Why Is Venezuela Dirt Poor Despite Having The Largest Oil Reserves?
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- Опубліковано 15 чер 2024
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Did you know that Venezuela has the world’s largest oil reserves? But unlike Saudi Arabia and Qatar, Venezuela isn’t filthy rich with supercar police vehicles or massive vanity projects. In fact, Venezuela has been experiencing an economic collapse fueled by some of the worst hyperinflation ever seen. Within the last 10 years, the Venezuelan Boliver has gone from being able to exchange 4.3 for 1 US dollar to having to hand in 800 billion Bolivars just for 1 US dollar. The country has also leaned towards socialism which has destroyed much of the country’s economy and pushed them further into what is known as Dutch disease. Dutch disease is when a country becomes so dependent on one economic sector that other economic sectors begin to suffer. At this point, if the original economic sector goes through a downturn, the entire country is thrown into a depression and that’s exactly what happened to Venezuela as oil prices crashed in the mid-2010s. This video explains why Venezuela is so poor economically despite having the world’s largest oil reserves.
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Timestamps:
0:00 - Venezuela’s Oil Fortune
2:18 - Dutch Disease
5:12 - Bad Players
8:29 - Hugo Chavez
11:02 - The Collapse
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Me, as Venezuelan who is living in Denmark...
Easy money creates stupid people, and my country is the perfect example for that.
Good video, thanks for reveal how pathetic the whole situation is...
Thank you Aaron!
Wise words. Sadly.
Exactly what you say, I'm still having traumas due the collapse (I born in 1999)
I started to live again once I got out of there
Educated Venezuelans are one of the most productive people. However, the uneducated flooding the cities of neighborinf countries are a whole different story and do indeed import their colecrivos crimes.
In Lima I have seen 1 biker get in front of a car and stop it so a second bike with 2 rider pull up next to the driver and pull a gun to extract handbags and cell phones.
I thought it was due to sanction.
Most of the reserves are in "heavy" oil, which is very difficult to extract and refine. The local oil company PDVSA does not have the technology and skills to do it, as only few companies in the world are capable of extracting this type of oil economically (like Veba Oil in Norway). The other reason is that the Venezuelan Government simply does not have the desire to develop and increase oil production, due to commitments with OPEC. In short, Venezuela is bankrupt and the national oil company is technically unable to extract any of these reserves.
As I understand it the cost to extract and process the tar Matt's,(so far down) is more expensive the oil is worth,,, that's why it will stay where it is,(, actually a good thing
Well, if the government is bankrupt, why doesn't it want to start extracting more oil?
@@geoffreycharles6330 It requires a lot of investment to extract this heavy oil, so this is one of the main reasons. Also, OPEC imposes quotas on every member country, including Venezuela. Lack of investment in the private sector and political instability (Maduro´s Government is not recognized internationally), which adds to the problem. Hope this explains the situation, but obviously I simplified many things for clarity purposes.
they can easily get investors. its a guaranteed return short of being strong armed. and technology is not the problem. they could pay anyone to do it. they dont have jobs for their people so they live like shit. the gov still is collecting money. saying they cant figure it out or dont have the skills. is like me giving you half a trillion dollars and saying "make a nuke" and you replying "i cant its hard". you would reply with i already got the adds out 1 million a quarter and citzenship. for anyone with 5 years experience in nuclear engineering at a weapons facility from russia, n korea, france, usa, india, pakistan, china etc. and a fat ass 20 million bonus after the first successful test! triple these numbers for every additional decade of experience" yea your gona get a nuke.
Unfortunately Soviet have technology to extract oil .oil is cursed item it make you wealth but same time make you stupid . Soviet have higher knowledge in nuclear, aviation,metals, weapons,space but simple economic they are stupid so went to spilt .middle East have oil and rich but money spent on luxury greed will come with oil expect Norway all countries fall for oil will fail
As a Hispanic, I'm completely embarrassed. To think a society has the opportunity to accomplish what the Saudis did (even half would still be incredibly opulent!), but no, our corruption had to screw it up. Just a damn shame
Saudi, UAE and Qatar suprisingly doing better. Altought their monarch also poketing tons of the country money.
It has nothing to do with corruption, their problem was entitely created by their evil neighbour in the north.
Really? Is that what you believe? *Everything is because USA sanctioned Venezuela.* As long as there's US dollar hegemony, sanctioned countries will suffer due to low exports, no matter how incorruptible your politicians are
@@sintijonosintijono1103 this is where you're wrong. If you've ever visited one of these countries, you'd see the corruption first hand, from the politicians down to the beat cops. You literally have to carry cash on hand to pay off la mordida (the bite) from the cops when they stop you for any made up reason. Corruption is rampant!
