos.
@@objectobject9110igualmente fuerza para ustedes hermanos, esperemos que con lo que ha ocurrido estas ultimas semanas y la gran cantidad de venezolanos en españa los ayude a darse cuenta de las atrocidades que los socilistas como podemos quieren llevar a europa
@@objectobject9110 Lamentablemente de la mano de los idiotas de Montero, Zapatero, Sánchez, Monedero e Iglesias, España está siguiendo el camino más destructivo de la izquierda. Espero que los españoles aprendan de nuestro error y sepan frenar ese avance a tiempo
One thing about oil which you should include when discussing reserves is quality. Arabian oil is very high quality very low sulfur content which makes it miles ahead more worthwhile to extract than venezuelan oil. It's like saying you have the most fresh water but it's very contaminated and would cost more to purify it than buy it from someone else. While all points are correct it's just a small thing that changes a lot about the discussion of oil reserves. Arabian oil is very low depth and high quality which keeps the price down while venezualan oil was popular during the oil crysis as it was better than nothing.
Source: trust me bro Seriously, once its refined its the same so what is the difference in costs per barrel and how does this change the mismanagement part of the story? If all you say is "its totally different because of this seemingly irrelevant detail im not elaborating how it is relevant to the main narrative" then you fail in why it should be included
Isn't most US oil sour as well? It's not too difficult to remove the impurities, and I find it hard that its that a big a factor when Canada is able to make money from its even more difficult to refine oil sand deposits.
i wonder what would have happened if the US had tried to help build venezuela for the last 20+ years, instead of the endless coup-attempts and financial sanctions for the last 20+ years.
@@Gazofrenico615 no. disagree. i don't have the exact timeline and variety of sanctions on Venezuela since hugo chavez started the move to some socialist policies (most notably the oil and land resources to be used for the people), but i know there was a flurry of us led coup attempts during chavez governance, and chevaz DID have economic success. But when the oil market collapsed in 2014, i expect that was when the sanctions began in ernest to capitalize on that market failure. And also given that the US and GCC control the oil production in the world, i'm not convinced they don't act in their self interest, since they directly can manipulate the market by setting production rates. this is the age old monopoly problem. so together the collapse of the oil market, the bad decision to not diversify by venezuela, and the sanctions that ramped up (not to mention continued US coup and destabilization operations... which is psychotic btw, when we can pretend that the US carrying out constant coups.... is business as usual and should not be raised as a problem when discussing the economic situation in venezuela).
@@ericaugust1501 do you think that the protest that are happening right now in all the country are "usa-baked coup"? Do You know the amount of people that where arrested and the politician that where exiled for protesting agaisnt the dictatorship? Here on my town, the armed forces where arresting people just for posting anti-government images and memes in their social media!!!!!!
As one of the islands heavily impacted by the demise of the Venezuela economy, good to see that a good portion of Curacao images are used in this video.
As a Venezuelan, whenever I see a foreigner make a video trying to explain out situation to an English speaking audience it makes me kind of mad. Because it's just almost right but it lacks that extra 10% that would actually explain stuff properly. People tend to focus waaaay too much on our oil industry, and of course they do, how could you not? it's such a juicy story, the country that was blessed with the largest oil reserves in the world ends up crashing because that was actually a curse in disguise, oh dutch disease and all that. And yeah, I'm not saying that's not a factor (and probably the biggest one), I'm saying there's more to it, way more. For starters, the erosion of our local industries have nothing to do with dutch disease and oil prices going down, it might actually have something to do with the fact that Hugo Chávez stole most of the companies that actually produced stuff. Oil prices crashed around 2014-2015, but I remember seeing empty shelves and food shortages as early as 2010, got worse in 2012. The first wave of massive protests was in 2014 and it wasn't motivated by the oil prices crash, it was motivated by years of food shortages, low salaries and overall poor living conditions. In 2014 our oil industry was pretty much the same as it had been with Chávez, but living conditions were already terrible, pretty much unlievable and it ended in hundreds of thousands of people leaving the country. by 2014 inflation was already at 69% which is NOT NORMAL by any means, that's already a fucked up economy. And if you need another proof that there's more to this problem than just oil prices, PDVSA and corruption, you just need to look at what's happened in the country in recent years. PDVSA is in its worst state it's ever been, the same people are in power and corruption is still rampant, and yet, somehow, things have improved ever-so slightly since 2019. Why? because the government has lifted soooo many restrictions, mainly pushed by the dollarization of the country, people stopped using Bolivares and started using US dollars out of desperation and that forced the government to stop controlling prices and exchange rates as harshly as they had been doing since 2003. So everything explained in this video is still true and it's still going on to this day, the same corruption, the same insecurity, and yet somehow things have gotten a bit better (they're getting worse again since 2022 but still not even close to how we used to live in 2017), that should be a sign that you're missing some key point in your analysis.
Since 90% of the economy is dependent on oil, it's a safe bet to say that food shortages, low salaries and poor living conditions were all indirectly caused by the oil price crash, and the lack of reserves to soften the blow. Less money flowing in => less prosperity for everyone. Trickle-down economics usually works in the negative direction.
Interesting take on the issue. I was looking for comment more articulated like yours. I am Brazilian who worked for Petrobras, I think as a neighbour you might know a little about it. I remember working with two work mates that had visited the country sometime in 2007-2009. And I remember they having an argument about how good/bad Venezuela were, needless to say one of them were hardcore leftie. But something they both agreed was that it was too violent even for Latin America standards. Could you givebany view on how the violence affected the whole country?
@szaszm_ You're missing a crucial part. chavez land reforms as well as expropiations of companies These lands and companies were handed to people completely incapable of handling them many of them received them just because the were loyal to the venezuelan socialist party This, as expected, led to production falling sharply which ment when 2008 hit we didn't have the capability of producing our own food and relied on imports
It's worth emphasizing that, aa part of breaking the strike by the oil workers, they fired ALL of the strikers. They lost all the institutional knowledge and combined thousands of years of experience in order to put loyal workers in their place. You can't do that without suffering consequences. Also worth emphasizing that this is what happens when you centralize government power too much. They care about loyalty more than ability or education, and they literally sunk their only source of revenue.
I had some friends working in PDVSA. They were fired, but they ended up working for PDVSA anyway, in the sense that they were hired by service companies that PDVSA contracted for work. They had to deal with the harrassement and the political "oversight" in the company, that basically treated them as traitors that should have in mind they were spared the worst but should basically shut up. Of course, they ended up leaving the country for good.
Everyone knows it's primarily the US causing most of the issues with the sanctions. The thing about dictator in power is nonsense because the US is fine with some dictators in the world. Venezuela just got unlucky having nothing that the US wants enough to make a deal with its dictator
@@ryaneyleeNah. It’s crazy how every American I see either thinks their country is everything good/bad in the world. You’re not the main villain in this story, and thinking you are is ignoring pretty much everything the data (and my own eyes) say about Venezuela. The sanctions didn’t cause the fall of the economy, terrible policies did, and if you don’t believe it check the stats on the evolution of crime, inflation, price controls, poverty, and see how things were going before sanctions were applied in 2017.
Well, it's a good video and just with an economic perspective it explains the crisis in a simple way. But I have to say that an important fact is forgotten, the government of Venezuela since 1999 never cared about the people, Chávez was just a populist who spent a minimal part of the oil profits on the people, and that currently the government is basically a criminal cartel wanted internationally by the DEA for drug trafficking. so... yes, oil is the mother of all evils so to speak, but not the main problem, you were very very soft in criticizing the mismanagement, it is much worse than what is stated in the video. but for an explanation made by a foreigner it's fine, I liked the video
Why, Lula is poking maduro goverment to show to international orgs the election results. He is pushing to make a change happen and finish his goverment.
The problem is that sanctions and hostile relations generally are not just ineffective - they actually STRENGTHEN a bad government's position by letting them blame everything on foreigners (see Cuba). People everywhere are really tribal and always look for outsiders to blame when things go wrong anyway, and deliberately picking a fight with the neighbours is the oldest maneuver there is for any unpopular government wanting to restore its popularity (see the Venezuela/Guyana dispute).
@@kenoliver8913 As there is no perfect way to handle a country, there is no perfect way to strengthen a government's position. At some point, blaming others, justified or not, gives diminishing returns no matter how tribal people are. Blaming others is incapable of working forever. Otherwise, no Cubans would try to get in the US and many Venezuelans would stay in Venezuela out of tribal outrage rather then "abandon" their "threatened" country.
I'm from Venezuela Thanks for doing a video about the state of my country and not leaning on the "it's all fault of usa sanctions" but the incopetence of the regime You proof once again why you are one my favorite youtube channels
Man i feel for you. I watched a documentary recently, i think it was here on YT. There was a scene with Chavez walking around in a city and people pointed out shops, buildings and companies to him that weren't on his line politically. So he just randomly pointed at stuff and said "nationalize this". I don't remember the spanish expression. Fck man.
