VENEZUELA - How the Richest Nation in Latin America Collapsed
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- เผยแพร่เมื่อ 10 ม.ค. 2022
- Today Venezuela is a failed state, a nation where hyperinflation has recently been at 3700% and where citizens are experiencing an unparalleled humanitarian and social crisis. Difficulty finding food, no drinking water or electricity and a currency (the Bolivar) that has no value. Yet Venezuela has not always been like this. Until a few decades ago it was a rich, wealthy nation with a high human development index. How, then, did Venezuela collapse like this? In this video we will talk about Venezuela before Chávez, focusing on the great national wealth: oil, today nationalized through the state company PDVSA.
Sources:
Hausmann (2015), Venezuela Before Chavez: Anatomy of an Economic Collapse.
Raùl Gallegos (2016), Crude Nation: How Oil Riches Ruined Venezuela.
Restuccia (2018), The Case of Venezuela
Now do Argentina next. I always wondered how a country went from one of the richest in the world to a developing nation in such a silent way.
There are several factor that were involved in our slow but consistent decline.
It was one of the richest countries in the world, but you should take into account that none of the current population was there when that happened. Most of Argentines (90% of the population) came with the huge migrations that took place between the finish of the XIX century and the beginning and the middle of the XX century. The majority of them, Italians, followed by Spaniards and Germans, Frenchs, etc. Those immigrants were not the ones who made the economic boom. They migrated to a country that was already rich when they came.
Therefore, the current population were not the people who could make the country one of the richest in the world. Many things happened: with the huge migrations (literally, at the beginning of the XX century there were more foreigns than Argentinians) came new problems: anarchism and socialism, carried by Italians and Spaniards, collapsed the government, they brought with them terrorism and ideals of anarchism which collapsed the government of that time. Also, they carried with them social issues, like illiteracy, unemployment, homelessness, and more things. The majority of the modern Argentina´s population were those who came during that epoch.
Although it´s not that simple. Argentina´s economic boom was very related with the status of Great Britain as a great power. When Britain started to decline, so us. We suffer the first consecuence in the "Panic of 1890", which was a economical crisis. When US ascended, they were not interested in our market, nor in our products, nor in our economy at all. They banned our meat (which was one of the most important products in our economy), and they didn´t invest in the rails, which were fundamental for the transport of our products (Argentina is a very big country, so the train is very important if you want to transport a product which was produced 1500 km away).
The First World War helped us. We maintened our neutrality because the European market demanded a lot of products (especially consumer products). Our economy started to heal (since the 1890´s crises). Then, migrations started again when the war finished. But at the beginning of the 20s something changed: the world started to close. Self-supply started to be the rule. The world-market closed, and for an economy such as the Argentinian, which lied on exports, it was fatal: the economy declined, inflations appeared, governments felt, others rised.
The beginning of the II War was not very beatiful for Argentina. Fascism was very appealing, especially because of our Italian ascendence, Mussolini supported fascism in Argentina, and insisted that we should join the Axis, but we didn´t. That didn´t signify that we didn´t supported them, since we did. Many people went to Italy to fight in war.
In a very big social turmoil, with a lot fo unemployment, inflation, worries about what was happening in Europe, Juan Domingo Perón, a wanted-to-be fascist, took power via democracy. He spent all Country´s money in public policits that were similar to the ones adopted by the fascist in Europe: he made a Youth ("Juventud peronista"), the cult personality, high salaries, and so on: the kind of populism that fascism had. His government was a fiasco: he focused more in persuing the opposition than in resolving the economic problems. We declined, the economy declined, the education declined, so the government was intervened by the military. They took power and established a dictatorship.
During Perón´s goverment (and before also) we tried to adecuate to the new world order. Since the world didn´t want to trade, we industrialized. It was a fiasco: we don´t have enough population to sustain such a big industry. We are not capable because we are only 40 millions, and in those times we were 10 millions. It was impossible.
The industrialization model was tried, and tried, and tried during the 30s, 40s, 50s, 60s, 70, 80s: all were a fiasco. All goverments tried a new kind of industrialization, and all were bad. None was capable of finding the suitable one for our country. Although we were bad, we were not as bad as Italy or Spain during that time, so they still coming. We were very good indeed, since our economy was strong. But the influx stopped when we suffer our second most big crisis: the hyperinflation of the 1989 and 1990. There, we could say that economy staggered, but the coup the grace came eleven years after that.