While I agree that sanctions imposed by the US are detrimental, many of Venezuelas problem today are self imposed
1$ is 800bill in Venezuela’s currency
Man this is exactly what you call when you don’t know how to run a country
There’s no other way to put it
This is what you call socialism and communism
how much is a water bottle? /g
yup worse
So it’s not only oil that made Saudi what it’s today .. it’s the mentality of its leaders and people ..
As a Chilean I hope the best for Venezuela, also in part for the large exodus of Venezuelans leaving their country to their neighboring nations, including mine.
But while I think they can recover to a large degree, the fact the world is transitioning to clean energy including for transportation, feels ominous. Maybe they have this decade and a part of the next, but my impression is they're not fully recover for this catastrophe without finding a way to grow without oil and soon 😕
Hydrocarbons are used for many things not only as fuel. Tesla may be electric but it is build with plastic parts and mechanical parts are also lubricaed with stuff made from oil.
@@Bialy_1 I know that part, but for a example, 67% of all oil products goes to transportation, and 6% to areas like electric generation, in the US in 2021 according to the EIA.
So, even not counting this like recycling and change from oil to other more clean sources, the future of Venezuela as an oil exporter is grim.
@@EduardoEscarez According to the EIA hydrocarbon consumption for transportation will be greater in 2050 than it is today, even though as a percentage of total it will be less. Hydrocarbon consumption for transportation is not going to drop for a very long time, don't let the ideologues blind you to the facts.
They will never recover until their government removes or atleast reduce corruption.
Norway is smart to keep politicians away from using oil revenue. It's impossible to have democratic socialism without corruption. The masses will vote away checks and balances in exchange for social programs and "free" stuff. Any opposition to such spending will be deemed as hating the poor. Once the checks and balances of government are gone, the treasury's balance will gone because the politicians wrote cheques to themselves.
they were also smart to put it in stock in bigger markets like the us rather than norway
Norway earns money from kidnapping children and selling them to rich families.
It's all about diversification, something Norway understood and did right with their sovereign wealth fund.
@@shway1 I am aware of Dutch disease, but what you're saying is a strawman, you're comparing Norway as it is now, with Venezuela as it is now. W.r.t. Dutch disease what should be compared is what the societies looked like when the oil was found, at that time Norway was not a very rich country, it was indeed very poor and reliant on fishing.
@@vuza752 I didn't compare norway as it is now with venezuela as it is now, andmade that explicitly clear, and I didn't imply that norway was rich before discovering oil. I was clearly responding to Omega Beams comment about socialism.
Not mentioned production cost for oil. Saudi Arabia may not have the largest oil reserv, but they have the lowest production cost.
Iraq has the lowest, Saudi is only like 2nd or 3rd
Venezuela did have a good internal economy, the real issue is that once the oil revenue wasn't enough they started to nationalize all other companies as well (plus they never re-invested into oil to keep it running). Concrete, food, etc were all nationalized. This gave the government a short infusion of cash, but eventually became a giant weight on the government. They would nationalize and pay the workers, but the companies didn't actually operate. The culmination of this was the eventual nationalization of Polar, a food/beer conglomerate with the largest distribution system in Venezuela. In order to quell the protests over lack of food in Venezuela, Chavez pointed the finger at Polar and showed their main distribution hub having a bunch of items and that they were hoarding supplies so he nationalized this and gave away everything in the warehouse. Within a couple of weeks, the entire distribution system collapsed, store shelves went empty and the president of Polar went on national news to explain it was due to the government actions that this was happening, that the warehouse was full because its the first distribution point to the entire nation and didn't hold more than a week or two of supplies, showing how materials flow thru the supply chain and why stocking at the main hub is necessary. The government tried to undo the nationalization, but the damage was done, they never recovered.
So it is due to over-socialism.
@@JohnJaneson2449 I mean the reality is that it's just stupidity. It's like a ponzi scheme, you promise people more and more and you take from Peter to pay Paul, eventually the whole thing falls apart. This isn't any real form of government, it's just stupidity or just self interest by paying ppl off to stay in power.
Man Hari just wanted to say to say that all your videos are so insightful and I learn so many new things from it .. Thanks!!
Meaning Saudia Arabia Royal Family is no joke..... They clearly steered their nation to success.....
meh, they just allowed capitalism to make it´s magic whereas venezuela fucked up and went socialist
Exactly, well said....
I hope the best for Venezuela, and those tankers that didn't survive the fires were such a hardship for the country as they were worth hundreds of million of dollars. I believe any country can make a turn around if they are able to allocate their resources properly; I still believe that the people of Venezuela can do this. No matter how long it takes.
Wealth is generated by work not by the resources... and the idea that you can steal from the guy that have more is the best road to a country where noone want be the victim=person that works more than avarage(and that avarage must go down with every passing year)...
Maduro has to go along with socialism. If we establish capitalism again and a strong government that doesnt fall into systematic corruption, we would have a good chance.