@@megaponful I am living in Venezuela and the sanctions did make a heavier weight. But we were all suffering a lot from before. 2011, 2014. Besides there's mercosur and other countries to make a lighter blow on it, if you play smart I'd say it's a 25% to sanctions / 75% Chavismo And most of latest sanctions are to individuals of the regime
It is difficult to express the profound sadness that the situation of my country provokes me. The constant impediments that the dictatorship puts for any effective change has pushed many Venezuelans to be politically pessimist, nihilist and cynical. There are no words that can express the level of hopelessness we have in our hearts.
Un dolor que siempre cargaremos. Merecíamos mucho, mucho mejor que esto… bendecidos con tantas bellezas y riquezas para que se las robaran esos desgraciados. Comparto tus sentimientos. Paciencia y fe, chamo.
@@vegetableman3911They have further to fall. Their local GDP per capita is still 18 times higher, HDI is 0.32 points higher, and life expectancy is 15 years longer than South Sudan.
Can you imagine that a few years ago, almost every socialist I met in Germany tried to explain that "Democratic Socialism" could work on the example of Venezuela? Now it has become one of countless failed attempts.
money always needs to be handed out in exchange for something productive, even just the incentive of going into job training. I think eventually we'll need either government "blackboard" where they post tasks where people can do whatever to get money, or they'll have to pay people who aren't in anything useful at the time to do be taught and tested on currently needed tasks. Like people who want to be in the workforce can just go to some city level government like the town hall and get paid for learning some electrician skills and applying that narrow set of knowledge.
I can imagine. I'm a Venezuelan living in Australia and socialists here still deny the crisis in Venezuela and say that whatever is happening is because of US sanctions. Those same people you mentioned in Germany would try to gaslight you now if you brought it up. Saying that either they never uttered those words or that the Venezuelan government isn't socialism. Lastly, I want to say that communism should be a condemned and banned ideology in the same as the na.zi ideology. is.
Sure,thank the CIA operatives who try to install a "government " with criminals like Guado. I m saddened to see that ignorance is causing young people to side with their destructor.
Why not overthrow your dictator? Only the people living there can change things. France did it hundreds of years ago, Turkey did it in 1960, Chile in 1973.
@@thor.halslihe is not even a dictator, he is a tyrant. And it's pretty rich to creatize behind a computer without experiencing the day by day in here. Most of fire arms and armed forces are on gov's pockets, without skipping how awfully disapointing the opposition is people are simply too drained and solely concern with survival only at this point. The thing is, calling for a general uprising would just give them more opportunity to victimize themselves diplomatically, and who can stand commies playing victim ?
How did they mess it up when Saudi Arabia managed it? Saudi Arabia has been an autocratic theocracy while constantly splurging, yet they managed to remain very rich. Venezuela fumbled hard
Guessing, but: Smaller population at start, more focused DISTRIBUTION of wealth, greater wealth per capita, probably a better sense of long-term interests (monarchy), even if they splurged.
@@DzSagace Because Saudi Arabia has not seized US assets without compensation, legally kidnapped US citizens on trumped up charges, colluded with drug traffickers, threatened the United States, and generally not acted like a giant communist @sshole mafia state. If you don't believe me, go to southern Florida and talk to the thousands of Venezuelans living there now.
Dear Economics Explained, can you please make a video on the economy of Malaysia. That way, you can talk about the country's GLCs (government-linked companies), ethnic-based politics, ethnic-based affirmative action policies, and how they all play a major role in Malaysia's economy. Please accept my request.
Venezuela is the best example to prove that having natural resources does not mean that a country will be rich and people will be prosperous. On the other hand, Japan is the best example to show that despite not having sufficient natural resources to export and becoming rich by export, there are different ways also.
Adam Smith said: "a nation is not rich by its resources or money inside it's treasure, but really rich in how it managed to become reach itself (education)" The same way a country can have all "democracy & transparency" in the world yet still be poor, corrupted and miserable by lacking order and pragmatism.
Chávez was a very lucky guy, even in death. He died in 2013, so just a year before the oil prices crashed. All the problems were already there during this time in office, but with the oil price high they were masked... although every year it became less and less posible to mask the rot. He dies, Maduro gets in, and oil prices go down the toilet, and then there is no more oil money to keep giving make up to the rotten corpse of the economy.
@@jesuscoutofandino6280 another clue of the mismanagement of Venezuela's oil funds is with the former F1 driver Pastor Maldonado....he has the backing of the government thru the oil company pdvsa, he lost his seat when the funds ran out due to collapse of pdvsa....
Correct, it all started way before Maduro. Mismanagement, imcompetence and most importantly corruption are the principal factors of this whole economic disaster.
That's not how it works. Consulting Norway and being Norway are as different as watching an aircraft fly by vs. building aircraft from scratch. Consultants are typically hired to tell their employers what they want to be told. Consultants are hired as affirmation dispensers to validate policies the client wants validated.
@@Comm0ut I'm a consultant. This is not how it works (in most cases). Ofc, sometimes the client wants an analysis done by a credible 3rd party just to go through with his own ideas (so that when they don't work out, he can blame the consequences of the 3rd party). Still, none of the bigger consultancy companies will do what they are told to do in the way of providing an analysis that is in line with the client's view but contradicts the results of the research on the topic. That would lead to most of the research by the consultancy companies being simply wrong, which in the long run would devastate the company's reputation (and that is basically all that matters when putting a high mark-up price on the consulting project being done).
You overlook the fact that they can't just stick a straw in the ground and pump oil out. Oil quality is a major problem for them. They have mostly heavy sour crude which is so thick it's basically a solid in the ground and needs to be liquefied before pumping out. It costs them much more to pump oil than Saudi Arabia and their oil costs more to refine.
mate, the Norwegians (who were poor fishermen) had to invent new technologies, construct the entire thing on land and then drag it in the middle of the ocean to install it and start drilling. they set up all sorts of regulations, institutions, ect.. Venezuela simply sucks at doing anything right... deal with it..
@@AndrewStamelakis You're wrong though. Norway was not a poor country before oil, that's just a myth. Compared to today, yes we were poor. Compared to the time? Nope. Norway also has a long history of ship construction. Pre-industrial era the country was likely one of the poorest (in Scandinavia at least), but we also didn't get independence until 1905. A little less than 10% of our exports are also fish (now), so idk about those poor fishermen
@@AndrewStamelakisLight sweet oil of fine quality exists in Venezuela too. The thing is due corruption and lack of organization today, they concentrate on exploiting the heavier one regardless of how difficult and expensive it is due greed and bribing from gov to international third party oil corporations.
Uncle Sam: “Care to do some military exercises with us Guyana on your turf? I was just coincidentally here and coincidentally the timing is pretty convenient don’t you think?” 😊 Brazil “Don’t worry about the troop buildup we got up here near your border Venezuela, we just felt it was a good time to bump it up here, just making sure nothing funny happens, that’s all, yep 😊”
You completely missed the 1970s where Venezuela had a way way way higher chance of becoming a developed country, with both booming oil prices _and_ a genuine, stable, democratic government. Its failures and the subsequent economic collapse of Venezuela is the reason why the new, authoritarian government came to power in 1999 in the first place.
@@BenchFox_ The Punto Fijo Pact was an agreement between political parties and the Venezuelan Oligarchy with the aim of controlling the country and extracting wealth. But the Venezuelan People lived in poverty and misery. This is how Hugo Chavez emerged with his populist politics. Ultimately, mismanagement and populism ended up generating other problems in the country.
@@tygoufaynanchal3903the punto fijo pact was controversial, but it helped to maintain the Venezuelan economy at the time, many of the personal that was in charge of the country oil industry and mineral extractions where profesional that really knew what they where doing, even a poor familly in the 1970 could afford decent jobs, decent house and a car, it was chavez with his propaganda that gave a bad reputation to the pact and when he got rid of it, and beggin to mass-statize the oil industry and remplaze the personal with his cuban and guerrilla friends that the country economy suffered a Lot.
@@Gazofrenico615 Thank you very much for your comment. I believe there are many lies on the part of Hugo Chávez and his partnership. Finally, I think that Venezuela's problems are old.
Accurate video. While incompetence is certainly an ingredient of the Venezuelans tragedy, there's one missing from the analysis: malice. Jorge Giordani was one of the main economists for the Chavez regime, he made it clear that the objective of the Chavista government was to keep people poor so they always depend on the government, thus minimizing a potential revolt. So many of the destructive measures taken by the chavismo, were intentionally destructive 😢
From 2006 to 2014 when almost all companies in Venezuela were expropriated the government put either corrupted or totally inexperienced - or both - cronies to managed the nice than 2,000 state owned companies. Productivity collapsed but as te government had control on media, army an Supreme Court, privatization never occurred.