During the 90s we admited that the industrialization model was worthless. The world was again opening. Trade was again something that all the nations wanted. It was our opportunity! So we started to do again what we know: trade. Our economy afloat. We started to recover what we lost. Until 2001. The 2001 economical crisis was our ultimatum. That is where we declined, but it was not our "normal declining" it was a "latin american" one. Our economy crashed, poverty ascended, education went to trash...
Since 2001, our economy doesn´t recover. 50% of the population lives in poverty. We have the second most high inflation in the world, being the first Venezuela.
The youth is going to Europe and we are suffering a very big emigration crises, all "returning" to Europe. At least Italy (and at some extent, Spain) recognizes us as Italians so they give us the nationality. Many are living abroad since the beginning of the crisis. I, myself, am planning to go to Europe, since a big chunk of my family is there and I speak the language (as many).
It is very sad. Years goes by, and the country looks more and more like a latin american one. At least in the past we were proud to say that we were not like any other country in Latin America (except Chile and Uruguay, which were as successful as us). It´s extremely sad indeed. Witness how your country is took by uncivilized people, and how declines and declines without at end it´s depressing. I think that the majority of the youth doesn´t see a way to resolve this issue. Thus, they go away as I will do too.
Sorry for the long text. I tried to sum up all but it´s impossible to talk about so many things in a comment thread. It would be very nice if this guy makes a video talking about Argentina´s current situation, but if he not, at least you have my comment here.
I´m more than pleased to talk about the situation. If anyone wants to discuss, either through here or through any kind of mean, I´ll be pleased to do so.
@@LucianoVonH Thank you for the very detailled explanation, very interesting.
I hope you guys find a solution. It would be great to see Argentina stabilise and grow again.
Hopefully it will happen some day.
@@LucianoVonH Wow, this was actually really detailed and helped explain a lot to me about why Argentina is in the current socio-economic decline it is. Thanks.
@@LucianoVonH I disagree with your characterization of the Italian and Spanish immigrants, and the Anarchist movement in general but otherwise great summation.
I strongly recommend you watch "The argentinian economic decline: Truth or myth?" By the channel Badempanada
Nice video, but I would like to say a couple of things:
1) The sanctions of the USA to my country Venezuela went to the oil companies and state companies, it was not a commercial sanction as a factor of the crisis.
2) The problem with Chávez's policies was that he expropriated hundreds of companies, which caused private investments to fall and increased dependence on oil much more, this also includes the number of social programs that Chávez carried out to reduce poverty .
3) Currently the corruption of the PSUV (United Socialist Party in Venezuela) is so big that the opposition is almost non-existent and there are too many political prisoners.
Este tipo es un izquierdista. Si no has visto su video sobre Colombia
blame the usa when it was Venezuela's policies that bankrupted the nation with their job-crushing and money printing-spending complex
@@franknwogu4911 sanctions hurt the venezuelan economy, just ask the UN.
@@miguelgrohmannhernandez2224 the sanctions only were at officials not goods
@@miguelgrohmannhernandez2224 Do you have information that confirms that the UN said that the sanctions harmed the nation?