@@Bialy_1 Well, actually the biggest individual wealth was generated thru monopolies (ie stealing from everyone else).... But in terms of nations, wealth is maintained thru proper management. All of the wealth of saudi arabia is from oil, which is a resource, the issue is how to properly invest this so that it provides a long term viable economy as this piece falls off.
Venezuelanz should put me into charge. I swear I would turn the country around...right after I made myself a billionaire...as is tradition in Venezuela.
they didn't collapse because Saudi arabia changed oil pricing or their laws. the king died in that period (2015) which led to massive reforms and changes, they were most helpful especially in the OPEC Era.
Short Answer: Corruption
Agreed or 3rd world country problems.
I mean that with respect.
=CORRUPTION---IS NORMAL STATE OF HUMAN BEHAVIOR.....DONT U GET IT??
=DO U PREFER THESE WHO RELATED AS "OURS" TO YOU MUCH MORE THAN "OUTSIDERS",RIGHT??BECAUSE OF IT IS NORMAL,RIGHT?THEN WHY U SHOULD'VE BEEN HURTING "OURS" FOR SAKE OF "OUTSIDERS" EVEN YOU'VE GOT SOMETHING NICE???IT'S A PATHOLOGY,RIGHT?
...........I'M ONLY SPEAKING ABOUT *REAL* ROOTS OF PROBLEM,HOW DEEP THEY ARE............
...............SO,BASICALLY,ANY NORMAL HUMAN THAT DOES DIVIDE EVERYTHING ON "OURS" AND "OUTSIDERS" WILL 100% SURE GO CORRUPT NO MATTER WHAT.............
=CORRUPTION IS ABSOLUTELY NORMAL,NEPOTISM IS ABSOLUTELY NORMAL,AS THEY'RE BOTH ARE SIGNS OF HEALTHY MENTAL STATE,SORT OF
...............SEE HOW HUGE THE PROBLEM IS????????????????????...............WHAT DO U THINK COULD'VE BE DONE WITH THAT???????????
...........YUP,RABBIT'S HOLE IS SO DAMN DEEP.........SO PLEASE DONT BOTHER YOURSELF WITH NOTICING CORRUPTION.........DONT BE CAPTAIN OBVIOUS,IT'S REALLY BORING............
Short and the only answer: *USA sanctions*
It's not even corruption... socialism,,,, Saudi Arabia and China are very corrupt and the Education in S.A is shit... I know many Saudi engineers and are terrible, on the other hand the Venezuelans were excellent. I work in the oil industry by the way.
Great to see you again brother!! Have a great weekend!!
Thank you Daniel, you too!
Background music and editing is awesome
Thank you so much Chetan!
Maybe the simplest answer to your thumbnail question is… the wealth is taken away by corruption and terrible wealth management. Venezuela needs to reset the economy, period. There is no escaping from a financial system failure, unless the economy can be restarted in capitalism. Given the fact that the wealth/resources are controlled by those with wealth/resources…, you can’t ask them to distribute their wealth to the poor… so, it’s hopeless…
They can start to reset the economy by pivoting themselves to align with the west and be friendly toward foreign investment. Why the west? Because they have the know how and the capitals to invest. At least ethically better than the china's investment whose usually come with a trap.
The simplest answer is the communism... there is no country that is pretending to build this equality heaven and is not strugling with everything. Even gas and oil products are often unavaible or horible quality in this socialistic heaven.
@@Bialy_1 Capitalism will have the exact problem… blaming communist is meaningless. If Bill Gates warren buffet Jeff Bezos Elon Musk controlled all the wealth and resources of USA, you still have the exact same problem. All except those with the wealth and resources can’t survive. When you have no resources/wealth circulate in the economy because those people controlled all resources and wealth, your pockets will have this just much money, the price of anything will be sky high too. It’s extremely important to have the wealthy ones to release resources/wealth from their control, either via taxes or fees or whatever, and circulate in the economy, or simply you are begging for a revolution, because this is the class struggle of Karl Marx and give rise to the horrific cult called communism.
Still Venezuela is getting blamed and not USA? Wow
Venezuela needs to do what Saudi Arabia did, "buddy-up" to the USA so they can send their engineers and know-how to Venezuela. Even if the U.S. companies take 60% of oil profits at least Venezuela will get 40%. And in the meantime Venezuelans will gain the knowledge of better and more effecient oil extraction. And in 50 years they can retake their oil fields back, basically what Saudi Arabia did with Aramco. Venezuela has to play the long game here.
