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In this case I can assure you the US had little to do with the economic collapse. The reason why the economy went down the drain was because of an extreme curre
by aclsid 9y ago
In this case I can assure you the US had little to do with the economic collapse. The reason why the economy went down the drain was because of an extreme currency control. Just months after Maduro got ahold of power, he got rid of the only mechanism that existed to buy foreign currency legally. So what happened is that people had to resort to buy US dollars at black market rates. That caused shortages, inflation, etc.
Then they had the brilliant idea to enforce price controls on a lot of goods, which only served to ensure that nobody wanted to produce or trade said good.
US/EU sanctions only came recently and are targeted at individuals, so no, this mess is caused by the Venezuelan government itself.
- StanislavPetrov 9y agoSorry this is false. Certainly their poor economic policies helped lead to the mess they are in but its not accurate to say that US/EU policies and sanctions didn't play a significant role. Nor is it accurate to say that these sanctions "came recently" or were targeted only at individuals. We have been sanctioned the entire country of Venezuela for well over a decade. https://www.reuters.com/article/us-iran-usa-sanctions/u-s-sanctions-venezuelan-oil-giant-for-iran-trade-idUSTRE74N47R20110524 https://www.reuters.com/article/us-iran-usa-sanctions/u-s-sa...
- rtpg 9y agothe second paragrph of this article says that the sanctions are largely symbolic? If so, how does that lead to economic collapse?