As a Venezuelan id like to add a few things:
1. The sanctions were aimed at the goberment officials and nationalized snd the first ones to the entire country came in about 2019 which actually proved to be benefical to the Country, why? Well, the military personnel and "enchufados" ("plugged in" people having access to the paralel dollars) couldn´t get their money out of the country so they started to create business inside the country which gave paid jobs in dollars and also charged in black market price for the products, this allowed them to launder money and make a profit (imagine buying dollar for low and selling for high) the situation with scarce food as also improved and you can find any kind of products that are imported via civilians from colombia, Brasil and into the country using ships with another nation´s flag (which is also the same method the goverment uses to smuggle oil, drugs, weapons, etc. Pass the blockade)
2.Every President since Perez Jimenez was a socialist, Chávez just radicalized things, there´s evidence of the old administrations having knowledge of Chávez indoctrinating army personnel in marxism in the cadet school "Movimiento bolívariano 200" the current "oposition" parties knew that and didn´t care, they wanted to be part of the new goverment when chavez had his way into office, that´s also why they cleared him of charges after the Coup, they knew the population hate them so they just "swaped colours" in a way
3.Perez Jimenez didn´t made a Coup, he was elected by the "Junta militar" (military parlament) which was stablished in the 30´s and had kept stability in the country for a few years, he didn´t care for opression and opposing his will as much as people claim, if that were the case he would have stayed and have a bloody fight to keep himself in power, he was actually the best president we ever had and made about 80% of the infraestructure that still stands today in the country (he was seen insane for building the San Cristóbal Central Hospital so big, but today said hospital is unable to treat everybody due to mismanegement)
4. There´s no true "political oposition" to the goverment, there´s a kind of under the table truce between the regime and the "oposition" the regime gets to stay in power and control the military, the state and steal as much as they want but they can´t touch opossition leaders, the 'opossition' in exchange can get as much money from humanitarian aid as they want and steal it, it never gets into the country, they also have privileges inside the territory despite of them trying to make themselves look persecuted, they of course benefit a lot of having access to millions of dollars in aid, get to travel the world with political benefits and have control of some overseas assets that the Country had, but they have no intention of trying to remove the goverment.
5.The goverment works with the drug cartels of Colombia which make part of their product inside Venezuela or at least uses the country as a route to export it to the rest of the work, same goes for guerrillas and paramility groups (even common crocks) to which the goverment has landed over territory, mines, weapons and impunity in exchange of them promising to help them maintain power, this is maduro´s safety guard in case of a rebellion by the army (which is doubtful given how well they live)
6. The US intervention didn´t screw up this country half as much as the one we have seem from cuba since the 60´s , Cuban special forces infiltrated whole colleges and indoctrinated students into marxism, they tried to kill betancourt and several presidents from time to time and when they finally succeded with Chávez in taking over they started to exploit Venezuelan riches and export them to cuba, have the military leaders wear the cuban flag at the army parades and Venezuela also paid cuba´s debt with Russia
Much love for you, friend. I'm sorry things have gone so poorly for y'all. As an American, I cannot and will not comment on your nations own, personal perspectives. However, this mirrors a lot of what I've seen, read, and heard before. Doesn't really matter. Y'all are a culture of good, idealistic people ruled by shittyheads.
@@willcresson8776 I appreciate your support, its sad but most of us young people are planning to or alreay have left the country to places where we can have a proper future, i don't know how its going to end but the only change in the political system i can think of at this point will be a sort of ussr reforms that turn the socialist state into a more free one, i hope your country never goes through such things, even thought these years have been hard for you guys, again, i appreciate your thoughts and wish you well.
@@michelmoreno8233 and all. And now we see the problem. All the people that could make a change have left or are leaving the country. The result is that only the poorest, illiterate and indigent people remain and they will never be strong enough as a class to change the country.
And what do you "young" people do? You come to the US - illegally in many cases- placing a burden on that country instead of fixing your own problems.
You only care about your iPhones and Facebook. Your lack of courage to fight for your country is embarrassing and cowardly.
Great comment! Thank you for taking the time to clear the misinformation up.
@@quentinvalor7738 Well, simple. There is nothing to fight for, i hate my country and i will never go into anyone else´s country illegaly, let alone to cause trouble (i can´t speak for all my fellow countrymen) we did try in several times to fight the goverment but is idiotic to try anything when our so call "opposition leaders" sell us time and time again, the goverment not only has control of all the armed forces but has also created many guerrilla groups and asociated himself with others, we don´t really owe anything to this country and i don´t think we can do anything anyway, like i said. The change will come from underneath, like the USSR collapsed and reformed itself under Gorbachev, i´m not worried about iPhones and Facebook i´m worried about not having electricity for +8 hours a day, that someday anyone could kill me in my house for speaking up against a corrupt officer or being killed in the streets over 1$ worth of food.
You want to call me cowardly, go ahead. I went toe to toe in many times agaisnt the goverment in the past years protests, many of my friends are still missing to this day, we don´t know if they´re dead or not, we don´t have guns given Chávez placed a ban on them as soon as he came to power, is always easy to be brave using a keyboard but i bet you have never been closed to get shot and be completely defenseless. Sorry if im not your idea of patriotic, i used to be but not anymore, there is no point, might as well worry about my friends and family.