ARAMCO the US company that drilled oil in Saudi Arabia was bought by the Saudi government, fairly paying the investors who created/supported the company. Venezuela stole the assets they had by nationalising their oil companies property. The US is morally against state sponsored theft of private property and will never support Venezuela
that's what happened in Papua Indonesia. US extract for 55 years, Indonesia only get 10%. now the mine almost depleted, Indonesia get 50% 🤣
@@JojohnWick but Venezuela has the largest oil reserves in the world. It will take a long time to deplete. Especially now that we are moving to a electrified world.
usa is the one that fked them in the first place
Saudi was playing the capitalisms game well and was smart enough to buy back their rights to the oil field before the Americans realized they're losing an important asset. I highly doubt a second time will happen. US will definitely hold on to the oil field indefinitely time around until it runs dry. However, letting the US take over might be a better management than the corrupt Venezuelan government well at least far less corrupt lol.
Great video, really fair and informative, great job!
Thanks man!
I expected a more in depth analysis. You didn't mention price controls, black market and dolarisation.
And no mention of its political class and their relation to:
- Foro de São Paulo and Cuba
- FARC (Colombian revolutionaries) and drug traffic (specially Diosdado Cabello)
- Russia, Turkey and their under-the-table massive gold trades
- China and their oil for debt release and riot police equipment
- Iran and their shady alliance
I guess this channel is very mainstream, it seems straight out from Wikipedia.
It's worth if you can investigate this issues
yeah i came out learning they are so poor because of... corruption. I am sure 100 billion dollars that was embezzled over decades isn't enough to tank an entire countries' economy.
You should’ve doned the video then
Thank you for your hard work. I really like this channel. Informative but not fear mongering. Topical but not the same boring news everyone else does. Great job again. 👏 💖
Thank you so much Kerri!
Your voice is really hard to hear against the funky music at the "bad players" time stamp, otherwise the rest was audible. Your words are closely interlaced so it needs more listening focus, great vid 👍
Hey, I don't think this is the full story.
The real problem is they are not able to sell the oil in the oil market because of lots of sanctions.
Recently US treasury had banned a Roseneft subsidiary because it was trading Venenzuela oil.
Excellent and well documented video. Very objective and accurate analysis. What fgon 73 writes is correct. Much of the reserves are in extra heavy oil which is expensive to produce, upgrade and refine, requiring continuous reinvestment to maintain production. The Venezuelan oil company stopped investing to improve its infrastructure, leading to situations where it had what was once the largest refinery in the world yet it had to import fuels. Another comment is that Venezuelans' poverty was by design: in an interview with the Chavez-appointed former president of the State oil company (Guaicaipuro Lameda), he recalled how he was planning to increase production yet Chavez socialists responded that people should be kept poor so that they are dependent on giveaways and hence continue supporting the socialist regime (ua-cam.com/video/VfbURKm72EM/v-deo.html unfortunately not translated)
what the fuck!! Thank you for this
You know I had a friend from Venezuela back in kindergarten garten (high school currently) he was really friendly and all but looking back at it I feel so bad for him he was from Venezuela and had to leave his home and culture makes me feel for Venezuela.
Thanks for your great videos, but I am still waiting for GERD dam. Please.
Ah yeah, you’ve been asking about this for a while. What’s notable about the dam?
@@LogicallyAnswered its huge. By blocking the Nile, Egypt is worried it may even cease to exist. Consider the drought affecting the world today. Huge implications for all the African countries along it. But potentially amazing benefits, it seems corruption free! The citizens own a share of the dam and will directly gain wealth.
The R in the name stands for Renaissance and implies incredible development for these poor African countries. A tremendous bright spot for Africa. Or will Egypt blow it up?
Please take a look at it.
@@LogicallyAnswered I'd be really interested in this too actually. 💖
Ah, thanks for the synopsis. I’ll def take a look!
The way oil prices are headed it won’t be long before there will be a flock of oil executives wanting to make big deals with them ..
And get whole zero %? heh
They killed well functioning industry in this country and they are not woried that most people in the country are poor.
Every person conected to the government is earning plenty of money, they do not want any change.
The accuracy is suffering not mentioning the impact of sanctions. I do believe that just like other countries where sanctions were lifted, recovery would have been likely.
Seems a classic example of "The Resource Curse". For more perspective on Venezuela's problems check out the book: Things Are Never So Bad That They Can’t Get Worse by William Neuman. There are many smart people in Venezuela and I hope that they can get things straightened out!
Good video. But don't use background music. It's too loud.
That story is staggering!
It is really sad to me that the bolivar is basically worth absolutely nothing especially since at one point it was worth 4 usd
Saudi Arabia has more state control, rather than the country being fragmented. Also has cheaper oil and doesn't oppose Wall Street.
but DOESN'T use a communist model of governance
could it be because they are located south of river Rio Grande and they have a lot of sanctions?
Now I'm reading something that rings a bell, SANCTIONS ! The operative word that most comments here fail to mention, is the oil next door in Guyana any different? Recently Guyana has become the next best thing to sliced bread. Cuba is also burdened with unnecessary Sanctions suffering a whole country in the name of what? America should be ashamed to see the Democratic government that they advocate is under threat at home and almost failed under Donald Trump yet they still keep the boot on these people's corns total madness.