They may call themselves commies, they may wear Marx shirts and require Das Capital to be read every morning and evening, and yes, they may even call themselves dyed in the wool communists , but they’re not REAL commies because they failed, where REAL commies would succeed.
@@AL-lh2htSaudi Arabia didn’t have a “socialist revolution” like the one Chavez tried. Saudi Arabia didn’t destroy the private sector with expropriations, etc.
Would actually depend on whether the comrades are actually competent to follow the ideology correctly and not venture into an authoritarian regime, like Venezuela.
These populist and dictatorial regimes do this. They use the people against themselves. In other words, they play against each other, as this prevents the union that generates strength. In fact, they work a lot on anger, hatred, resentment and resentment. Finally, it is no coincidence that where they arrive they only generate poverty and misery.
@@XBarajasXHaha, really ?? So wealthy, they did not mind wasting all money and resources in purpose I guess! AND LET ME guess what will you answer: " dAt WaS nOt rEAl sOcIaLisM "
Great video! Thanks for the input, crazy wealth fumble of the century. Just one point it's missing on the video is that Venezuelan Oil its thick. Its know as heavy Petroleum, it can still be used for gas and everything but need to pass through some refineries. It was said to be around $22-25 per barrel, at current prices its like 200% profit margin. More than enough if they could keep production running...
As a born and raised Venezuelan, thank you for speaking about this. However, I would add one more thing. Use Venezuela as a cautionary tale. Our country always had its problems, but everything went down in 1999 with the election of Hugo Chavez “socialist” system. He campaigned by saying “no poor people in a rich country” and followed to socialize everything, steal tens of billions of dollars, changed the constitution to be able to reelect forever and killed and tortured its people. Using the exact same guidelines Stalin and the Castros wrote so long ago. Even now, after the opposition won the election with over 70% of the vote with evidence, the electoral board (government controlled) still gave Maduro the victory. Please dont make the same mistakes some Venezuelans made in 1999. You can vote yourself into “socialism” but you wont be able to vote yourself out.
Great as usual. It will be good if the speed of the talk was reduced a little. It can be hard to follow and understand so much info at the current high speed of the speech
They really could have been a Scandinavian-style social democracy, but Chavez had to go full Castro. Like Mike’s “We had a good thing!” speech in Breaking Bad.
I mean, it says it all I can't even comment fully what I think. But just look up what Chile's president Boric says of the left in LATAM and democracy, and the fact that Chavez attempted a coup
@@MM22966 he said himself that things will get worse before they get better, and that's exactly what is going on. Some measures have already taken an effect, like rent market in BA, some are looking promising, like lowest month-to-month inflation, some are as bad as ever, like industrial output.
@@MM22966 he has not been removed from his post, which is a small miracle; he managed to stay in the saddle, until funding started to poor in from his measures, enabling him to continue working. (Note that he is a poor economy professor and pundit, with less savings than most middle aged middle class men in US or EU). The problem is that removing so much government spendig HAS to create the mother of all recessions. And people have to live through that. On top of that, he needs to continue devaluating the currency, until the country’s output can start to compete with the rest of the world. That is part of his bet. On top of that, he has increases export taxes (booooh) to fund the government. I disagree on having export taxes, what the country needs to to is to export its way back to prosperity. But I can see the logic, and he is actually putting Argentina under an even greater preassure to improve productivity and devaluate. So more pain now, but with the advantage of having the option of removing export taxes, massively catapult exports up, after they have already become more competible.
Please do an episode about the Ivory Coast (Cote d'Ivoire). It is a rarely mentioned country when it is one of the fastest-growing economies in Africa and in the world right now
Five years ago, I had never met a single Venezuelan. Now I have so many friends from over there living here in the US. It’s absolutely sad how a government’s decisions and greed altered so many people’s live to where to flee to anywhere else but their home.
Solid presentation, although I'm a little confused by the choice to continuously point the finger at Venezuela as a whole while studiously avoiding mentioning Maduro by name. It seems to me that the problem lies primarily there, but I could be wrong.
The geopolitical environment that Venezuela exists in is completely different from countries like Norway, Canada, and the US. So much so that I think a comparison is a bit pointless. I don’t think this video really explains or even attempts to describe some of the nuance of living in a wealth center like Europe, surrounded by both water and pacifists, and no nearby economic powers that consistently meddle in domestic politics via sanctions and attempts at regime change. I understand this is an economics channel but it’s a bit disappointing to see this kind of one-sided analysis…
Europe has done well in the past 50yrs. But the Ukraine war has seen the US impose policies on Europe that has cause significant economic pain. The biggest one is Europe stopped buying Russian gas and instead buy US LNG at ~3X the price. German companies have picked up their factories and moved them to China and the US in order to stay compeitive. US blows up Nord Stream and Germany says nothing, they've come up with stranger than fiction stories of who blew up Nord Stream. Europe is no longer at Peace and the Ukriane war will touch all of Europe economically.
@@VV-er3zg right, I’ll refer to the bots in the comments who validate your incredibly basic world views. Your response clearly lacks the nuance necessary to understand the complexities that exist (and have existed) in Latin American political economy since Europeans discovered the americas… Please educate yourself
I am not Canadian. But I can tell you, Venezuela is a hellhole that is not comparable to Canada. It can be compared with countries like maybe- Mexico, Somalia, Haiti
@@User-mncbjlfjrebxkl As a Canadian with family in Venezuela, we're trending in that direction because the prime minister is a stated admirer of countries like Cuba, Russia, and China.
@@kingofhearts3185 But then again, the Canadian people are educated and more skilled. Their history is different from these countries. Not gonna happen in Canada like what happens here.
@@User-mncbjlfjrebxkl I get what you are saying I just saw the word mismanaged economy and figured we had to be up there in terms of having alot of potential but somehow mess it up to a large extent. Our only saving grace is we border the US
My friend Luis was pushed out of PDVSA as he wasn't a Chavez crony. Good for BP, bad for Venezuela, as they lost a talented engineer who was also a great human!
FYI.. India was mainly a socialist country until 1990 and we were doing well even then. Now we've veered quite a lot from that path after 1990. Incompetence is unrelated to Socialism.
@@jaikanths875hahaha incompetence is a requirement to be socialist. People like you are the problem. You try to wash the face of a self declared socialist regime. PSUV = Partido Socialista Unido de Venezuela. Chávez expropriated or destroyed 95% of the private sector. Socialism.
@@jaikanths875 What is the difference between incompetence and delusion? is it possible to be competent if you are deluded.? Socialism fails to deliver what it promises. It does not work (incompetence) because it is based a a deluded premise of enforced equality. ..... and just BTW I don't think the people running Tata or Mahindra would agree that India is 'Mainly Socialist '
Rather surprised you didn't mention the Cubanization of the Venezuelan economy with has been ongoing and rather dominant for over two decades. Otherwise, great video.
This was such a long video doing roundabout explanations to avoid the painfully obvious reality: They put a socialist bus driver in charge of the country who believes business profit is evil, printing money creates wealth, and legislating prices makes them reality. In other words, socialism in practice fails catastrophically.
So you did a whole video about the economy of Venezuela and didn’t once mention Hugo Chavez or crippling US sanctions? Nice work man, really told the whole story.
You mean the crippling sanctions where the US imported tens of billions of dollars worth of Venezuelan oil every year, right? Or maybe the wrist-slap sanctions that the video DID mention?
Refer to other comments by Venezuelans here if you have any doubts of how US sanctions actually affect us, when we were 'crippled' long before they were even an idea. Don't stand on the wrong side of history.
Don't the sanctions limit the refining and sale of V. oil on the global market? So, if they should be rich because they have so much oil, but are restricted in their monetization of oil... wouldn't the sanctions be relevant along with the other points made?
@@XofDyer no, you are failing for the socialist propaganda and it’s shameful. Americans and Europeans are totally brainwashed about this topic. The sanctions started in 2017 when Maduro made the ultimate coup against the remaining institutions . The country had at least 10 years of decline and destruction by then…
I hear and see about this EE leaderboards all the time, but I’ve only seen it on video, any chance that this is an actual list online? Any links to it? 😅
Here they come, the red bot army and his "USA sanctions" argument. The video was really neutral, skipping the whole politics component and abstaining to throw adjectives on Maduro or Chavez; focusing on the economic side and providing a historical context to start. Even so, I have no doubt that some viewers will try to flip the discourse; go ahead... explain me my own country.
No no bro bro its the sanctions bro no I don't know why the massive economic crash predated any sanctions by several years but it must be the evil US imperialists bro America bad bro.