1:40 Just so you know, a gallon of milk costs different everywhere in the US. It depends on the local dairy industry and how much importing goods costs. Here in the state if Wisconsin, we're famous for our dairy farms, so a gallon of milk here is $1.89. Places like Hawaii and Alaska will have higher prices because they don't have many dairy farms and most goods have to be imported by ship.
That's a very interesting comment, thank you!
chad commenter... not an aggressive comment, nice explanation, writes clearly. good job!
I know a guy who can get you a gallon of milk For 800 bolivars, tax free!
Weird here in Michigan we have had times where the stores pretty much had to give milk away it was less then 90 cents a gallon last I checked was still only 1$ plus tax
No doubt he meant the average (mean? median? weighted?) price.
Amazing video again, im really hopefull for this channel to grow, incredibly high quality well researched stuff, i'll be looking forward to the second part.
Qa1a
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As a Venezuelan, I'll tell you that he didn't do well his research. Maduro wasn't elected (unless you want to believe that there was an election in 2018, where political parties were banned and political figures were barred from participating and Guaidó wasn't self imposed. He was elected as member of Congress in 2015 and became president of the National Assembly on 2019 and, since there was no presidential elections in 2018, Guaidó, by the Constitution, became the interim president of Venezuela.
@@LuccianoBartolini wait, he said that maduro was elected? yikes (saw the video a month ago and didnt remember that)
well, probs (or more so hopefully) something he'll correct on the second part
but in any case, the rest seems fairly well done, and i'd atribute that more so to a little bias on his part, which, again, to be fair, is to be expected on this topic, its kinda hard to find unbiased research in this topic, be it from the right or from the left, seeing as tho it is so ideological, in fact, as a colombian, i can tell you that, with how the left and right both speak about it, venezuela might as well be a mythological country from some holy text or something.
like, not imposible to find unbiased stuff about it of course, but, you know, hard to come by with quality
@@HiimIny Yeah, I get you, finding a good source is extremely hard.
This video is 100% true. Especially, how the Venezuelans have taken a goose that lays golden eggs and put it on life support.
I’ve always told my Venezuelan friends that Petroleum is not a blessing, but a curse. Unfortunately in almost every country that has vast oil wealth, makes the population lazy, arrogant, entitled, and ignorant.
And BTW anyone who thinks Chavez was the one who screwed up Venezuela, is totally wrong. It was screwed up prior to Chavez.
It’s downfall was importing everything, producing nothing, and investing wealth in other countries!
The thing with Chavez is people just need someone to blame for their problems. It can't possibly be any specific society has inherent problems that need actual work to fix it has to simply be the leader sucked. Now Chavez was not great and he objectively made mistakes but as you said Venezuela had many issues long before Chavez that heavily contributed to it's current crisis
No it was *socialism!* 🤪
Resources are a curse when not managed correctly.
The main problem being that if people earn more because of these resources, wages go up which in turn makes it harder to stay competitive in other sectors.
The current government of Venezuela read this concept, and did the exact opposite, create state owned enterprises that make it even harder for private sector companies to be effective.
@@UnholyWrath3277 no, Chavez didn't some "mistakes", he is the one who robbed, killed, and wanted to make Venezuela his own house where he can give the national treasure and money to other countries and to himself, his family and his friends
@@raul7649 Amen
I clicked on this video because of the subject and then pleasantly surprised to see it was this guy’s channel that I’ve been loving lately but always forgot to note the channel name. Well, now I am subscribed and will never miss a video! Great work! Can’t wait to see more and more from you :)
Let's go this way Nova !!! one of the best idea in recent TH-cam Italia history 👍
Great video!
Can't wait for you to translate the videos regarding the years of lead!
Great video, this is truly major network content
So sad that few years ago that Venezuela was on a deep inflation and it continues. You were right about what lessons can be learned from it “money and mismanaged”. Its hard for them to recover.