Chilean helicopter pilot knows more about economics than Venezuelan bus driver.
???
What is Oil Production cost in Venezuela basically?
Idk $250B don’t sound like oil money to me.. I clearly remember learning Walmart annual though revenue I think was $465B twenty years ago
For Walmart, it’s revenue. For Saudi Aramco, it’s profit haha
@@LogicallyAnswered yeah I said revenue but still, Walmart is still half that. Thought they (oil) would be loads higher, guess Walmart is that amazing then. Like one company matching a nation (well, half)
Revenue is almost half $1 trillion or more, so after all expenses, projects, and expansions they still able to make a net profit of a quarter trillion, this is extreme leverage & shows you how smart the Saudi's are in their management.
@@videosight1 but profits of Walmart are not as much as Saudi Aramco
@@alialshehri6977 facts
Subbed since 400 subs
Thank you so much man! I really appreciate your sustained support!
Watching this after watching video on how Singapore got rich. Lesson, education and forced savings for all. Less social welfare.
One very important thing you don't mention here is :
how many barrels of oil do venezuela export everyday ?
Very good video
Thank you Gurleen!
Pls increase volume too poor sound so without earphones I can hear you. Thank you.
One word. Socialism.
Why is there an annoying clicking sound in the background?
This channel need to change narrator or use a more powerful mic...It is hard to understand
funny thing i was thinking about this just few days back
So in one word "Corruption "...same thing happening in Nigeria
Senseless... too bad they can't have proper management
Venezuela not exploiting its oil will go down as one of the worst decisions a country has ever made. I get their US relations suck, team up with China. I’m sure they have the technology and money to do so.
If I remember correctly they have the largest refinery in the world but has been allowed to fall into disrepair. The need companies liek Shlumbger, Halliburton and Weatherford. They are the service and drilling companies that can turn any operator into a power house, but the need stability and wont risk assets.
@@cmdr1911 The video is failing to mention that before the communistic ideas were implemnted people there were rich, that country is full of nice expensive cars but they are mostly 20+ years old and now everything is a problem starting from food and ending on the oil products. Gas is super cheap but the quality is bad and the state owned oil industry is not producing stuff like for example engine oil... the whole country is a very good example how socialistic ideas are ending in hunger and shortages of everything, even runing water is a problem in cities of equality and chance to get shot on the street is idioticaly high(often by Police or other givernment military unit member)...
Brazil maybe
@@Bialy_1 And you failed to mention that when they were rich they were a communist state. Venezuela turned communist in 1931, by 1950 they were the 4th richest country in the world.
When they bought those expensive cars was when they went Capitalist and got a ton of foreign loans and people skimmed off the money to buy those cars. This left the country with even more debt, deep deep poverty and drove people back to communism under the lies of Chavez. Go look up the inflation rates in the 90's and see how the average person was doing while the wealthy siphoned off money for F-150s. The people buying those F150s weren't the average citizen, they were mainly those linked with corruption which was widespread.
They didn't get to the 4th wealthiest country because of communism, and they didn't get to be one of the poorest due to communism. Poor management of their economy and reliance on one market though the 80's to now(under both communism and capitalism) gave them their present conditions. Sanctions certainly don't help but they were already on a downward spiral without them.
You can look at the one simple fact to see how the oil industry crumbled: in 1974 oil contributed $1540 per person to the government and made up 80% of government revenue, by 1994 that was $200 per person and only 20% of the government revenue.
It's all a textbook example of Dutch Disease, where they developed an unhealthy reliance on one natural resource.
All the above isn't an endorsement of communism in case that wasn't clear, it doesn't work in the long term, just like every country has turned it's back on the 'free market' as that didn't work.
This also happened to Nauru
Yes i think so...why cant they turn their economy around...sell their reserves in times like this
With proper management they can do ok.
فنزويلا
العراق
الجزائر
ليبيا
نيجيريا
المشكلة في "العقول"
النفط لا يجعلك غنيًا بل العقول التي تدير النفط
توفيق الله يا حسين فوق كل شي
@@jayjayjay835
والنعم بالله بس الباقين صفر عمل صفر سياسة.. الحكومات اللي ما تعرف سياسة مستحيل تنمي دولها
Where is the embezzled money today? Even with all these explanations, it still seems bizarre that the country is poor when their reserves dwarf much larger nations’
Who here is willing to invest their life savings or retirement fund into an oil company in Venezuela that could get expropriated on a whim?
Nothing wrong with expropriation, as long as the state can hold on to talented workers and competent management.
@@HC-wo2tz what you mean nothing wrong??
@@cartel_papi Nothing wrong means nothing wrong.
@@HC-wo2tz insane commie
Actually, most Saudis are not that well off. Neither are most Nigerians, who are citizens of another major oil producer. In fact, many mineral rich countries (eg. the Congo) have a lot of poverty.
