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Why venezuela crisis happened?

Xuan12 · 31-35, M Best Comment
Venezuela has a third-world economy, but they wanted to have first-world standard of living. Can't blame them really, but they used bad monetary policy to try to make up the difference rather than investing in the more difficult, but safer, economic investments and reforms it would have taken to improve their structural economics.

In short, their leaders picked quick, cheap prosperity for a short time to win popularity. They failed to invest in the slower, less popular, but sounder growth.
Burnley123 · 41-45, M
@Xuan12 That is one of the problems but it's a hard one to fix. 90% of exports are oil so they are really dependent on price of that commodity.

Add to that the fact that the oligarch opposition has destabilised the Bolivarian revolution at every turn. The regime is corrupt though and as you say has had disasterous monetary policy.

EvilFairy · 18-21, F
any country that get most of its wealth from natural resources is target of exploitation
Peaceful · F
@EvilFairy bingo!
This comment is hidden. Show Comment
Because socialism. People can't handle socialism unless the 'ruling class' is honest. In other words, socialism is doomed to fail.
Goralski · 51-55, M
The people always want everything for Free then reality hits em in d face
Burnley123 · 41-45, M
@Goralski You have no clue.
This message was deleted by its author.
Bak4u123 · 36-40, M
@GlitterBug define socialism

 
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