Promising channel, keep going
I‘m very thankful that I found this channel. You make great and detailed videos. I hope you will get more attention
Gracias pana. It’s nice to see a video about my country and it’s struggles that doesn’t feel like a veiled commentary on the political view of the video maker, can’t wait for part 2. Viva Venezuela!
Love from Vancouver, Canada... Keep up the great work...
Socialism!!! Yaayyy!!!! Works so well!!!
Subscribed after watching your Colombia video (I was working on a class project, you really helped me out there!) And now I'm a huge fan of your content!
loving these videos. keep em coming!!
"Venezuela is one of the only countries where a Dollar can have 2 different values"
Lebanon with 3 exchange rates 😏
Argentina with more than 5 exchange rates: 🤣
@@Monkechnology How is that? I believe two exchange rate is black market and legal market but 5?
@@anteeko There's the "official rate", the black market one, some rates based on the official one with different taxes (like the "gamer dollar"), other one called CCL (involves selling stocks and other stuff). Argentina is a weird place.
@@Monkechnology Crazy!
Grande Nova!sono felicissimo che tu sia conosciuto anche all'estero!!complimenti per l'inglese
Fantastic video. I’m looking forward to part two and I really think that your channel is going to grow. Your English is fantastic by the way, you don’t have anything to worry about there. (you said that you were worried in the first video that you were worried about it as a first English language video)
Awesome video! Thanks!
Super well done! Just discovered your channel and I'm loving it very much. Greetings from your neighbours in Malta!
Just found out about your channel and subscribed! Can't wait to see you release more content!
This channel is just what i like, keep up the good work
Great video.
Complimenti per il coraggio che ci vuole ad esporre il proprio inglese al mondo in questo modo.
Da persona che parla inglese a livello madrelingua, posso dirti che è tutto comprensibile, ma c'e qualche piccolo errore di lettura, che ci sta ovviamente.
Il consiglio migliore che posso darti forse è di parlare ancora piu piano di quanto tu voglia fare, dai il giusto tempismo ad ogni parola e ad ogni frase, prendi spunto dai piu grandi narratori di documentari, o da altri canali simili al tuo che gia sicuramente conosci.
Rallentando tutto, anche la pronuncia andrà a migliorare col tempo.
Spero siano consigli apprezzati
Grandissimo Nova!
Man your videos are so good and informative. Greetings from Estonia
Thank you for making this.
I learned something new.
Just looked at your other videos, and now I'm a new subscriber too. Thank you for educating us. You're making the world a better place.
Epa mano muchísimas gracias por hacer este video saludos desde Venezuela 🇻🇪
Hey man thank you a lot for making this video greetings from Venezuela 🇻🇪
That's one of rarest unbiased TH-cam channel ever I've saw. Nice Job!!
Amazing video, king! I'm love your videos!
I found your channel today . I just wanna say woo great content , visuals and commentary . I don’t know if you started on your next episode but if I can make a suggestion Sudan
Keep it up great video
Keep going - your content is good. You’ll make it
Very well done video. Really objective and well researched. Most videos on Venezuela either focus solely on saying how it is all the USA's fault with sanctions while completely disregarding the economic mismanagement and corruption in the country that played a larger role in it's current state. Plus, the use of humor is really good😂 Thanks for this better balanced video.
Well the channel is leftist, and he claimed that the sole purpose of the sanctions was to starve the Venezuelan civilians to death, even though it was against the state industry rather than commercial based sanctions.
Grande Nova!
Great channel.
I was skeptical, but very well done.
Great video! I’m from latin america and learned a lot of things I didn’t knew
this channel will grow very fast
This channel is growing fast remember when you become famous
Amazing video 💖💖
New, favorite channel.
Great new channel 👍
You deserve one million subscribers!
Great video ,i was really waiting for your English channel please upload more video👍
This was an excellent overview on venezuelan contemporary economic history. The country's economy has been steadily declining for the last couple decades. I think the Chavez administration was the cherry on top to settle Venezuela's doom, though. I'm looking forward to part 2 and hoping you expand on this period. It's very interesting to see a foreigner so well informed, keep on with the good work!
Let’s support this channel from all over the world!
Cioè ho appena scoperto che hai un canale in inglese! Grandissimo💪💪
I really enjoy your videos they are really interesting and good. Thank you. I subscribed.
