I'm Venezuelan and I have a couple of things to say. The current economic crisis is the result of the political/economic model implemented by Hugo Chavez and that was widely popular among long class Venezuelans. I know this is a short video, but it's weird you didn't mention Hugo Chavez and the role he and his socialist utopia played in the current Venezuelan crisis. As the video mentions, the Venezuelan administrations eventually realized that oil prices fluctuated and thus the best solution was the create a Fund to save the money from the high prices and spend it when the prices collapsed. However, when Chavez took over he effectively decided to dismantle the Fund and spend all the money at once by giving hand overs and this made him extremely popular, that's how he won election after election, but sacrificing the long term. Also, this video mentioned the effects of the currency revaluation over the economy, but forgot to mention that Chavez started an aggressive campaign of nationalizations and controls over the private sector. Thus, thousands of factories and millions of hectares of land were taken over by the government. All of these were productive but in just a few years went burst because of corruption and inefficiency. This didn't cause a major problem at first because Chavez's solution was basically to use the petrodollars to import the products that weren't been produced locally anymore. But when the oil prices collapsed in 2014 this was no longer possible since there weren't nearly enough petrodollars for imports and the local production had collapsed after years of nationalizations, controls and corruption.
Mostly the US sanctions. If you were to put the same sanctions on Saudi-Arabia as you put on Venezuela it wouldn't have fared any better. Though Russia also has the same sanctions and it hasn't collapsed because Russia is far more self-sufficient. Venezuela didn't protect it's economy like Russia and Norway did.
Really did they mention once a Western countries interference in Venezuela's economics and government how the United States who talks about freedom and democracy has overthrown their government and has tried to overthrow their government to this day?? Or how the United States has 1/3 of the country under economic sanctions??
I don't know how you managed to make this whole video and avoid talking about the devastating effect that US sanctions have had on Venezuela 😥, USA basically made it impossible for them to sell their oil to the world by enacting sanctions on any trade made in USD which is a huge factor in the collapse and struggle of their economy..
That's not entirely true. The US sanctions came way after Venezuela was already in a deep mess. As a Venezuelan I can assure you that the problem is not only an economic one, and blaming others for the disastrous structural condition of the country is just irresponsible. After so many years of living in Venezuela, studying and analyzing the history and the economy, I am convinced that the main reason why Venezuela is a failed state, is socialism. The Marxist ideas were inculcated in the population from school, this silly and yet attractive idea of the classes struggle, rich against poor, created the defeatism in the general population, that made them believe that they could not get out of poverty by their own efforts, that they needed help from a hero like Bolivar, that would free them from the capitalists and the yankee enemy. Cuba has been involved in this campaign ever since Castro seized power in the island. And finally he was successful when HC appeared on the scene. I was there in both Coup attempts, I can tell you it was not a heroic feat. All I saw was cowardice and evil. I truly hope that they get better for a change, it has been a very long time where the only thing they experience is suffering, at the hands of a government that always blames America for the consequences of their actions and as an excuse for their despotism.
Yes, and Cuba is also poor because of the US and definitely not because of communist elites enslaving people and literally running tanks over anyone that dares to disagree. 😊
Sorry, but talking about the Venezuelan economy without acknowledging that economic sanctions are 90% of the causes of it since 2015, is utterly ignorant at best and disingenuous at worst. Every time I see someone saying that economic sanctions “aren’t that bad”, I instantly know that person knows nothing about how international commerce and finances work in the real world
@@cocococop6082 most capitalists were doing business with the Venezuelan government before the sanctions in 2015. They stopped because the US threatened which sanctions for whoever trades with that state. That’s not free market
@@PC42190 yes and why should a capitalist country trade with a anti capitalist one? Do you not understand? Your hate capitalist countries but want the benefits of trading with one. So trade with other communist countries. It's just that simple since capitalism is so bad. Sorry but America did nothing wrong. Don't hate the people you are trading with them then except them to trade with you. See how simple that is. If capitalism is bad then don't trade with capitalism countries thus America is helping y'all be more honest and live your anti capitalist dreams.
Since 2015?? That's what outsiders think, here in Venezuela we already had it hard long before 2015. Obviously there's no way people from other countries would know that
@@JhoanVon I’ve been there both before and after the sanctions, and spoken a lot with Venezuelans from either the opposition or pro government. Also, reading a lot of economics, statistics and geopolitics and knowing how the world works beyond Western propaganda. So stfu with your supposed “authority” just for being Venezuelan
😂😂 I love how we blame Venezuela and socialism, when imperialism countries like the United States that overthrow their democratically elected leaders wage economic warfare through sanctions embargoes and other economic tools as somehow socialism 😂😂
I'm Venezuelan and I have a couple of things to say. The current economic crisis is the result of the political/economic model implemented by Hugo Chavez and that was widely popular among long class Venezuelans. I know this is a short video, but it's weird you didn't mention Hugo Chavez and the role he and his socialist utopia played in the current Venezuelan crisis.
