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Things always look dandy in the oil exporting countries when oil prices are high. Iran, Venezuela and Russia all fall under this category. Their political, so
by tatsuke95 14y ago
Things always look dandy in the oil exporting countries when oil prices are high. Iran, Venezuela and Russia all fall under this category. Their political, social and economic cracks begin to show when they can no longer throw oil dollars at problems.
- rafaelm 14y agoChavez announced a couple of years ago that Venezuela had a "bulletproof" economy and that we would not be affected by the evils of the capitalist breakdown. As soon as oil prices went down, our economy started shrinking. When oil prices are lower, the government cannot keep the fake value of the Bolivar and they have to devalue. In the end, the people pay the price with ultra-high inflation rates (28% in 2011).