The collapse of Venezuela, explained

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Published 2017-08-25
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.

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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: www.vox.com/world/2017/5/1/15408828/venezuela-prot…

Sources:

0:56 tradingeconomics.com/venezuela/inflation-cpi , tradingeconomics.com/venezuela/consumer-price-inde… , www.imf.org/external/datamapper/PPPPC@WEO/OEMDC/AD… , en.wikipedia.org/wiki/Crime_in_Venezuela#/media/Fi…

www.reuters.com/article/us-venezuela-economy-forex…

1:25 www.scribd.com/document/354981596/Datanalisis-Info… (Page 22)

www.datanalisis.com/

1:54 www.wsj.com/articles/maduro-s-allies-stack-venezue…

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

3:44 commons.wikimedia.org/wiki/File:Venezuela_Poverty_…

4:00 www.economist.com/news/finance-and-economics/21720…

4:40 www.cato.org/research/troubled-currencies?tab=vene…

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All Comments (21)
  • @Vox
    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
  • @Matthew-qx3dh
    Theres something seriously wrong if the currency has less value than V-Bucks
  • You know your country is in trouble when Runescape gold is worth more than your currency.
  • @diegosalazar25
    I’m Venezuelan in Canada and this is basically why I moved, my whole life has changed due to one man’s need to stay in power. Not only my life but 30 million people’s lives as well
  • I'm venezuelan i move to philippines with only couple of bucks lift in my pocket only good for several days and my life change when i met some good friends they invited me to their province to work for them as a caretaker of farm and year later i get married with my beutiful wife and have a son. To all my fellow venanzuelan out there you deserve better, i hope y'all safe outhere may god bless our country. 🙏❤️
  • Everyone who’s not from Venezuela and still send us love. As Venezuelan I would love to thank you for praying for us and thank you for actually knowing what is going on in my country
  • @johnson8711
    I remember when i was 4 i thought why do poor people exist, just print money for everyone
  • Germany: prints money and spirals into depression Venezuela: oh boy what a good idea
  • @Gdub33
    This is so scary and so sad. My heart goes out to those poor citizens.
  • i live in Venezuela and am in the second largest city, maracaibo. 30 years old. there is literally anyone my age anymore, from a group of 30 friends. Only 5 remain. Venezuelas future left the country.
  • @sumedhshah7047
    You know something is wrong when the paper of your currency is printed on is more worth than the currency itself.
  • @nox9708
    I have a friend who was born in Venezuela, he oftenly talks about the situation in Venezuela whenever we have a little talk but im just glad he lives in my country now
  • @0xmassive526
    Not from Venezuela, never been there as well, but I feel extremely sad for it's people.
  • @CruisingBy
    I left the country when i was seven. I remember going to one if my moms friends party's who had also left the country and she said (in Spanish)"Just give it three years and it will all get better and we can go back." Its been almost five years and its only gotten worse..
  • @mikelafo-3564
    I remember when I first immigrated from Venezuela 12 years ago. I was 4 and my dad was working hard for everything we had since the government had just taken his land. I moved here with my mom and my sister when my dad couldn't and 4 years later my dad was able to finally come. 1 year ago my dad became a United States Citizen and 6 months ago my cousin and her family came after my other cousin died when he was protesting. It made me remember the struggle me and my family went through and it helped me appreciate how lucky I am to be in the United States.
  • @mrconfusion87
    I asked a Venezuelan expat in my country what he thinks of the situation in his country and if it was really as bad as the media portrayed it. His reply: "Worse!" 😓
  • @firstname105
    Venezuelans: elects socialists to reduce income inequality socialists: *makes everyone equally poor MISSION FAILED SUCCESSFULLY
  • @gabiosa
    Here in Colombia we are feeling the damages, people of Venezuela is escaping here asking for jobs or selling things on the public transport, i don't think the people on the comnents (in the USA) can remotly feel all the impacts; you can know the facts but nothing near like the reality (Edit: I made this comment 2 years ago and have no idea that there was so many likes and comments, wow thanks, but some people down below misinterpreted my word, some of you tried to explain better the situation, so, I hope people reading this comment now can learn a little bit more)
  • @Iguazu65
    You have to admire the Venezuelan people for their ability to suffer such, hardships, injustices and obvious corruption because they still believe in democracy. In most counties it would resulted in a civil war. So respect the Venezuelans. They need help but have not lost their principles.