Doesn't Saidi Arabia have a massive migrant worker population.
And everyone who says the Saudis are well off ignore all the Indonesians and the like living in poverty.
We definitely live in better shape than many oil countries. Saudi Arabia enforced European companies to come to our land if they are looking for a business with us. It worked well and our economy did triple rise this year. In the future, the government will ask to raise Saudi employment in their companies because they come with a plan to hire their citizens. 😅
Oh trust me most Saudis are well off
"A fool and his money are soon parted” Proverbs 21:20
One simple word: Corruption.
Nah, you wanted to play communism so communism you have, everyone is equal but some people are more equal than others. Go watch "Animal Farm" by George Orwell. I can bet that you gonna notice plenty of similarities if you know what is going on in Venezuela.
@@Bialy_1 How about you read some thing about US Interventionism
Insane coincidence. I actually wondered today what´s the cause of that and wanted to look into it.
Well, here’s the answer hahaha
@@LogicallyAnswered well, appreciate the details, so thanks, but we all guessed right; like many other places; the answer is corruption and mismanagement.
@@TheBooban The answer is in communism and idea that everyone will be equal(y poor).
One word : socialism
I hope the best for Venezuela, Finding income is never easy these days.
Do one about Nigeria
Yeah it’s unfortunate that they’re still suffering and no one seems to care. I wish they did, but man they’ve suffered!
😢
1. Dutch Disease
2. Not even developing the oil sector
3. Looting your not-even-developed oil sector for free stuff
0. Politics promising to build communistic heaven on Earth...
I was eager to get insights on sanctions against the Venezuelan people,.
I said it before and i'll say it again; greed will be the end of us.
Only if venezuela build a SWF not subsidies
11:50 The social programs they invested in weren't useful? I believe you said that they invested in justice, education, healthcare, and poverty reduction. Those are very useful programs as lawless, uneducated, sickly, impoverished people aren't very beneficial to a country's economy.
yeah but all the educated people funneled into the oil ondustry 🤷🏼
Communistic ideas have nothing to do with justice or reduction of poverty... and the biggest education to the people are the big lines for some basic products that via the power of equality are not produced as everyone want to be equal->take other people stuff and not pay for it->just like government took the oil industry from the private owners and production nowdays is only a shadow of what it was back when it was not a state owned company...
Some countries need the Venezuelan conflict to justify business with other countries, which would otherwise be better off consuming Venezuelan products
People in Venezuela made decision that they want to play with communism so cumminism they have... this system failed in every other country and it was never other countries fault. Soviet Union was also full of resources and no-one blocked them from selling it all over the world...
@@Bialy_1 ok no businesses with "communist", how you justify business with totalitary countries like Saudi Arabia for example.
i hope so , i pray for the venezuelan people
What a shame..!
Venezuela could have been among the top 20 economies
Because of their association with America who want their oil but not them !!! They better associate with othet or many country who will treat them better !
Why their economists never blew the proverbial whistle, and warned the leaders of the dangers of non diversification of the economy.
Stop blaming politicians, for being corrupt. Blame the people who are stupid that make those politicians corrupt too
XD when you are "dirt poor" that whole another level
Haha
by the title i already know this video takes a lot of things for granted and ignores a lot of relevant points
So you managed to stretch "socialism doesn't work" into a 12:45 video minus those annoying ads for your streaming platform? Quite an achievement!
Socialism was just one reason hahaha
@@boo4273 sorry I just couldn't resist - i tried to make it sound at least a bit uplifting besides disliking the aggressive ads(which unfortunately are ubiquitous these days) i do enjoy the content
=SOCIALISM---IS WHAT DEMOCRATIC PARTY IS DOING,TRYING TO TURN COMMON PEOPLE INTO LIVESTOCK,ONCE AND FOR ALL
=UGO CHAVEZ WAS FOR TROTSKISM........HE WAS SAYING THIS IN LOTS OF INTERVIEWS......HE WAS ABOUT TREATING EACH OF CITIZENS OF VENEZUELA LIKE TRUE INDIVIDUALS AND WAS REALLY TRYING TO SOLVE THEIR PROBLEMS
.......HE WAS ACTUALLY HOSTING HIS OWN WEEKLY SHOW "HELLO PRESIDENT" WHICH COULD'VE LASTED FOR LOTS OF HOURS WHEN HE WAS DOING LOTS OF THINGS MANUALLY AND WAS COMMONLY SPEAKING WITH COMMON PEOPLE AS EQUALS,AND WAS ACTUALLY A REAL DEAL
=WHAT HAPPENED NOW WAS ACTUALLY BECAUSE OF HE WAS ONLY ONE SO ENERGETIC.......AND MENTALLY GIFTED.........SO HE COULD'VE MANAGE SOMETHING OUT......BUT NOW...............NOBODY KNOWS WHAT TO DO,WHICH IS PAIRED WITH LACK OF OWN ABILITY TO PROJECT VIOLENCE......PLAYING WITH CHINA IS A BIG NO NO,AS WELL AS PLAYING WITH THE US IS A BIG NO NO,AS VENEZUELA WOULD'VE BE TURNED INTO ANGOLA VERY QUICKLY.....OR WHAT IT WAS BEFORE UGO CHAVEZ ......IMPOVERISHED 95% LIVING ON $2 PER DAY...........AND PLAYING WITH RUSSIA ACTUALLY COULD'VE SOMEWHAT NICE BECAUSE OF AT LEAST RUSSIANS ARE HAVING NO INTENTION TO TURN VENEZUELA IN STANDARD COLONY,BUT RUSSIA IS IMPOVERISHED BY ITSELF.....SO AGAIN A NO NO
........SO,IN ALL CASES THE FUTURE OF VENEZUELA IS GRIM......
