Well, the explanation is waaay to long, but basically when you have a government mandated exchange rate at Bs.10/$ (that can only be accessed by corrupt militar

Well, the explanation is waaay to long, but basically when you have a government mandated exchange rate at Bs.10/$ (that can only be accessed by corrupt military and government officials) and a black market rate that has reached 500 times the official rate, you get massive corruption. You sell $5000 at the black market rate of Bs.2000 per dollar, buy $1mm at the official rate of Bs.10. Repeat ad finitum,until you drain the country's reserves. But no worries, we still produce oil and it's the solution to all our problems! Then, the oil price drops in an economy that has no industries (because it's so cheap to import everything at the official rate, who would want to risk producing anything??) and does not produce anything other than oil. So the govt runs out of money to import food, toilet paper,etc. So people go hungry, you get the highest inflation in the world,etc. Add to that, a "socialist" president that in order to fight for the poor, confiscates the little industries, farms, etc we had. No one in their right mind wants to bring a cent to invest here.