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Honestly if Venezuela got a Saudi guy to manage it's economy it's gonna be a superpower
@@makisekurisu4674 No. this video pretends it's some sort of 'clean lab environment'. but the reality is that Venezuela is also the most coup attempted country by the US military complex for the last 20+ years, with efforts that continue daily, with 100s of millions allocated to wage this soft coup war. Venezuela, in addition is also amongst the most aggressively sanctioned.... So if this video cannot wake up to note that reality of the last 20+ years, it is incapable of thinking critically about this subject.
china is a leader of BRICS and what you see in china is the same on BRICS..
@@ericaugust1501 yeah but do you really think nobody tried to fiddle in the middle east?
The GCC is still doing fine, Iran is still alive.
Kenya next 🙏🏾
Venezuela really doing its absolute best to make Argentina look good.
😂😂😂
Sarcasm😂
Americans saying "hold my beer" and voting for Kamala
@wihenao
Delusional Trumptard has entered the chat. You guys sure do a great job at making just about everyone look great. But I wouldn’t expect people who consistently vote against their own interests to have the self-awareness to admit that.
North vs South baby. Although I have to say, Miliei is a moron. So, for what it's worth, it's sad to see what is happening to such a large and geographically unique nation.
As a kid growing up in Brazil, I would sometimes hear about Venezuelans' wealth. An uncle of mine went there and came back saying that they had super cheap gas and high standards of living, and some people even talked about migrating there. Brazil has never been an oil superpower, but now it's one of the biggest producers in terms of barrels per day, thanks to investments in infrastructure and technology. Nowadays, Venezuelans around my city are working as cashiers, selling cellphone cases, and some are even begging. It’s sad!
A number of the West Indian islands have been receiving Venezuelan emigrants.
this is outrageous!
Very sad.
Can the U.S. *LIFT THE SANCTIONS* then?
and Bank of England can *RETURN THEIR GOLD* while they're at it.
🔥🔥🔥
Yup sad to see allot of our neighbors migrating to Guyana and taking up basic jobs
it merely demonstrates what happens when the largest economic bloc in the world wages a soft coup war and aggressive financial sanction campaign against a MUCH smaller country for 20+ years. its a joke pretending that history did not happen, or that it continues to this day.... and will continue until Venezuela collapses.
The economy so messed up that people farm gold on old school runescape to then sell for significantly more money than you can get from working a normal job
🤑
Buying gf 10000000 Bolívares
gold farmers are really cool people actually
Sounds amazing. I bet if they found a magical sword or spaceship or whatever it would make them a killing in the local currency
I think you mean: "Mine gold". It has been the "money of choice" for 5000 years for many good reasons. You imply a "black market money" keeps the economy going.
You know its bad when EE basically says "no, theyre fucked" when asked if the country can turn itself around.
Probably because the oil age is coming to an end. It will continue for a while but by 2030 it will probably become clear that green energy is taking over from fossil fuels.
Even if the best government was elected this year, there just isn't much time to take advantage of oil profits now.
If that's the case...
Can the U.S. *LIFT THE SANCTIONS* then?
and Bank of England can *RETURN THEIR GOLD* while they're at it.
🙄🙄
@@coolbanana165 I think there's still quite some time. Oil is very prominently used in manufacturing and farming. Energy is just a slice of its market share, and is the easiest one to replace. Fertilizers and plastics are much harder. I think EE just simply does not have hope for Venezuela's government and also thinks its industry got beat down too much.
@@renato360a exactly oil extraction isn't going anywhere. less than 30% of a barrel of oil is used for gasoline and heating. the vast majority of it is used industry, medicine, cosmetics, etc
Only way to turn it around is a change in government
As a Venezuelan that lived there for 26 years after I left in 2016, it is incredible to see how accurate this video is. Except for the 6.1M people exodus, which is the official number, but in reality it is closer to 8M.
I'm sure it's not the poor or those of lower intelligence who compose the majority of emigrants.
Calling it missmanegement is tecnically true
But that's just socialism in real life, cuba is missmaneged too, so is north korea or even the fallen USSR
@@MrPinguinzz UK, France, Greece...
yo me fui en el 2016 también 💔 💔
@@MrPinguinzz China is socialist and it's currently the richest country in the world.
Venezuelan here; one thing that’s missing from all these data points and videos is that Chavez destroyed the domestic industry over 15 years only because they were not politically aligned. Most factories were taken from owners and given to his military friends who ran it to the ground. Later they
Had to import most goods from China/iran/russia with oil barrels and when the oil prices went really low they couldn’t import anything. Of course there where too
Many people chasing too few items and that’s what mostly drove the hyperinflation right when maduro printed more money.
The rest of the info is about right. Specially the stock footage of the corrupt official. Nailed it.
@@gmo2932 in short, Karl Marx fcked your country big time
Yes. Basically not a single word about expropriation, decrease of food production as consequence of collectivised farms by cooperatives and the persecution and shrinking of the private sector.
Most of Venezuela's problem is the sanctions. You can't name a single country that is on sanctions and doesn't face economic collapse and inflation which is the reason behind sanctions. It's to impoverish people to a point to overthrow their government.
@@mehrshadvr4 nah. Sanctions didn't work in Russia. You are just blaming others for making your country fragile in the first place
@@mehrshadvr4 Check your Bible again, the fat cows come right before the gaunt cows. Chavez really thought the oil price surplus was meant to be used to give free houses, free electricity, literally free money, free food and free stuff to socialist Cuba and other countries.
There were also the worst cases of overpriced and unfinished infrastructure projects we ever saw in our history.
For example, there are graveyards of unfinished buildings and broken 🚌 buses that were not older than 10 years. There's a huge hydroelectric plant that never operated.
I kid you not, the list is huge.
This government has earned the title for the most incompetent we ever had.
This government was just worse than the last governments, and boy were those awful. They worked really hard to surpass their predecessors.
Watch the video as many times as you need until you understand that money needs to be treated with respect.
Nothing is for free, and there's no such thing as a free lunch. People in my country, Venezuela grew entitled to every penny from the country, even if it meant spending the wealth of their future children and their grandchildren.
We wanted all for ourselves. Little fat kids with an awful father.
I had a coworker who was from Venezuela. He worked hard to get an exchange in University, then threw himself over the first job he was offered so he could get a work visa and he's stayed in Sweden ever since (about 10 years by now). He always worried about his parents who were stuck back there though...
Venezuelan here, i emigrated to Chile and after a lot of effort i finally got my family out of that place, dont really care what happens to venezuela now
One part of the mismanagement problem is unique and wasn't addressed. The government has been propped up by the military for a decade. In return military officers are given control of economic assets that they have no idea how to manage. This is similar to Zimbabwe where assets were stripped from whites and rather than redistributing them to black employees who knew how to run the business they were given to guerilla commanders who usually ran them into the ground.
@@pyaklich yup. Exactly. Thats pretry much what ruined all major companies in venezuela and all the heavy industry thst bloomed during the 60s and 70s. All the people eho knew how tp runnthem were ignored or replaced with people on the government's pocket that knew nothing of the industries they were tasked with managing.
Thats how we saw the enormous fall of big industries like PDVSA, VenAlum, Guri, most of the food companies....
In other words, they let Dementus run Gas Town. Oof
I live in Venezuela. You describe the economic situation very precisely.
Are you fed up with socialism?
@@bionicle37Are you a bot ?
@@bionicle37 Pretty sure he is fed up with sanctions...
@@bionicle37capitalism is better... i think
@@russellgillick7938 the ones (like you) who are in favor of socialism have never lived in a country with socialism. Otherwise you wouldn't be in favor of it.
Venezuelan here, Thanks for making this
Now come the waves of tankies telling us how our own country works and how all of the atrocieties we've seen the goverment commit didnt actually happen it was just mass schizophrenia or something
Venezuelan here too.
For real I cannot stand the tankies that say the US is to blame for the bullshit that has been going on here
Como español me avergüenza haber permitido que esos mismos tankies hayan ayudado a instaurar la dictadura chavista. Lo peor es que lo estamos pagando y poco a poco España se está convirtiendo también en una dictadura chavista.
Fuerza, hermanos.
@@objectobject9110igualmente fuerza para ustedes hermanos, esperemos que con lo que ha ocurrido estas ultimas semanas y la gran cantidad de venezolanos en españa los ayude a darse cuenta de las atrocidades que los socilistas como podemos quieren llevar a europa
@@objectobject9110 Lamentablemente de la mano de los idiotas de Montero, Zapatero, Sánchez, Monedero e Iglesias, España está siguiendo el camino más destructivo de la izquierda. Espero que los españoles aprendan de nuestro error y sepan frenar ese avance a tiempo
Your country was mismanaged by your own government, but that doesn’t prove socialism is bad and capitalism is good 😅
One thing about oil which you should include when discussing reserves is quality. Arabian oil is very high quality very low sulfur content which makes it miles ahead more worthwhile to extract than venezuelan oil. It's like saying you have the most fresh water but it's very contaminated and would cost more to purify it than buy it from someone else. While all points are correct it's just a small thing that changes a lot about the discussion of oil reserves. Arabian oil is very low depth and high quality which keeps the price down while venezualan oil was popular during the oil crysis as it was better than nothing.