=I CAN PROPOSE ONLY 1 GOOD OPTION--A CROSS UNION SAME TO BOLIVAR TRIED TO ACCOMPLISH IN ORDER TO CREATE A SOMEWHAT INDEPENDENT POLE OF POWER.....FROM AS MANY COUNTRIES OF SOUTH AMERICA THAT ARENT FRIENDLY VERY WELL TO THE US TO AVOID FATE OF ANGOLA AND BATISTA'S CUBA.............BUT TECHNOLOGIES ARE NEEDED,RESEARCH FACILITIES ARE NEEDED,UNIVERSITIES AND SO ON,LOTS OF WHATSOEVER IS NEEDED,ESPECIALLY NUCLEAR EVERYTHING.........LOTS OF FACTORIES,WHATSOEVER.........TO ENSURE A FULL CYCLE PRODUCTION
............BUT THIS WILL BE PUT DOWN AS QUICKLY AS POSSIBLE BY THE US IF THEY'LL SEE THE REAL THREAT,AND NOBODY WILL ACTUALLY HELP
.........SO...........I'VE SAID ALREADY,IN ALL CASES VENEZUELA'S FUTURE IS GRIM.......IT WAS VERY UNFORTUNATE TO BE ON WESTERN HEMISPHERE THAT'S OWNED SOLELY BY THE US DUE TO MONROE'S DOCTRINE............
........SO.......AT LEAST LET'S HOPE THAT WHATEVER WAS LEFT FROM UGO CHAVEZ WILL LAST FOR AS ALONG AS POSSIBLE,BECAUSE OF IF ONLY EVERYTHING WILL B BROUGHT TO "NORMAL" CONDITION DUE TO POINT OF VIEW BY THE US'S ABILITY TO PROJECT VIOLENCE,COMMONERS WILL FIND THEMSELVES IMPOVERISHED EVEN MORE,AND ONLY IN COUNTRY'S OIL CAPITAL NEW QUALITY OF LIFE WILL B ESTABLISHED,BUT ONLY FOR CHOOSEN ONES
=THAT'S POINT OF VIEW FROM NEUTRAL POINT OF VIEW,WHICH DOES REPRESENT REAL WORLD......WHICH IS LIKE "2+2=4 LIKE IT OR NOT"....FROM POINT OF VIEW OF THE US'S ABILITY TO PROJECT VIOLENCE,THE SITUATION WILL BE QUITE DIFFERENT,WHICH IS IN ACTUAL SORT OF "2+2= WHATEVER VALUE WHICH BENEFITS THE US BY THE MOST"......
Mismanaged country is a poor country, Singapore is an example of a well managed country that made it prosperous.
Venezuela is sanctioned. The sanctions make it harder for the country.
Funy how all this blame pushers do not want to say anything about the reason why Venezuela was sanctioned...
Or explain how exactly not buying oil from Venezuela is blocking people in Venezuela from producing anything even the food...
@@Bialy_1 when economy is weak it is hard for a country to produce things
@@Bialy_1 "real reason" whatever it is, USA is threatening other countries to not do business with Venezuela. That's the reason Venezuela can't do business with the world. Because other countries are afraid to get sanctioned by USA. Not that hard to understand, is it?
When a population accepts getting reamed ...
Like Americans with Trump? Yeah. . .
Same as Lybia and Iraq. They have plenty of oil reserves, but the country is still poor.
Why did you used the same clips over and over again
There has never been an amount of wealth that socialism cannot destroy.
True. 😟
Yes the video is not mentioning that they were the richest country in South America before this socialistic revolution made them the poorest country in that part of the world...
@@Bialy_1 Yes, I am not thrilled with the video makers avoidance of the subject of socialism. However, there is an important point here in that the Latin American problem is putting up with autocracies/keptocracies, getting fed up with it and going whole hog socialist, then rinse and repeat. My adopted country of Colombia may be entering this cycle again, we are all scared.