Great Video; I was exercising my english and then I found this
12:48 Just a small correction but PDVSA was founded on January 1st 1976 in the government of Carlos Andrés Pèrez from the nationalization of the many oil industries in the country, Shell, Mobil and Standard Oil for example.
Agriculture was not economical compare to imports from Colombia, Brazil or Argentina, both the lack adequate logistic infraestructure in the countryside plus a case of the Dutch disease made it so.
The devaluation of the Bolivar in the 80s should have discourage imports and provided incentives for national production, however an often hostile legislation towards the private sector including price control, currency exchange controls and the threat of confiscation (a hallmark of chavismo in the 00s) has prevented local production to flourish.
Agriculture and tourism experience a rise in the 90s and alongside the privatization of failing state owned heavy industries, were part of the liberalization efforts that ended with Hugo Chavez rise to power.
Venezuela overinvested in infrastructure during the oil boom so I suppose the Dutch disease was the biggest part of the problem. That and the concentration of land, because if you have small farmers the truth is people will produce regardless of it being highly economical or not because that's what they do. They are apart from the integrated urban economy so it's not like they can do anything else, in this context. Agriculture grew in Venezuela when oil prices fell, but it's unlikely that it would have continued during the commodity boom even without Chavez, unless Venezuelans suddenly learned how to deal with natural resources in a positive way which considering their history and other countries in the region, I'd say, is an unlikely alternative.
Your videos are amazing
Grande nova!!
Portare il tuo format anche all'estero è stata una grandissima idea, keep it up 💪🏻
Pizza! Pasta! Bellisimooo!
@@ericktellez7632 bruh
@@ItaliaFundatur mamma mia!
this channel's about to be huge
th-cam.com/video/iJz301Iru0c/w-d-xo.html
@@bluredstoneiii5594 yeah, I know this is an english offshoot of an already existing channel, but thanks
very good content, watched a few video's you just earned another subscriber...
I like your editing, man, as an editor myself. Well done, from the 🇺🇸
Very educational, and enjoyable, sir. 🎯🌎
Hi, native English speaker here. When dealing with large numbers like at 1:45, you say the number normally than what place it appears in. This rule applies to everything outside 100's place (455) at 1:45 in the video. So, the number in your video would be like this Ten Million, Five Hundred and Seventy-One Thousand, Four Hundred Fifty-Five.
Keep up the excellent work.
These videos are what I needed to improve my english✌
I will personally commit myself on sharing your videos to all my non-italian speaking friends. What a great idea you have had! 😃
Hey man, I like your videos.
I did see you criticizing propaganda in the Libya video, which I liked. Since I'm Venezuelan I can see you included some propaganda here:
1. Guaidó is not self proclaimed. He was the president of the Congress. When Maduro had to renew his presidency, after a very lousy electoral victory, people gathered in Congress to protest. The Venezuelan Constitution says the president MUST assume power there. Maduro did a ceremony elsewhere. The Constitution also says in the absence of the president, the president of the Congress becomes de-facto president.
2. Sanctions. The Sanctions were not economical. It targeted regime kingpins, their assets in the U.S. the narrative is that "they'd use their cash money to subsidize food for Venezuelans", but only desperate people would believe this.
I like how you described the Dutch disease! I was unfamiliar with the term. You got it right how it ruined the agricultural industry, given how fast it was.
The mentally rich culture "está barato, dame 2", you nailed it so good.
Thank you for this.
What do you mean the sanctions only targeted the kingpins? If you cannot sell your oil properly you cannot pay for necessities like food and meds. The WOLA Report on Venezuela says this: 'these measures “directly contributed to its deep decline, and to the further deterioration of the quality of life of Venezuelans.” And also with regard to the economic war on its oil:' analysis of the percentage variation in imports and oil exports in Venezuela from 1998 to 2018 shows a close association-meaning revenue from oil exports has long been used to cover imports of everything from food, fuel, medicine and other basic goods'.
So what do you mean? Because as far as I understand you are using the US propaganda claiming only to hit the elites while accusing the maker of the video of propaganda.
e: The report is from 2020 btw.
@@haldir3120 Hello Haldir, thank you for your interest in Venezuela.