Crysis is a video game
Source: trust me bro
Seriously, once its refined its the same so what is the difference in costs per barrel and how does this change the mismanagement part of the story?
If all you say is "its totally different because of this seemingly irrelevant detail im not elaborating how it is relevant to the main narrative" then you fail in why it should be included
Yeah, though it changes little. It's still essentially free profits, just little less.
@@TheGahtasource is chemistry... you have to specifically build a refinery to handle this bad quality oil first
Isn't most US oil sour as well? It's not too difficult to remove the impurities, and I find it hard that its that a big a factor when Canada is able to make money from its even more difficult to refine oil sand deposits.
As Venezuelan, and subscriber, I have to thank you for making this video.
i wonder what would have happened if the US had tried to help build venezuela for the last 20+ years, instead of the endless coup-attempts and financial sanctions for the last 20+ years.
@@ericaugust1501You know Venezuela economy was alredy a mess before the US put the sanctions? I am Venezuelan btw (f+ck Chávez).
@@ericaugust1501You know Venezuela economy was alredy a disaster before the US put the sanctions right? I'm Venezuelan btw
@@Gazofrenico615 no. disagree. i don't have the exact timeline and variety of sanctions on Venezuela since hugo chavez started the move to some socialist policies (most notably the oil and land resources to be used for the people), but i know there was a flurry of us led coup attempts during chavez governance, and chevaz DID have economic success. But when the oil market collapsed in 2014, i expect that was when the sanctions began in ernest to capitalize on that market failure. And also given that the US and GCC control the oil production in the world, i'm not convinced they don't act in their self interest, since they directly can manipulate the market by setting production rates. this is the age old monopoly problem. so together the collapse of the oil market, the bad decision to not diversify by venezuela, and the sanctions that ramped up (not to mention continued US coup and destabilization operations... which is psychotic btw, when we can pretend that the US carrying out constant coups.... is business as usual and should not be raised as a problem when discussing the economic situation in venezuela).
@@ericaugust1501 do you think that the protest that are happening right now in all the country are "usa-baked coup"? Do You know the amount of people that where arrested and the politician that where exiled for protesting agaisnt the dictatorship? Here on my town, the armed forces where arresting people just for posting anti-government images and memes in their social media!!!!!!
When your average 14 year old Civilisation/Europa Unviersalis/Stellaris player could run a country better than you, you dun goofed.
They know not to give consumer industry to military friends based on idealogical reasons (usually). That’s better than them
As one of the islands heavily impacted by the demise of the Venezuela economy, good to see that a good portion of Curacao images are used in this video.
As a Venezuelan, whenever I see a foreigner make a video trying to explain out situation to an English speaking audience it makes me kind of mad. Because it's just almost right but it lacks that extra 10% that would actually explain stuff properly. People tend to focus waaaay too much on our oil industry, and of course they do, how could you not? it's such a juicy story, the country that was blessed with the largest oil reserves in the world ends up crashing because that was actually a curse in disguise, oh dutch disease and all that. And yeah, I'm not saying that's not a factor (and probably the biggest one), I'm saying there's more to it, way more. For starters, the erosion of our local industries have nothing to do with dutch disease and oil prices going down, it might actually have something to do with the fact that Hugo Chávez stole most of the companies that actually produced stuff. Oil prices crashed around 2014-2015, but I remember seeing empty shelves and food shortages as early as 2010, got worse in 2012. The first wave of massive protests was in 2014 and it wasn't motivated by the oil prices crash, it was motivated by years of food shortages, low salaries and overall poor living conditions. In 2014 our oil industry was pretty much the same as it had been with Chávez, but living conditions were already terrible, pretty much unlievable and it ended in hundreds of thousands of people leaving the country. by 2014 inflation was already at 69% which is NOT NORMAL by any means, that's already a fucked up economy.
And if you need another proof that there's more to this problem than just oil prices, PDVSA and corruption, you just need to look at what's happened in the country in recent years. PDVSA is in its worst state it's ever been, the same people are in power and corruption is still rampant, and yet, somehow, things have improved ever-so slightly since 2019. Why? because the government has lifted soooo many restrictions, mainly pushed by the dollarization of the country, people stopped using Bolivares and started using US dollars out of desperation and that forced the government to stop controlling prices and exchange rates as harshly as they had been doing since 2003. So everything explained in this video is still true and it's still going on to this day, the same corruption, the same insecurity, and yet somehow things have gotten a bit better (they're getting worse again since 2022 but still not even close to how we used to live in 2017), that should be a sign that you're missing some key point in your analysis.
Since 90% of the economy is dependent on oil, it's a safe bet to say that food shortages, low salaries and poor living conditions were all indirectly caused by the oil price crash, and the lack of reserves to soften the blow. Less money flowing in => less prosperity for everyone. Trickle-down economics usually works in the negative direction.
TLDR, socialism doesn’t work.
Interesting take on the issue. I was looking for comment more articulated like yours. I am Brazilian who worked for Petrobras, I think as a neighbour you might know a little about it. I remember working with two work mates that had visited the country sometime in 2007-2009. And I remember they having an argument about how good/bad Venezuela were, needless to say one of them were hardcore leftie. But something they both agreed was that it was too violent even for Latin America standards. Could you givebany view on how the violence affected the whole country?
@szaszm_
You're missing a crucial part. chavez land reforms as well as expropiations of companies
These lands and companies were handed to people completely incapable of handling them many of them received them just because the were loyal to the venezuelan socialist party
This, as expected, led to production falling sharply which ment when 2008 hit we didn't have the capability of producing our own food and relied on imports
@@szaszm_ buddy, its literally a starvation event. that is more then just the economy not doing well. it means society is falling apart
Loved the "...69th, nice, largest...."
I approve of this comment, but absolutely refuse to give it its 70th like.
This threw me enough I needed to rewind to listen to the following part again. I was not prepared.
@@steve470 Now it's already clearly past that mark so you can give it a like without a consideration for the funny number.
@@seneca983 Already did. 😀
It's worth emphasizing that, aa part of breaking the strike by the oil workers, they fired ALL of the strikers. They lost all the institutional knowledge and combined thousands of years of experience in order to put loyal workers in their place. You can't do that without suffering consequences.
Also worth emphasizing that this is what happens when you centralize government power too much. They care about loyalty more than ability or education, and they literally sunk their only source of revenue.
I had some friends working in PDVSA. They were fired, but they ended up working for PDVSA anyway, in the sense that they were hired by service companies that PDVSA contracted for work.
They had to deal with the harrassement and the political "oversight" in the company, that basically treated them as traitors that should have in mind they were spared the worst but should basically shut up.
Of course, they ended up leaving the country for good.
When your entire economy is based in **checks notes** keeping a dictator in power at any cost.
Everyone knows it's primarily the US causing most of the issues with the sanctions. The thing about dictator in power is nonsense because the US is fine with some dictators in the world. Venezuela just got unlucky having nothing that the US wants enough to make a deal with its dictator
@@ryaneylee did you even watched the video? no sanctions are not the biggest issue here stop missinforming people
@@ryaneylee Yeah sure bro the sanctions the US imposed in 2017 are what caused the Venezuelan economic crash in 2014 🤡
@@ryaneyleeNah. It’s crazy how every American I see either thinks their country is everything good/bad in the world. You’re not the main villain in this story, and thinking you are is ignoring pretty much everything the data (and my own eyes) say about Venezuela. The sanctions didn’t cause the fall of the economy, terrible policies did, and if you don’t believe it check the stats on the evolution of crime, inflation, price controls, poverty, and see how things were going before sanctions were applied in 2017.
@@ryaneylee no, most of us are smart enough to know non individual sanctions began in 2019 way later than their economic crisis hit
I hope Venezuela served as a good example for politicians tempted to play "wizard" with their economy for populist reasons.
The politicians can’t hear you over the noise of magic money printers burring for non populist reasons.
Well, it's a good video and just with an economic perspective it explains the crisis in a simple way. But I have to say that an important fact is forgotten, the government of Venezuela since 1999 never cared about the people, Chávez was just a populist who spent a minimal part of the oil profits on the people, and that currently the government is basically a criminal cartel wanted internationally by the DEA for drug trafficking. so... yes, oil is the mother of all evils so to speak, but not the main problem, you were very very soft in criticizing the mismanagement, it is much worse than what is stated in the video. but for an explanation made by a foreigner it's fine, I liked the video
I agree
As a Brazilian it rages me how my government is at best amicable with Maduro. We need to take stronger stance against dictators.
Definitely won't happen with Lula in charge
Why, Lula is poking maduro goverment to show to international orgs the election results. He is pushing to make a change happen and finish his goverment.
@@jokerofmoroccoisnt he literally trying to be one himself?
