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I believe they have the largest oil reserves in the world (over 15% of the worlds reserve). I also believe Venezuela was in dire straights long before oil crash

I believe they have the largest oil reserves in the world (over 15% of the worlds reserve). I also believe Venezuela was in dire straights long before oil crashed. Quite honestly their government is massively to blame. After a certain leader passed away they went downhill very fast.

confused1 5y ago
How is it possible that the HackerNews crowd isn’t aware of US sanctions?
- imtringued 5y ago
  That would ruin the "government incompetence caused hyperinflation" narrative because people want to laugh, be smug and feel superior. If people knew that e.g. the Weimar Republik hyperinflation was caused by external factors like war reparations then they would have to understand that hyperinflation is more than just "printing money".
  - tim333 5y ago
    There have been major sanctions since 2017 while "Inflation rates became the highest in the world in 2014 under Nicolás Maduro, and continued to increase in the following years"
namdnay 5y ago
That certain leader is the one who sent them downhill: Chavism was a recipe for disaster from the start. It’s only because the price of oil was so high in 2000-2008 that the rot wasn’t immediately apparent. Chavez is the one who replaced competent leaders with army cronies. Chavez is the one who demolished democracy
- refurb 5y ago
  And Chavez was the one who nationalized the oil companies and then was shocked when he couldn’t find competent people to keep the refineries going. Literally killed the goose that lays the golden eggs.