Venezuela, a nation spiraling into a humanitarian crisis, has missed a debt payment. It could soon face grim consequences.
[…]
Venezuela has no other meaningful income other than the oil it sells abroad. The government, meanwhile, has failed for years to ship in enough food and medicine for its citizens. As a result, Venezuelans are waiting hours in line to buy food and dying in hospitals that lack basic resources.
If investors seize the country’s oil shipments, the food and medical shortages would worsen quickly.
“Then it’s pandemonium,” says Fernando Freijedo, an analyst at the Economist Intelligence Unit, a research firm. “The humanitarian crisis is already pretty dire … it boggles the mind what could happen next.”
All is unfolding as predicted.
Last updated: November 8, 2017 08:34 ET
Still valid: November 15, 2017 02:01 ET
Latest updates: An editorial change was made.
Global Affairs Canada advises against non-essential travel to Venezuela due to the significant level of violent crime, the unstable political and economic situations and the decline in basic living conditions, including shortages of medication, food staples and water.
I wonder what the editorial change was.
But lookit all the free stuff they got!!!
This could be the answer to your question:
“–This story has been updated to characterize Venezuela’s government as socialist.”
….And then, you get “an aid package you can’t refuse” from the Chinese?
The biggest problem with socialism is not that it’s a dysfunctional economic system, although that is certainly part of it.
No, it’s biggest problem is that it views unbridled democracy as a reactionary tool, and so takes steps to ensure that only the correct people are elected. Thus when things inevitably go wrong, the natural escape hatch — voting the thugs out of office — becomes difficult or impossible.
Canada, oh Canada, our home and socialist land. may we all remain at the trough until the sun burns out.
CNN is saying “if investors seize the country’s oil shipments…”
I think in the oil contracts that PDVSA have signed, the oil becomes the property of whoever they’ve sold it to as it’s piped onto the ship, not as it’s delivered at another country’s port.
and everyone knows the reason for this, except for CNN
Ignoring the difficultly of an investor “seizing” oil in bulk, this problem, over 20 years in the making, will be blamed on Trump.
Canadian progressive intelligentsia such as Naomi Klein have yet to answer for their unqualified admiration for and support of Venezuelan democratic socialism, they seem to still get well-paying gigs as knowledgeable experts.
Russia and Venezuela have reached an agreement on debt repayment to Russia. The threat of change from socialism to communism begins.
Communism kills. The enablers of communism, who go in and “help” the victims after the fact, also kill. The only rational course of action, is ZERO humanitarian aid; the only way marxism ever stops, is when enough socialists die. Once everyone who has ever been a socialist gets killed by their own bad decisions, maybe that mental illness will finally be over.
Venezuela voted for this. They kept choosing it at every turn. Now they get to take their Great Leap Forward (off the cliff like lemmings), like every socialist paradise before them. Anyone who even suggests any of them be helped, or allows any of them to emigrate here, needs to get the same treatment.
It is NOT a “humanitarian crisis”; get off your new speak high horses. This is simply socialism; this is where is always goes. This is feeling the Bern. This is the worker’s paradise. This is ‘Animal Farm’, ‘1984’, the USSR, Maoist China, Cuba.
This is what boggles my mind about Bernie Sanders running for President in the US. He never should have been able to even get a voice in the DNC let alone nearly win the primary. And it’s pretty obvious that with a fair nomination process (doesn’t exist with the DNC) he would have won. Honestly, I really really worry for my kids.
Why don’t I feel sorry for these people? Well … they elected Hugo Chavez and believed he would deliver the cargo, but all he did was steal a couple of billion and destroy the economy of the country. So … I just don’t care about them. They were so ready for the free cheese, that they failed to see the trap.
“Canadian progressive intelligentsia such as Naomi Klein have yet to answer for their unqualified admiration for and support of Venezuelan democratic socialism…”
Yes, I have noticed that “radio silence” seems to be the usual progressive policy regarding Venezuela these days.
Actually, I’m surprised Maduro has lasted this long. Loopy as he was, Chavez certainly possessed a particular charisma that excited his various followers and acolytes; Maduro has none of that at all.
I’d half-expected the military to send him on his way some time ago.
(Ha! reCAPTCHA words: CALLE SALIDA)
.
Remember now … Maduro was a bus driver before he became Cappy-Tan of El Titanico.
Not exactly a successful prep for effective dictatorship.
.
“I think in the oil contracts that PDVSA have signed, the oil becomes the property of whoever they’ve sold it to as it’s piped onto the ship, not as it’s delivered at another country’s port. ”
Whoever pays the Venezuelan government for oil they didn’t own would, themselves, become liable.
Note: to the leftists who frequent this site …
The International Monetary Fund predicts that inflation in Venezuela will hit 650% this year and 2,300% in 2018
Not to worry. Your evening meal will be 2,300% smaller. Think of how FAST the weight will come off. The Venezuelan Diet is gonna be Uuge in Miami Beach.
Note also: to the leftists who LOVED to cite Venezuela as a Marxist wonderland … where are your $ donations to HELP the people of Venezuela? Oh yeah, that’s right … you’re trapped. If you donate ONE centimos to Venezuela … it will be an admission that Marxism is FAILure. So your political orthodoxies prevent you from providing humanitarian aid. Where are your Go Fund Me pages for the Venezuelan people? Yeah … that’s what I thought.
It’s more complicated than that. Two of the largest creditors are Russia and China. The latter has been accepting oil in lieu of cash payments. Problem is, Venezuela production is dropping. Paying down debt with oil amidst falling oil production is just one more problem the country faces. Add to that the claim that Russia is picking up Venezuelan oil assets in place of interest payments and there won’t be many assets left over for the country to rebuild from.
and Seen PENNsilly was unavailable for comment!!!!
Remember now, Have Notley has a bus driver as her number 3. I’m sure those types are smart like bus, er truck.
Brian Mason, Gov House Leader. I’m sure hes a real expert at macroeconomics too /sarc
capcha………..RUSS CLUB
Yes, where are Spicoli, Danny Glover and Michael Moore now?
Moore is stuffing his face, thats for sure.
These hyporites are typical Liberals, virtue signallers. When the going gets tough, they turn into invisible ‘men’
A brief article on the recent inflation in Venezuela:
https://www.caracaschronicles.com/2017/11/15/ten-million-percent-later/
“The black market rate blew past 60,000 today. It’s now up over ten million percent since Chavez became president in February 1999. That’s a one with seven zeros and a % sign: 10,000,000%. The black market rate is up by a factor of 10x since May 18th this year. All the while, the government’s putting the pedal to the metal with the monetary accelerator, fueling an unprecedented expansion in the supply of bolivares.
The government will try to engineer a consumption boom for municipal elections scheduled for December 10th. That plus the usual year-end Christmas bonuses will likely make November record breaking for money printing and push monthly inflation past the traditional 50% threshold for hyperinflation. As the economy tanks and the government funds more and more of its spending with monopoly money from the BCV, base money will grow faster and faster and faster, locking in hyperinflation.”
Note that in Venezuela near to Christmas, the people do expect to receive a Christmas bonus, it typically is near to a month’s pay.
Which really won’t do much for helping keep the inflation rate down.
https://dolartoday.com