The problem is that sanctions and hostile relations generally are not just ineffective - they actually STRENGTHEN a bad government's position by letting them blame everything on foreigners (see Cuba). People everywhere are really tribal and always look for outsiders to blame when things go wrong anyway, and deliberately picking a fight with the neighbours is the oldest maneuver there is for any unpopular government wanting to restore its popularity (see the Venezuela/Guyana dispute).
@@kenoliver8913 As there is no perfect way to handle a country, there is no perfect way to strengthen a government's position. At some point, blaming others, justified or not, gives diminishing returns no matter how tribal people are. Blaming others is incapable of working forever. Otherwise, no Cubans would try to get in the US and many Venezuelans would stay in Venezuela out of tribal outrage rather then "abandon" their "threatened" country.
From 4th, to last place in 20 years. Good work! Takes talent to mess up god mode.
I'm from Venezuela
Thanks for doing a video about the state of my country and not leaning on the "it's all fault of usa sanctions" but the incopetence of the regime
You proof once again why you are one my favorite youtube channels
Man i feel for you. I watched a documentary recently, i think it was here on YT. There was a scene with Chavez walking around in a city and people pointed out shops, buildings and companies to him that weren't on his line politically. So he just randomly pointed at stuff and said "nationalize this". I don't remember the spanish expression. Fck man.
Why aren't people voting out socialists
It's a mixture of both. The sanctions imposed by the USA makes the population suffer.
@@megaponful I am living in Venezuela and the sanctions did make a heavier weight. But we were all suffering a lot from before. 2011, 2014. Besides there's mercosur and other countries to make a lighter blow on it, if you play smart
I'd say it's a 25% to sanctions / 75% Chavismo
And most of latest sanctions are to individuals of the regime
@@rolnesc2459 greetings from brazil. Will chavismo end? Whats your take?
It is difficult to express the profound sadness that the situation of my country provokes me. The constant impediments that the dictatorship puts for any effective change has pushed many Venezuelans to be politically pessimist, nihilist and cynical. There are no words that can express the level of hopelessness we have in our hearts.
Still the west want socialism...
Un dolor que siempre cargaremos. Merecíamos mucho, mucho mejor que esto… bendecidos con tantas bellezas y riquezas para que se las robaran esos desgraciados.
Comparto tus sentimientos. Paciencia y fe, chamo.
Once you hit rock bottom, the only way to go is up
@@vegetableman3911They have further to fall. Their local GDP per capita is still 18 times higher, HDI is 0.32 points higher, and life expectancy is 15 years longer than South Sudan.
@@vegetableman3911Don't expect Venezuelan Quality of life to reach it's 2015 peak before like 2060.
Can you imagine that a few years ago, almost every socialist I met in Germany tried to explain that "Democratic Socialism" could work on the example of Venezuela? Now it has become one of countless failed attempts.
money always needs to be handed out in exchange for something productive, even just the incentive of going into job training.
I think eventually we'll need either government "blackboard" where they post tasks where people can do whatever to get money, or they'll have to pay people who aren't in anything useful at the time to do be taught and tested on currently needed tasks. Like people who want to be in the workforce can just go to some city level government like the town hall and get paid for learning some electrician skills and applying that narrow set of knowledge.
Chavez -> Modero = Lenin -> Stalin
I can imagine. I'm a Venezuelan living in Australia and socialists here still deny the crisis in Venezuela and say that whatever is happening is because of US sanctions.
Those same people you mentioned in Germany would try to gaslight you now if you brought it up. Saying that either they never uttered those words or that the Venezuelan government isn't socialism. Lastly, I want to say that communism should be a condemned and banned ideology in the same as the na.zi ideology. is.
@@JoseMendoza-ne7jebecause they are selfrighteous ignorants whom rather die than admit their flaws. The need some reality check.
As a venezuelan, thanks for making this video
Sure,thank the CIA operatives who try to install a "government " with criminals like Guado.
I m saddened to see that ignorance is causing young people to side with their destructor.
As a Venezeualan, I start my phrases as a Venezuelan.
Why not overthrow your dictator? Only the people living there can change things. France did it hundreds of years ago, Turkey did it in 1960, Chile in 1973.
@@thor.halslihe is not even a dictator, he is a tyrant. And it's pretty rich to creatize behind a computer without experiencing the day by day in here. Most of fire arms and armed forces are on gov's pockets, without skipping how awfully disapointing the opposition is people are simply too drained and solely concern with survival only at this point. The thing is, calling for a general uprising would just give them more opportunity to victimize themselves diplomatically, and who can stand commies playing victim ?
Venezuelan here, clicked as soon as I read the title. But things go way deeper.
Wow...this video is 100% on point.
How did they mess it up when Saudi Arabia managed it? Saudi Arabia has been an autocratic theocracy while constantly splurging, yet they managed to remain very rich. Venezuela fumbled hard
Because the royal family in Saudi Arabia has total control. They don't need to buy votes and they can fight efficiently against corruption.
Guessing, but: Smaller population at start, more focused DISTRIBUTION of wealth, greater wealth per capita, probably a better sense of long-term interests (monarchy), even if they splurged.
Probably because….
- Smaller population
- More competent government
-Better oil
- Location
- +more reasons I can’t think of.
Because usa didn't destroy Saudi Arabia with their economic sanctions...
@@DzSagace Because Saudi Arabia has not seized US assets without compensation, legally kidnapped US citizens on trumped up charges, colluded with drug traffickers, threatened the United States, and generally not acted like a giant communist @sshole mafia state. If you don't believe me, go to southern Florida and talk to the thousands of Venezuelans living there now.
Dear Economics Explained, can you please make a video on the economy of Malaysia. That way, you can talk about the country's GLCs (government-linked companies), ethnic-based politics, ethnic-based affirmative action policies, and how they all play a major role in Malaysia's economy. Please accept my request.
Venezuela is the best example to prove that having natural resources does not mean that a country will be rich and people will be prosperous. On the other hand, Japan is the best example to show that despite not having sufficient natural resources to export and becoming rich by export, there are different ways also.
Adam Smith said: "a nation is not rich by its resources or money inside it's treasure, but really rich in how it managed to become reach itself (education)"
The same way a country can have all "democracy & transparency" in the world yet still be poor, corrupted and miserable by lacking order and pragmatism.
As a Venezuelan I have been waiting for this video with anticipation. You didn't disappoint. Thank you!
Correct me if I'm wrong....the mismanagement starts with Hugo Chavez right....and when he died....Maduro made it worse.....
Yes that's exactly how it happened
Pretty much yup
Chávez was a very lucky guy, even in death. He died in 2013, so just a year before the oil prices crashed. All the problems were already there during this time in office, but with the oil price high they were masked... although every year it became less and less posible to mask the rot.
He dies, Maduro gets in, and oil prices go down the toilet, and then there is no more oil money to keep giving make up to the rotten corpse of the economy.
@@jesuscoutofandino6280 another clue of the mismanagement of Venezuela's oil funds is with the former F1 driver Pastor Maldonado....he has the backing of the government thru the oil company pdvsa, he lost his seat when the funds ran out due to collapse of pdvsa....
Correct, it all started way before Maduro. Mismanagement, imcompetence and most importantly corruption are the principal factors of this whole economic disaster.
The next country to stumble upon a massive oil field needs to hire Norway as a consultant.
That's not how it works. Consulting Norway and being Norway are as different as watching an aircraft fly by vs. building aircraft from scratch.
Consultants are typically hired to tell their employers what they want to be told. Consultants are hired as affirmation dispensers to validate policies the client wants validated.
They should But they won’t
Because we all think we can do better than Norway but no one does
@@Comm0ut I'm a consultant. This is not how it works (in most cases). Ofc, sometimes the client wants an analysis done by a credible 3rd party just to go through with his own ideas (so that when they don't work out, he can blame the consequences of the 3rd party). Still, none of the bigger consultancy companies will do what they are told to do in the way of providing an analysis that is in line with the client's view but contradicts the results of the research on the topic. That would lead to most of the research by the consultancy companies being simply wrong, which in the long run would devastate the company's reputation (and that is basically all that matters when putting a high mark-up price on the consulting project being done).
You overlook the fact that they can't just stick a straw in the ground and pump oil out. Oil quality is a major problem for them. They have mostly heavy sour crude which is so thick it's basically a solid in the ground and needs to be liquefied before pumping out. It costs them much more to pump oil than Saudi Arabia and their oil costs more to refine.
mate, the Norwegians (who were poor fishermen) had to invent new technologies, construct the entire thing on land and then drag it in the middle of the ocean to install it and start drilling. they set up all sorts of regulations, institutions, ect.. Venezuela simply sucks at doing anything right... deal with it..
@@AndrewStamelakis
You're wrong though. Norway was not a poor country before oil, that's just a myth. Compared to today, yes we were poor. Compared to the time? Nope. Norway also has a long history of ship construction.
