Quote:
Originally Posted by Louis
Having a massive amount of a super-valuable commodity like oil allows them to get away with quite a few questionable policies. On the other hand, all the folks that are beneficiaries of Venezuelan government charity (oil at cut-rate prices internationally, and staples at reduced prices for the less well of locally) do appreciate it.
Regarding Venezuela as a whole, the story's not yet complete. Time will tell, much as it will in Cuba.
|
Currency Controls to prevent capital flight
Periodic devaluations vs the USD
27% inflation
declining currency reserves
toilet paper shortages (you know it's bad then)
should I continue?
All this in historically the 5th largest producer in OPEC. With under reinvestment into the oil infrastructure, production is probably set to cliff.
Care to buy some PDVSA bonds?
It doesn't really seem to matter who runs a country, the result is typically replacing the yoke of one taskmaster for the yoke of another.