Currency pegging was used in Venezuela too and that story ended in disaster. Which period are you referring to? Venezuela's biggest problem right now, besides

Currency pegging was used in Venezuela too and that story ended in disaster. Which period are you referring to? Venezuela's biggest problem right now, besides the drought which has hit their electrical supply, is that the government looted the oil industry instead of maintaining it and taking a sustainable vig from it. I haven't looked at the numbers (but see e.g. this production chart: http://www.tradingeconomics.com/venezuela/crude-oil-production http://www.tradingeconomics.com/venezuela/crude-oil-producti...), but as I understand it the lower oil prices are secondary to this, although if they'd maintained, let alone expanded production, I suppose the prices would be even lower....