Socialism isn’t the cause of Venezuela’s problems. You people toss that word around and you don’t even know what it means. 😂
And of course you mention Petro as some ominous bringer of sOcIAliSm
@@HC-wo2tz yes socialism is the cause of it's problems, all countries that adopted it have fallen to ruins
Same is happening all over the world, resource rich lands are ravaged by greed, corruption and in extreme even wars. On the other hand why would anyone attack scandinavians, poor land, hardly acesible, tough and not friendly people that had to work hard since their existence just to survive.
and again people will blame usa
Well yeah. Trump imposed sanctions 2018, which the situation from bad to worse
You don't think the U.S. economic sanctions have anything to do with it, do you?
Worked in Venezuela numerous times, to date I still don’t understand sanctions. The sanctions force the Venezuelans into alliances with Russia & China. Therefore now they import poor quality Conor’s goods including cats & even poorer quality Russian imports such as engineering. Valencia is an excellent town great people nice beer factory 😅.
In one word, corruption is the reason, just like the rest of the countries in Latin America being poor.
Because of intense pressure of EUA on them?
Very poor or conservative explanation of why Venezuela is dirt poor.
Before chavez, corporate greed, millionaires or (personas pudientes, like venezuelans call them), would step on the workers like Roaches and look down on them, Chevez promised a change to that, as well as other things, then when chavez gave those poor farmers and workers the goods they asked for to better themselves with the money of the rich, those farmers and workers realized they had to work a lot harder than before, needless to say the first year everything was fine, (just to make an example with the agriculture sector), the harvesting season was great , with new equipment, animals, storage facilities and buildings, but the following year, everything went to hell, the equipment was neglected, they ate the animals, storage containers, buildings destroyed, (y todo vuelto verga, like Venezuelans would say), the same people who complaint had nothing to better themselves and asked Chavez for help, would want to get up at 10:00 am stop working at 3:00 pm and go drinking, fishing, gambling or whatever, meanwhile all those rich people started fleeing the country, leaving the nation with little or not experience on how to run things, PDVSA would put a floor sweeper employee to manage a department just because he or she was a blind sympathizer of the new corrupt government, similar cases happened in other sectors. When Chavez realized the people he wanted to help didn`t embrace and respect what was given to them, he said, the hell with all you, he and his military crooks (including the Cuban military crooks), started stealing with no mercy, felt no pity for the poor.
This I just stated might not be the only reason Venezuela got the way it did, but I`m sure it played a key role on it.
This will show you that what is written in communist books DOES NOT WORK, Venezuela was the Zwitzerland of South America, at some point, their currency was stronger than the dollar, their land is rich, the country is beautiful, with many colosal views and tourist atracttions, their women are also insanely beautiful, but we as a species have a lot to learn.
"The only thing we learn from history is that we learn nothing from history"
Cost a bundle to fend off superpowers... DUH
Same question can be asked to African oil rich countries and Mexico
Silly me thinking it’s the US embargo that caused all the hardship, which you failed to mention
Definitely a factor hahaha
If only Venezuela could, oh I don't know, trade with the other over a hundred countries and dictatorship like China and Russia... Oh wait, it already does.
I love how *you* failed to mention the *only* reason Venezuela is in such a state: Socialism.
Utter nonsense. World is bigger than the U.S. man. We're embargoing Russian oil now, what sort of damage did that do to them?
=NOPE,EVEN WITHOUT SANCTI9NS IT WAS LIKE ANGOLA,NIGERIA......
.....THAT'S "SURVIVIORSHIP BIAS" IS WHAT'S ALL ABOUT:"WE CAN GUESS ABOUT ONLY WHAT WE CAN ACTUALLY SEE"...WE SEE LOTS OF POOR PEOPLE IN VENEZUELA,BUT POOR PEOPLE IN SAUDI ARABIA ARE MIGRANT SLAVES AND DONT HAVE MONEY AT 1ST PLACE.....
You forgot to add that USA also imposed sanctions on Venezuelan oil! That also played a significant role towards poverty
There are places like Japan and there are countries like Venezuela. It is down to the culture of the people
Culture imposes by the System, thats Capitalism vs. socialism for ya.
Venezuela is screwed, simply put.
socialism is actually full of good intentions, but no system can implement it as it should, thus the result spike for itself.
Uh, the Soviet Union was quite successful. They were a superpower.
soviet was actually comunism, which is basically socialism tuned to the extreme, and they only succesful after they sprinkled it with capitalism. if you think they are succesful just imagine if there is a nation that implement socialism to the fullest, but it will never happen due to human nature for those stayed in power.. greed, coruption, etc
1 word answer- socialism
They can sell itil, cant they? Like... Itil is gewd. Like... Common sense
Main reason is us sanctions . Venezuela does fit in us foreign policy. So , us destroy venezuela's economy.