The collapse of Venezuela, explained

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  • Published on:  Friday, August 25, 2017
  • Venezuela is in chaos. How did we get here?

    Correction at 1:58: The Supreme Court tried to strip the country’s National Assembly of its powers in March 2017 and not 2016. We regret the error.

    Subscribe to our channel! http://goo.gl/0bsAjO

    Venezuela was once the richest country in Latin America. It has the largest known oil reserves in the world and its democratic government was once praised world wide.

    But today, Venezuela’s democratic institutions and its economy are in shambles.The country has the highest inflation in the world, making food and medicine inaccessible to most Venezuelans.

    Over the last four years, its GDP has fallen 35%, which is a sharper drop than the one seen during the Great Depression in the US. The country’s murder rate has surpassed that of the most dangerous cities in the world.

    These conditions have sparked months of protests against the president, Nicolas Maduro. And it’s easy to see why: the country has become measurably worse since his election in 2013.

    For more on the Supreme Court ruling: https://www.vox.com/world/2017/5/1/15408828/venezuela-protests-maduro-parliament-supreme-court-crisis

    Sources:

    0:56 https://tradingeconomics.com/venezuela/inflation-cpi , https://tradingeconomics.com/venezuela/consumer-price-index-cpi , http://www.imf.org/external/datamapper//OEMDC/ADVEC/WEOWORLD/VEN?year=2017 , https://en.wikipedia.org/wiki/Crime_in_Venezuela#/media/File:1998_to_2013_Venezuela_Murder_Rate.png

    https://www.reuters.com/article/us-venezuela-economy-forex-idUSKBN1AP2LM

    1:25 https://www.scribd.com/document/354981596/Datanalisis-Informe-Omnibus-Julio-2017-ODH-Consultores#from_embed (Page 22)

    http://www.datanalisis.com/

    1:54 https://www.wsj.com/articles/maduro-s-allies-stack-venezuelas-supreme-court-1450912005

    3:27 https://www.eia.gov/todayinenergy/detail.php?id=24432

    3:44 https://commons.wikimedia.org/wiki/File:Venezuela_Poverty_Rate_1997_to_2013.png

    4:00 https://www.economist.com/news/finance-and-economics/21720289-over-past-year-74-venezuelans-lost-average-87kg-weight-how

    4:40 https://www.cato.org/research/troubled-currencies?tab=venezuela

    Vox.com is a news website that helps you cut through the noise and understand what's really driving the events in the headlines. Check out http://www.vox.com

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Comment

  • Vox
    Vox  7 months ago +339

    For more, don't miss the first episode of Vox Borders: Colombia. Johnny Harris traveled to Cúcuta, a city on the border between Colombia and Venezuela to see how the country is handling a massive wave of refugees fleeing the economic crisis. Watch: https://youtu.be/NU0RqwweuWY

  • Mlove
    Mlove  2 hours ago

    It’s called socialism.

  • Bigfilmhat
    Bigfilmhat  2 hours ago +1

    Hey I have an idea everybody. Bernie Sanders has talked about copying the health care systems of the UK, France, Sweden, Japan, Australia ect.........what if we pretended he was talking about Venezuela?

  • Renee S
    Renee S  6 hours ago

    Time to ," Storm the Castle", .

  • Cipher
    Cipher  22 hours ago +1

    🇻🇪❤️🇿🇦

  • Business Idea's

    the economy is manage by 10 years old mind president in economics

  • Blas M
    Blas M  yesterday

    Let them enjoy what they voted for...

  • Denis Klagiss
    Denis Klagiss  yesterday

    America just wants to use the oil for them selves

  • Ted Phillips
    Ted Phillips  yesterday +2

    Bernie Sanders = Hugo Chavez

  • Stormy 21
    Stormy 21  2 days ago +2

    My Spanish teacher, ACTUALLY dated the previous president of Venezuela’s son

    That’s an actual true story too, even I don’t believe it, but she had proof 🤷‍♂️

  • oof.clorox bleach

    They failed because their socialist

  • Eugenio
    Eugenio  3 days ago

    And what about the american golpe?

  • John Huynh
    John Huynh  3 days ago

    Yeah no mention of socialism 🙄

  • Patrick T
    Patrick T  3 days ago +2

    Now, they know why socialism and communism are the most idiotic form of government! They elected the most idiotic president!

  • Jeffrey Bozko
    Jeffrey Bozko  4 days ago

    In short: Bus driver as president.

  • Mike Ray
    Mike Ray  4 days ago +4

    Communism has historically Always collapsed.This is what the democrats want for us.

  • boaaorbit
    boaaorbit  4 days ago

    Hugo Chavez was better wish he was still alive

  • Flores
    Flores  5 days ago

    12,000 bolivars for $1? Sounds good

  • John Yohann
    John Yohann  5 days ago

    Bernie Sanders didn't even write the only two lines that republicans have tried to pin on him, regarding a link between Bernie and support for Venezuela, (1st paragraph of this article):   Quillette.com- The Falsity of the Sanders Venezuela Meme:  These days, the American dream is more apt to be realized in South America, in places such as Ecuador, Venezuela and Argentina, where incomes are actually more equal today than they are in the land of Horatio Alger. Who’s the banana republic now?So did Sanders write it? This mystery was resolved with a single email to the Valley News Editorial Board. An editor named Ernie Kohlsaat replied:The Aug. 4, 2011, piece you are referring to, headlined “Close the Gaps: Disparities That Threaten America,” was an editorial, not a news article. It was written by a member of the Valley News Editorial Board and as such reflects the opinion of the newspaper. The version on Sen. Sanders’ website appears to be an accurate rendition of the editorial as published on Page A8 of the Valley News on that date.       So, apparently Bernie only posted the editorial because of the main body of the editorial, which talked about America's economic inequalities, primarily.

  • pik nick
    pik nick  5 days ago

    socialism. . . that's all.