The video maker expanded further back in history, so should you. Venezuela was not dependent in imports. Oil mono-production caused it, exchange control rates from the 80s accelerated it, a measure that got discarded, yet, recovered by the United Socialist Party of Venezuela (PSUV).
Why? Because it provides even more control.
This controlled exchange rate (CADIVI) meant it was cheaper to import a final product than producing it. Even having the raw materials or fertile lands.
Add that Chávez (PSUV leader) expropriated all oil companies in 2001 "so they belong to the people" (government kingpins) and you'll see what I mean.
@@haldir3120 You can tell WOLA has fallen into propaganda with the fake correlation of less barrels of oil produced post-expropriation vs the sanctions.
When expropriated, employees protested, because they now had managers that had no idea what they were doing (main credentials being support for PSUV).
Chávez famously fired ALL employees because they were "bourgeois" (?) (Probably meant opposing him), and the Venezuelan talent outflow ensued.
PDVSA (aggregate of all expropriated oil companies) could never recover that talent. Not as employees, not as managers. Debt and decadence is what followed.
@@robertovonschoettler No, I do not See what you mean. It does not matter whether Venezuela wasnt dependent on imports in the 80s because they are as of now. To pay for this imports you need oil revenue which the US is targeting and now you Lack the money for basic imported goods. I fail to see how this is not impacting the popluation. The elites are surely impacted as well but they are not the ones facing the brunt of it.
@@haldir3120 Hi Haldir, sorry you failed to see it. Can't do much more for you, good luck.
Please, don't try to simplify the crisis in my country.
Grandeeeeee
Già 30k!
since months ago there is a double price for gas, you can still get the "cheap" one for pennies but only 40 littres a month only if you have a car, and there is the international priced one that costs 50 cents of a dollar per littre and has a daily limit of around 20 littres depending on the amount of people waiting in line on the station if you happen to find one that is somewhat empty you can get a full tank but you must pay international prices, filling a truck sets you back 60 bucks, i should also add that it is not allowed to fill containers with gas while in the station, so to buy gas for say a generator or a water pump wich are things that we use here a lot since the services are practically non existent you must fill the car and then take the gas out
You are an amazing man 🤩 👌
anxious for a Brazil video
I'm from Southern Brazil, and even here you can find Venezuelan refugees. Who are living a lot better in a country that's not doing that well itself.
1990's
The gas price goes 1 Cent more higher: Civil war
2010's The prices goes ludacris crazy higher: PERO TENEMOS PATRIA *se va la luz por 6 dias*
A lesson so simple yet so ignored. When your making money save some for a rainy day and/or invest it industries, stocks etc. Wherever your a person, business or country. Great video, hopefully your channel grows.
I tuoi video sonó davvero eccellenti. Seguo il tuo canale di continuo perché il contenuto e' magnífico. Grazie e continúa cosi. Complimenti.
Can you make a video on the Cuban special period? I can see you covering that topic well.
Situation of Venezuela is so messed up that I think nobody knows what to do to fix it. 😔
Seriously even if a successful economic program would be made to fix Venezuelan economy, still corruption and the instabile situation of their political environment will waste all their efforts. And unfortunately, nobody can change that, except Venezuelan citizens. Those who can vote. If their electoral and democratic system can still be considered independent from corruption too.
Then there's military that seems have an independent will. That's a grave fact. A dangerous threat to citizen sovereignty.
Frankly speaking, Venezuela future isn't bright. We should help them. If only we can do something for them, our governments probably will do nothing. Or nothing without having back some rewards. Not gratis at all.
That's sad.
call in ex prime minister of India Mr Manmohan Singh .. he can fix it . but he is old but still
There is an example of a country that manage oil wealth extremely well: Norway.
I don't know if it is possible to move to that model though...
@@anteeko hey check about Manmohan singh . I am telling you . he is one of the worlds best economist and he did fixed India's economy when he was fiance minister of India in 90's
@@6militant Interesting thanks
@@anteeko Venezuelas economic policies were inspired by Norway’s system but due to American interference and economic warfare we have what Venezuela is today
Great video! I hope you can also upload your Italian language videos in English in this channel as well
For sure, I'll do that step by step 🙂
This channel is a find. thanks for your work. "I can take this risk", ha ha ha ha.Subscribed.