Pre-industrial era the country was likely one of the poorest (in Scandinavia at least), but we also didn't get independence until 1905.
A little less than 10% of our exports are also fish (now), so idk about those poor fishermen
@@Ausekar however the Norwegians are more cultured and smarter than these people
@@Ausekar doesn't really change much... I'm from a problematic country too, Greece. I don't want excuses for my country. We suck...
@@AndrewStamelakisLight sweet oil of fine quality exists in Venezuela too. The thing is due corruption and lack of organization today, they concentrate on exploiting the heavier one regardless of how difficult and expensive it is due greed and bribing from gov to international third party oil corporations.
Never expected to hear "69...nice!" in a reputable economics video. Nicely done, mate!
Nigeria: Finally! Someone worse than my government.
Venezuela: *Plans to invade Guyana*
Guyana: “(chuckles) I’m in danger”
Well they are really in danger, Venezuela is armed to the teeth with Russia and Chinese weapons.
Uncle Sam: “Care to do some military exercises with us Guyana on your turf? I was just coincidentally here and coincidentally the timing is pretty convenient don’t you think?” 😊
Brazil “Don’t worry about the troop buildup we got up here near your border Venezuela, we just felt it was a good time to bump it up here, just making sure nothing funny happens, that’s all, yep 😊”
that moment when you are going about your life like normal and a schizophrenic psycho with a knife approaches you in the streets.....
@@ChineseKiwi The US has a miltary base in Guyana for a long while now.
Venezuelan army would probably lose tbh trained only to control the population not actually fight a war in the tropical rainforest
You completely missed the 1970s where Venezuela had a way way way higher chance of becoming a developed country, with both booming oil prices _and_ a genuine, stable, democratic government. Its failures and the subsequent economic collapse of Venezuela is the reason why the new, authoritarian government came to power in 1999 in the first place.
I have already read that Venezuela's problems are old, because it is a relationship with the Punto Fijo Pact.
@@tygoufaynanchal3903 what do you mean
@@BenchFox_ The Punto Fijo Pact was an agreement between political parties and the Venezuelan Oligarchy with the aim of controlling the country and extracting wealth. But the Venezuelan People lived in poverty and misery. This is how Hugo Chavez emerged with his populist politics. Ultimately, mismanagement and populism ended up generating other problems in the country.
@@tygoufaynanchal3903the punto fijo pact was controversial, but it helped to maintain the Venezuelan economy at the time, many of the personal that was in charge of the country oil industry and mineral extractions where profesional that really knew what they where doing, even a poor familly in the 1970 could afford decent jobs, decent house and a car, it was chavez with his propaganda that gave a bad reputation to the pact and when he got rid of it, and beggin to mass-statize the oil industry and remplaze the personal with his cuban and guerrilla friends that the country economy suffered a Lot.
@@Gazofrenico615 Thank you very much for your comment. I believe there are many lies on the part of Hugo Chávez and his partnership. Finally, I think that Venezuela's problems are old.
Accurate video. While incompetence is certainly an ingredient of the Venezuelans tragedy, there's one missing from the analysis: malice. Jorge Giordani was one of the main economists for the Chavez regime, he made it clear that the objective of the Chavista government was to keep people poor so they always depend on the government, thus minimizing a potential revolt. So many of the destructive measures taken by the chavismo, were intentionally destructive 😢
From 2006 to 2014 when almost all companies in Venezuela were expropriated the government put either corrupted or totally inexperienced - or both - cronies to managed the nice than 2,000 state owned companies. Productivity collapsed but as te government had control on media, army an Supreme Court, privatization never occurred.
I love the "it's not great" after the Stability and Confidence" scoring. Wonderful euphemism delivered just right, make me chuckle. Cheers mate!
It’s amazing that failed ideology keeps being applied and people fall in love with
That's the power of ☭ propaganda and the ☭ mor0ns who repeat their lies
The "nice" joke for the GDP, had me lol. Thanks!
EE savaged Venezuela’s government with that Smaug analogy 😂
Commies are gonna Commie. "Lets try again!"
they an't a commie. It would be like calling saudi arabia commies.
@@AL-lh2ht What do you think they are then, if not communists?
They may call themselves commies, they may wear Marx shirts and require Das Capital to be read every morning and evening, and yes, they may even call themselves dyed in the wool communists , but they’re not REAL commies because they failed, where REAL commies would succeed.
It's always the same. Right down to hiring cronies and loyalists to key positions they have no business being in.
@@AL-lh2htSaudi Arabia didn’t have a “socialist revolution” like the one Chavez tried. Saudi Arabia didn’t destroy the private sector with expropriations, etc.
They should’ve invested their oil wealth in masterworks
Buuuuuuuuuuurrrrrnnnnnn! 😂
And still we have some comrades here in South Africa looking up to this country as well as wanting to emulate it here😂😂😂😂😂😂
EFF party right???
Would actually depend on whether the comrades are actually competent to follow the ideology correctly and not venture into an authoritarian regime, like Venezuela.
WHen I was hithchhiking on sailboats in 2007, I visited a Venezualan island and it looked like they were at war with themselves. It was really bad.
2007 was the wealthiest year in the history of Venezuela 🙃
These populist and dictatorial regimes do this. They use the people against themselves. In other words, they play against each other, as this prevents the union that generates strength. In fact, they work a lot on anger, hatred, resentment and resentment. Finally, it is no coincidence that where they arrive they only generate poverty and misery.
@@XBarajasX wow, that says a lot
@@XBarajasXHaha, really ?? So wealthy, they did not mind wasting all money and resources in purpose I guess! AND LET ME guess what will you answer: " dAt WaS nOt rEAl sOcIaLisM "
Great video! Thanks for the input, crazy wealth fumble of the century. Just one point it's missing on the video is that Venezuelan Oil its thick. Its know as heavy Petroleum, it can still be used for gas and everything but need to pass through some refineries. It was said to be around $22-25 per barrel, at current prices its like 200% profit margin. More than enough if they could keep production running...
As a born and raised Venezuelan, thank you for speaking about this. However, I would add one more thing. Use Venezuela as a cautionary tale. Our country always had its problems, but everything went down in 1999 with the election of Hugo Chavez “socialist” system. He campaigned by saying “no poor people in a rich country” and followed to socialize everything, steal tens of billions of dollars, changed the constitution to be able to reelect forever and killed and tortured its people. Using the exact same guidelines Stalin and the Castros wrote so long ago. Even now, after the opposition won the election with over 70% of the vote with evidence, the electoral board (government controlled) still gave Maduro the victory. Please dont make the same mistakes some Venezuelans made in 1999. You can vote yourself into “socialism” but you wont be able to vote yourself out.
Argentina: bet you can't be incompetent than us with money
Venezuela: hold my cerveza
Awesome, would love a video about Colombia and how Venezuela's migration has improved the economy
I talked to a Venezuelan who gets his food via money made on the black market. He is saving money up money to leave the country.
Great as usual. It will be good if the speed of the talk was reduced a little. It can be hard to follow and understand so much info at the current high speed of the speech
I still argue Iran takes the crown for this, but definitely respect the Venezuela pick.
So glad to hear from Venezuela !
As a Venezuelan who left their country due to everything explained on this video.... Yeah...
could you please do a video on the economic situation of Rwanda and analyse how they may achieve their hope of becoming a middle income country ?
im sure a state run economy will work next time!!
Well, we get to find out soon in the US
@@rorythomson3439 US is capitalist
Great video. I’d love to see a series on the countries that are most likely to become developed in the next years
Don't be afraid to identify the root cause: SOCIALISM.
Awesome video!
Do Colombia's economy, it would be interesting to compare neighbors
Another complex situation broken down in simple terms. Great work! Keep it up
Just the "nice" comment alone makes this whole video worth the watch (but the whole video is good, I must add, usual high quality output from EE).
They really could have been a Scandinavian-style social democracy, but Chavez had to go full Castro. Like Mike’s “We had a good thing!” speech in Breaking Bad.
The problem is always socialism. Chavez was brainwashed by Fidel, and he radicalized into a communist
The average Venezuelan deserves some blame for being stupid enough to put him in total power.
I mean, it says it all I can't even comment fully what I think. But just look up what Chile's president Boric says of the left in LATAM and democracy, and the fact that Chavez attempted a coup
I appreciated the Smaug reference. I'm now picturing Chavez or Maduro's head superimposed on a dragon body.
As an Argentinian, I recent being outdone in economic stupidity. Can’t we just all agree that we are both muy pero muy boludos?
How's the turnaround with Milei going? Things slowly getting fixed or is it just flash & thunder???
@@MM22966 he said himself that things will get worse before they get better, and that's exactly what is going on. Some measures have already taken an effect, like rent market in BA, some are looking promising, like lowest month-to-month inflation, some are as bad as ever, like industrial output.
