Venezuela is a very poor country these days. It is a country with an economy in the toilet, a president who is very close to being recalled and citizens who are tired of being caught in the middle of all the infighting.
The shameful part according to expert David Osio is – Venezuela should not be in this condition. It is a very large country with plenty of natural resources. The sad reality is that gross mismanagement has brought Venezuela to its present state. Even sadder still, there seems to be no end in sight.
Venezuela does well as long as the oil prices stay in the triple digits. However, since oil prices have dropped like a stone, petro dollars have destroyed the once vibrant economy explains Osio.
The economic uncertainty has created a domino effect. Venezuela is now faced with a spike in crime, government corruption, reduced work days and abject poverty. President Nicolas Maduro has two nephews who were recently arrested for cocaine trafficking. This fact makes the country ripe for the plucking. Drug lords taking over the country would only make matters worse.
Runaway inflation and the exchange rate system is also dooming Venezuela. Then there’s the little matter of embezzlement. Many believe the Maduro-led Chavista’s are up to their necks in it. The bottom line is if something isn’t done soon, things will get far worse before they get better.