As a veneuelan i have to say that your information is outdated, now in 2022 supermarkets are full, aswell as drug stores and everything else, it is just that everything is in dollars so its now more expensive than before.
Please upload a video of Chavez. This was really interesting
Sarà dura far crescere sto canale
Thanks
More on Latin America please🥺🥺🥺
I don’t know many channels covering Latin America
Daje Simò, italiani spingiamo questo video perché questo impegno merita un premio
Amazing video try making another one on libya
The song by C tangana at the beginning Just made me Happy.
avete provato a usare il VPN per l'upload per vedere se fa differenza per "l'algoritmo"?
Idea- For the first ~10 videos you make on this channel, introduce yourself before diving into the content- The fact that you’ve already done hundreds of these videos on your main channel gives you a lot of credibility
Subscribed after your Turkmenistan-video. A great book on Central Asian history is "Central Asia: A New History" from Adeeb Khalid.
For the algorithm!!!
Can you do the same for Norway and explain how they succeeded so well post oil discovery.
We love your channep
Great power comes Great responsibility
-Uncle Ben
Bravo. We follow you in Africa.
When a country with lax regulations and weak public institutions strike it rich with natural resources, especially oil of course, then it almost without fault leads to trouble for the citizens and the country as a whole. It attracts the wrong kind to power, because power holds the potential for massive wealth for them and many, many people just do not have well developed conscience. Psychopathy is much more prevalent than most people think. Venezuela is a great example of this, along with so many other countries. Consider the blood diamond phenomenon, and Cobalt in some African countries. I even doubt the CCP in China would be half as overbearing without China's massive oil, coal and gas industry. These bad actors are mostly there to funnel natural resources wealth to themselves and their patronage networks. Without it, they wouldn't care about politics. They are not there to enact civic development any more than is necessary to keep people compliant. And in many countries simple authoritarian military repression is more than enough to achieve that. No need even to promote civic interests at all.
Even countries with decent protections in place for civil rights often suffer. Because, before you know it powerful lobby groups are out in full force to erode civil rights. The US is a prime example of this. Today a corporate interest bill is many times as likely to pass as a civil interest bill. In fact the odds of a civil interest bill that threatens the bottom line of any large corporates is not likely to pass at all.
The world will definitely be a much, much, much better place without fossil fuels. Not only because they threaten severe climate change, but with regards to politics and diplomacy as well. There are of course as mentioned many other resources which cause issues all over the world, but the end of fossil fuels, once economies have adapted to the new paradigm, will see political and diplomatic stability the likes of which the world has never experienced before. Just take oil and gas pipelines out of the equation, and consider how much of the negative news from the past decade would not even exists. No keystone pipeline and all the issues around that. No Nordstrom2 and all the issues around that. Russia probably wouldn't care about the Ukraine. No deep sea oil rigs - No Deepwater Horizon disaster. No oil freighter ships - X large spills would not have happened. Even the power blackout in Texas during the blizzard there would not have occurred if the state didn't use so much fossil fuels for electricity. That would have just been another small news story about a storm somewhere. Nigerian oil pirate clans. Etc... Etc... Etc...
Right now fossil fuels rule the world and what happens in it. For the worst by any account.
ten million four hundred fifty one thousand (for the amount of bolivar needed for a gallon of milk). And a search on the website of the area in which I live says milk costs $3.40 USD, but I live in Maryland, a far ways away from the dairy capital of the US in Wisconsin.
I want to brush up on my Italian just because of this guy.
There are other countries with multiple presidents like Bosnia and Herzegovina, and currencies with a different black market rate compared to the official rate like the lebanese pound and turkish lira.
A wise man said, “When men find water they work. When they find oil they dream.”
9th! a part of joke, a wonderful video, but I think that it coud be better whit subtitles
And now the empire has sent a delegation to meet Maduro to beg for oil. Why Maduro and not Guaidó?
the punto fijo pact it`s called like that not because of the locality it's called like that because is the name of the house of Rafael Caldera (later became president twice)
Hello can you make a video about Egypt, thank you
I am from scotland & we have pumped more oil out the ground than dubai, You wouldnt think it, It to has been a curse for us.