From a previous post.:-
" The state still subsidizes food far below normal prices to appease the poor".
Ye gods they are 'starving' , food is scarce for the poor! I cannot believe this has been known for so long and still Moduro is seen as doing a fantastic job by some.
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" At the same time, Maduro's hostility to foreign business has created a corporate exodus. Pepsi (PEP), General Motors (GM)and United (UAL) are just some of the companies that have cut back or left entirely. Unemployment in Venezuela this year could reach 25%, according to the International Monetary Fund."
Naturally! Chavez and Moduro have ' Nationalised ' swathes of businesses by fair means or foul , ( foul being a generous word possibly) , for years under their ' Socialist Regime ' costing Venezuela billions. Some of those businesses are now struggling but the Socialist dream must be defended at all costs .
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"To keep up, Maduro has raised the minimum wage three times this year. That has provided a little short-term relief to the poor, but experts say it creates long-term pain in the form of a worthless currency."
The clue is it's only short term relief , 'it creates long-term pain in the form of worthless currency"
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"Maduro blames his opponents for Venezuela's economic woes and says U.S. sanctions on Venezuelan leaders are proof the United States is waging an "economic war."
Of course he does ! Like his predecessor , Chavez , he refuses to accept he is responsible for the current demise of Venezuala and his Socialist Government .
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"Regardless of where the blame lies, humanitarian misery has followed the economic plunge."
'Regardless of where the blame lies' !! How can that term be used when the people are starving, the government uses violent methods to suppress opposition , the people are beaten arrested and imprisoned and the economic plunge could be the resort of so many aspects of how the Socialist Regime operates .
Yes the drop in oil prices is a 'factor' as is the fact Chavez/ Moduro have 'nationalised' so many businesses including oil production it has come back to bite the Socialist dream big time. That's why Venezuela is in so much trouble , it is reliant on oil production big time.
It is interesting to view the problems in Venezuela from the Socialist /Nationalisation principal and how Scotlands Independence 'could possibly' , I repeat 'could possibly' have mirrored some of the issues re oil reliance .
By the way Saudi Arabia is an OPEC member but so is Venezuela .