With the Venezuelan economy in a free fall, massive shortages and President Nicolás Maduro renewing a state of emergency and calling for military exercises, the question of political upheaval and state collapse in Venezuela is no longer a matter of if, but when. And when it does happen, Venezuela’s neighbors will have themselves to blame for letting it get this far and this bad.
The new majority in the National Assembly has failed in offering economic alternatives and in confronting Venezuela’s political crisis. Despite being a lousy opposition, though, they are still important.
While Cuba’s foreign minister of trade travels to the U.S. to enhance commercial relations, Venezuela’s economy falls deeper into a crisis that seems to have no end.
In 16 years Venezuela has fallen from being a model for the anti-globalization movement to an example for doomsday planners, video gamers and screenwriters of post-apocalyptic chaos.
The problem isn’t that domestic investors are treated any differently in Venezuela than foreign investors. All investors are subjected to the same arbitrary set of rules and regulations. Restoring the country’s productivity requires re-establishing predictability and respect for private property.
Venezuelan President Nicolas Maduro finally joined Facebook. It didn’t go so well.
Según Consejal Jesus Armas, “Ya no es una lucha entre gobierno y oposición, sino que, se ha convertido en una lucha entre el pueblo y un gobierno que nos ha empobrecido.”
At what point is a country considered in crisis? Is it when basic goods aren’t available? Is it when citizens must choose between “having a life” or waiting endless hours in “colas” (lines) to go shopping for the little that’s left?
The December 6, 2015 elections brought positive change for Venezuela, but this is only the beginning in a long process that is likely to be complicated and in which a positive outcome is far from guaranteed.
Venezuela will have to default. The only question is when.
