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Further Discussions => Economics , Sociology & Politics => Topic started by: admin on August 15, 2018, 10:41:01 AM
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The none backed fiat system , coupled with many other factors have failed Venezuela
the country is experiencing a huge inflation. The question how can this happen to an oil rich country ?
https://www.express.co.uk/news/world/1003251/Venezuela-economic-crisis-one-million-inflation-dollar-chavez
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I believe corruption in general. It doesn't matter how many natural resources your country has if the money you get for them never goes back into the infrastructure of the state. From my understanding Chavez has been a blatantly corrupt leader for over a decade and he intentionally restructured a lot of the programs in place in order to create a stranglehold on the public. After his death in 2013 he was succeeded by an even more corrupt leader who took Chavez's structure and warped it even further, too far, apparently as the country started to decline not long after. Everything like this always seems to lead back to simple human greed.
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If they have the resources but still has the inflation, that might be a government issue but I don't to blame them entirely. Non backed fiat? Is it not backed by those oil reserves or gold etc.
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I am Brazilian and geographer and I tell you, Venezuela will face poverty and misery as long as its population can not reverse the policy that is established in their country.
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The answer is pretty simple and comes down to one word: socialism. It has never worked. There are some faults already made that will be dragging this poor country down for years to come.
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The country is facing hyperinflation with an inflation rate at more than 4,000 %. This is really sad and shows that the country leaders are not proactive they solely depended on their oil riches and did not diversify into other industry like agriculture when the was oil boom. They are in this predicament because they depended on their oil source whose price is volatile and not making right decisions.
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What can be done? The best solution would be a negotiated transition. Mr Maduro would finish his term but would respect the constitution and parliament, free political prisoners and guarantee that overdue regional elections, and the presidential contest next year, take place fairly. However, an attempt at such a negotiation failed last year, and there is no sign that Mr Maduro and his cronies will voluntarily surrender power. Those who want to save Venezuela have limited influence, but they are not helpless. The opposition, a variegated alliance long on personal ambition and short of cohesion, needs to do far more to become a credible alternative government. That includes agreeing on a single leader. Some in the opposition think all that is needed to trigger the regime’s collapse is to ramp up the protests. That looks fanciful. Mr Maduro can still count on the army, with which he co-governs. In Venezuela’s command economy he controls such money as there is, and retains the backing of a quarter of Venezuelans—enough to put his own people on the streets. And he has the advice of Cuba’s security officials, who are experts in selective repression.
According to the Economist: https://www.economist.com/leaders/2017/07/29/how-to-deal-with-venezuela
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They still did not badly work out the issue of creating a national crypto currency, maybe this will save their economy!
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a lot of mixed info comming out of Venezuela, can't really tell what is happening and the truth behind some reports...
one thing is sure, politicians are always after their own best interest
another thing is sure, a lot of countries are just crazy to get their hands on Venezuelan oil... and it is not that hard to squeeze a fragile economy...
so imparcial judgement is impossible without some hard facts that are very hard to check at this point...
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The inflation rate of a country depends on several factors , largely influenced by the countries input and output. There have to be balances betwern what a country produce and what it buys from other countries. Should anything destabilizes this balance, it is likey for the inflation rate to be affected. Venezuela has oil as a natural resource and as an oil producting country, it is expected of her to boost her economy. However, from my understanding of the story, the country economic development has been obstructed by corruption whkch goes a long way to influence the inflation rate of the country.
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There are lost of reason about mistakes of government
Firstly unqualifed government staff
Secondly wrong educational system , third one is wrong law politics and backing etc.
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As a citizen of Turkey, the rates of inflation have increased a lot even though it is not as much as venezuella.The reason is that unqualified people in countries work in important positions.
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Crazy inflation in Venezuela is the result of an acute social and economic crisis, accompanied by the devaluation of the national currency and a shortage of essential goods and medicines. When the country is the destruction of the economy, no oil and gas available in the country will not save. The difficult situation has forced many Venezuelans to leave the country. According to the Colombian authorities, more than a million people have moved from the Bolivarian Republic of Colombia in the past year and a half alone.
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This is the same issues we facing here in Nigeria too, our leaders don't really have the foresight to make the country a better place, corruption has eaten deep into the system and less qualified people are been elected to run the country...
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I'm sure it happened because of the high level of corruption.
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Only this year, the inflation rate in Venezuela is about 900 percent. All this comes from the inept political leadership of the country. President Maduro is in conflict with the legislature of his country and with his people as a whole.
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Only this year, the inflation rate in Venezuela is about 900 percent. All this comes from the inept political leadership of the country. President Maduro is in conflict with the legislature of his country and with his people as a whole.
If we look at all this carefully, it is not clear where the great inflation in Venezuela came from. I think that many in the media met the news, where they spotted the full cargo compartments of the gold planes that their president wanted to hide. He robbed the people, and everyone thinks why this country is so poor.
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Only this year, the inflation rate in Venezuela is about 900 percent. All this comes from the inept political leadership of the country. President Maduro is in conflict with the legislature of his country and with his people as a whole.
Yes, in order for a country rich in natural resources to flourish, it first of all needs skillful leadership, including good business executives. Venezuela seems to have a big problem with this.
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Ish happens when you're sanctioned to choke in order to be brought to servility