@@MM22966 he has not been removed from his post, which is a small miracle; he managed to stay in the saddle, until funding started to poor in from his measures, enabling him to continue working. (Note that he is a poor economy professor and pundit, with less savings than most middle aged middle class men in US or EU).
The problem is that removing so much government spendig HAS to create the mother of all recessions. And people have to live through that.
On top of that, he needs to continue devaluating the currency, until the country’s output can start to compete with the rest of the world. That is part of his bet.
On top of that, he has increases export taxes (booooh) to fund the government. I disagree on having export taxes, what the country needs to to is to export its way back to prosperity. But I can see the logic, and he is actually putting Argentina under an even greater preassure to improve productivity and devaluate. So more pain now, but with the advantage of having the option of removing export taxes, massively catapult exports up, after they have already become more competible.
@@MM22966they are improving, but you know how it works. They have decades to fix.
As an Argentinian, I start my phrases as an Argentinian.
This is a clear example of long term thinking and short term thinking.
Congo. Literally the world battery.
I have heard people do cannibalism in these countries because of poverty and hunger
Please do an episode about the Ivory Coast (Cote d'Ivoire). It is a rarely mentioned country when it is one of the fastest-growing economies in Africa and in the world right now
If you listen carefully, you can hear all the tankies and campists crying in the background
Honestly, the mental gymnastics used to justify this mismanagement is astounding.
Five years ago, I had never met a single Venezuelan. Now I have so many friends from over there living here in the US. It’s absolutely sad how a government’s decisions and greed altered so many people’s live to where to flee to anywhere else but their home.
Odd that your video never once mentioned Hugo Chavez or Maduro.
He is a joke, he tries to wash the face of socialist regimes
Solid presentation, although I'm a little confused by the choice to continuously point the finger at Venezuela as a whole while studiously avoiding mentioning Maduro by name. It seems to me that the problem lies primarily there, but I could be wrong.
and Mexico is going straight in the same direction as Venezuela
Can you do Malaysia next? The Malaysian economy is going through significant advancements and I think it’s worth scrutinising :)
The geopolitical environment that Venezuela exists in is completely different from countries like Norway, Canada, and the US. So much so that I think a comparison is a bit pointless. I don’t think this video really explains or even attempts to describe some of the nuance of living in a wealth center like Europe, surrounded by both water and pacifists, and no nearby economic powers that consistently meddle in domestic politics via sanctions and attempts at regime change. I understand this is an economics channel but it’s a bit disappointing to see this kind of one-sided analysis…
Europe has done well in the past 50yrs. But the Ukraine war has seen the US impose policies on Europe that has cause significant economic pain. The biggest one is Europe stopped buying Russian gas and instead buy US LNG at ~3X the price. German companies have picked up their factories and moved them to China and the US in order to stay compeitive. US blows up Nord Stream and Germany says nothing, they've come up with stranger than fiction stories of who blew up Nord Stream. Europe is no longer at Peace and the Ukriane war will touch all of Europe economically.
I mean, just refer to the comments of Venezuelans here to see their thoughts on sanctions and their impact. You'll find they disagree with you.
@@VV-er3zg right, I’ll refer to the bots in the comments who validate your incredibly basic world views. Your response clearly lacks the nuance necessary to understand the complexities that exist (and have existed) in Latin American political economy since Europeans discovered the americas… Please educate yourself
As a Venezuelan I was going to mention some major omissions about the regime. But I see others have already taken the time to do it. Good.
Thats a relief i thought this was going to be about canada
Oh we're close, don't get it twisted.
I am not Canadian. But I can tell you, Venezuela is a hellhole that is not comparable to Canada. It can be compared with countries like maybe- Mexico, Somalia, Haiti
@@User-mncbjlfjrebxkl As a Canadian with family in Venezuela, we're trending in that direction because the prime minister is a stated admirer of countries like Cuba, Russia, and China.
@@kingofhearts3185 But then again, the Canadian people are educated and more skilled. Their history is different from these countries. Not gonna happen in Canada like what happens here.
@@User-mncbjlfjrebxkl I get what you are saying I just saw the word mismanaged economy and figured we had to be up there in terms of having alot of potential but somehow mess it up to a large extent. Our only saving grace is we border the US
The title is the key. All the money is mismanaged into a certain few pockets
You say economic mismanagement reality says perfect socialism
My friend Luis was pushed out of PDVSA as he wasn't a Chavez crony. Good for BP, bad for Venezuela, as they lost a talented engineer who was also a great human!
The word ‘socialism’ might also be relevant in explaining this situation…
FYI.. India was mainly a socialist country until 1990 and we were doing well even then. Now we've veered quite a lot from that path after 1990.
Incompetence is unrelated to Socialism.
@@jaikanths875 Doing well? $300 per-capita annual income was doing well?
@@jaikanths875hahaha incompetence is a requirement to be socialist.
People like you are the problem. You try to wash the face of a self declared socialist regime.
PSUV = Partido Socialista Unido de Venezuela.
Chávez expropriated or destroyed 95% of the private sector.
Socialism.
@@jaikanths875 What is the difference between incompetence and delusion? is it possible to be competent if you are deluded.? Socialism fails to deliver what it promises. It does not work (incompetence) because it is based a a deluded premise of enforced equality. ..... and just BTW I don't think the people running Tata or Mahindra would agree that India is 'Mainly Socialist '
So how is “capitalism” ruining Argentina? Care to explain?
Rather surprised you didn't mention the Cubanization of the Venezuelan economy with has been ongoing and rather dominant for over two decades. Otherwise, great video.
Ahh,once again I'm requesting, can you cover the economics of the East African community.
Thank you for this video
You know it's bad when EE says, "it gets a zero out of ten".
Marxist heaven unlocked
Attempting to manage an economy at all is the first step to mismanaging it.
I'm 14 and this is deep
@@blink182bfsftwi would looking up the economic calculation problem to see what happens when a government tries to manage the entire economy
@@simonpetrikov3992 I guess it is called socialism...
you a child? Laissez-faire capitalism becomes crony captalism day one. Literally all the top economics in the US are regulated, including the US.
This was such a long video doing roundabout explanations to avoid the painfully obvious reality: They put a socialist bus driver in charge of the country who believes business profit is evil, printing money creates wealth, and legislating prices makes them reality. In other words, socialism in practice fails catastrophically.
So you did a whole video about the economy of Venezuela and didn’t once mention Hugo Chavez or crippling US sanctions? Nice work man, really told the whole story.
You mean the crippling sanctions where the US imported tens of billions of dollars worth of Venezuelan oil every year, right? Or maybe the wrist-slap sanctions that the video DID mention?
US sanctions started in 2019. Shut up.
The only reason for Venezuela’s decline is socialism, and Hugo Chavez ideological atrocities.
Refer to other comments by Venezuelans here if you have any doubts of how US sanctions actually affect us, when we were 'crippled' long before they were even an idea. Don't stand on the wrong side of history.
Don't the sanctions limit the refining and sale of V. oil on the global market? So, if they should be rich because they have so much oil, but are restricted in their monetization of oil... wouldn't the sanctions be relevant along with the other points made?
@@XofDyer no, you are failing for the socialist propaganda and it’s shameful.
Americans and Europeans are totally brainwashed about this topic.
The sanctions started in 2017 when Maduro made the ultimate coup against the remaining institutions .
The country had at least 10 years of decline and destruction by then…
Don’t forget folks. You can vote yourselves into socialism but never vote yourselves out of it.
“One of the easiest money glitches ever and it couldn’t even enter the cheat code correctly” - perfect summary
“69th; nice” 😂😂
Had to replay that bit, lol
So sad that a country with so much potential is being destroyed.
One day Venezuela will be free...free of Maduro! VENEZUELA LIBRE
Mano tengo fe!
okay. Imma go eat my burger from my nearest McDonalds. I love living in capitalist America
@@User-mncbjlfjrebxkl Ok clown
@@User-mncbjlfjrebxkl ok loser
I hear and see about this EE leaderboards all the time, but I’ve only seen it on video, any chance that this is an actual list online? Any links to it? 😅
Long-winded movie can be summarized as "Socialism doesn't work"
How did they lower inflation?
Here they come, the red bot army and his "USA sanctions" argument.
The video was really neutral, skipping the whole politics component and abstaining to throw adjectives on Maduro or Chavez; focusing on the economic side and providing a historical context to start.
Even so, I have no doubt that some viewers will try to flip the discourse; go ahead... explain me my own country.
No no bro bro its the sanctions bro no I don't know why the massive economic crash predated any sanctions by several years but it must be the evil US imperialists bro America bad bro.
The US sanctions are a HUGE deal in the Venezuelan economy, you absolute clown.
He is lying. Venezuela’s failure has only one word: Socialism.
Bold statement as this channel clearly hasn’t seen the books for my homeowners association.