It is appalling to see the direction in which Venezuela is heading. In the 2015 Bloomberg Business Report, Venezuela didn’t get a ranking in productivity or economic growth. According to the report, Venezuela ranks among the most miserable places in the world, followed by Argentina. South Africa, Ukraine, and Greece. The misery index was based on this simple equation: unemployment rate + change in the consumer price index = misery.
A number of factors account for this low ranking: Venezuela’s inflation is now around 70 percent. JP Morgan presented another bleak report about Venezuela’s economy, calling the high inflation rate and the lack of products extremely worrisome.
All the expert analyses point to an economic disaster for Venezuela. Fifteen years of a failing Socialist Bolivarian Revolution that has ruined the country’s economy and social infrastructure are enough indication of an inept government. While people are having much difficulty coping with day-to-day living, a bank in Andorra allowed withdrawals of hundreds of millions of stolen money by corrupt government officials, money that belongs to the Venezuelan people.
Since 2014, thousand have protested government inefficiency, oppression, and corruption and hundreds have been killed and many are still in prison. The latest sanctions imposed by President Barack Obama on seven corrupt officials and the declaration that Venezuela is a threat to the United States has put the spotlight on Nicolas Maduro’s oppressive regime.
Recently, the Obama administration offered support to those Caribbean countries that depend on Venezuelan oil. This new relationship between the United Stated and the Caribbean nations will help these countries break their ties with the Venezuelan regime that has used oil to get support from its neighbors. This new approach brings hope for the people of Venezuela who have their hands tied by a kidnapped constitution.
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