As the video mentions, the Venezuelan administrations eventually realized that oil prices fluctuated and thus the best solution was the create a Fund to save the money from the high prices and spend it when the prices collapsed.
However, when Chavez took over he effectively decided to dismantle the Fund and spend all the money at once by giving hand overs and this made him extremely popular, that's how he won election after election, but sacrificing the long term.
Also, this video mentioned the effects of the currency revaluation over the economy, but forgot to mention that Chavez started an aggressive campaign of nationalizations and controls over the private sector.
Thus, thousands of factories and millions of hectares of land were taken over by the government. All of these were productive but in just a few years went burst because of corruption and inefficiency. This didn't cause a major problem at first because Chavez's solution was basically to use the petrodollars to import the products that weren't been produced locally anymore.
But when the oil prices collapsed in 2014 this was no longer possible since there weren't nearly enough petrodollars for imports and the local production had collapsed after years of nationalizations, controls and corruption.
Other oil-dependent countries are doing very well. Venezuella havle other problems taht you don’t mention..
Mostly the US sanctions. If you were to put the same sanctions on Saudi-Arabia as you put on Venezuela it wouldn't have fared any better. Though Russia also has the same sanctions and it hasn't collapsed because Russia is far more self-sufficient. Venezuela didn't protect it's economy like Russia and Norway did.
@@MrMarinus18us sanctions? You're naive if you think it's mainly because of that...
This was a good and informative video. Thank you!
Really did they mention once a Western countries interference in Venezuela's economics and government how the United States who talks about freedom and democracy has overthrown their government and has tried to overthrow their government to this day??
Or how the United States has 1/3 of the country under economic sanctions??
I don't know how you managed to make this whole video and avoid talking about the devastating effect that US sanctions have had on Venezuela 😥, USA basically made it impossible for them to sell their oil to the world by enacting sanctions on any trade made in USD which is a huge factor in the collapse and struggle of their economy..
That's not entirely true. The US sanctions came way after Venezuela was already in a deep mess. As a Venezuelan I can assure you that the problem is not only an economic one, and blaming others for the disastrous structural condition of the country is just irresponsible. After so many years of living in Venezuela, studying and analyzing the history and the economy, I am convinced that the main reason why Venezuela is a failed state, is socialism. The Marxist ideas were inculcated in the population from school, this silly and yet attractive idea of the classes struggle, rich against poor, created the defeatism in the general population, that made them believe that they could not get out of poverty by their own efforts, that they needed help from a hero like Bolivar, that would free them from the capitalists and the yankee enemy. Cuba has been involved in this campaign ever since Castro seized power in the island. And finally he was successful when HC appeared on the scene. I was there in both Coup attempts, I can tell you it was not a heroic feat. All I saw was cowardice and evil. I truly hope that they get better for a change, it has been a very long time where the only thing they experience is suffering, at the hands of a government that always blames America for the consequences of their actions and as an excuse for their despotism.
Socialism ruins everything, get over it.
Yes, and Cuba is also poor because of the US and definitely not because of communist elites enslaving people and literally running tanks over anyone that dares to disagree. 😊
100% agree!
He can't say that on UA-cam or he will be banned. 😂
Poor Venezuelans.😥
Sorry, but talking about the Venezuelan economy without acknowledging that economic sanctions are 90% of the causes of it since 2015, is utterly ignorant at best and disingenuous at worst.
Every time I see someone saying that economic sanctions “aren’t that bad”, I instantly know that person knows nothing about how international commerce and finances work in the real world
Again capitalism is not buying from a business or country they don't want to. It's just that simple.
@@cocococop6082 most capitalists were doing business with the Venezuelan government before the sanctions in 2015. They stopped because the US threatened which sanctions for whoever trades with that state. That’s not free market
@@PC42190 yes and why should a capitalist country trade with a anti capitalist one? Do you not understand? Your hate capitalist countries but want the benefits of trading with one. So trade with other communist countries. It's just that simple since capitalism is so bad. Sorry but America did nothing wrong. Don't hate the people you are trading with them then except them to trade with you. See how simple that is. If capitalism is bad then don't trade with capitalism countries thus America is helping y'all be more honest and live your anti capitalist dreams.
Since 2015?? That's what outsiders think, here in Venezuela we already had it hard long before 2015. Obviously there's no way people from other countries would know that
@@JhoanVon I’ve been there both before and after the sanctions, and spoken a lot with Venezuelans from either the opposition or pro government.
Also, reading a lot of economics, statistics and geopolitics and knowing how the world works beyond Western propaganda.
So stfu with your supposed “authority” just for being Venezuelan
👍👍
1:19 I'm gone
This is absurd 😂
This video is seriously lacking. You missed the elephant in the room.
SOCIALISM !
😂😂 I love how we blame Venezuela and socialism, when imperialism countries like the United States that overthrow their democratically elected leaders wage economic warfare through sanctions embargoes and other economic tools as somehow socialism 😂😂
Why don't you tell us the truth about the country
The reason why it is poor is because of sansition
Sanctions.