Venezuela: Maduro’s New Recovery Plan.
Venezuela was once South America’s richest country. In 1970 its GDP was higher than Spain’s.
Now, the UN reports that two million people have fled Venezuela since Nicolas Maduro became President in 2014. The IMF estimate that the annual inflation rate will hit one million per cent by the end of 2018, meaning essentially, that the Bolivar has no value whatsoever. Medicines are scarce, patients routinely die and malnutrition is commonplace – 9 out of 10 people say they cannot get enough food. The shops are empty. The only functioning market is the black market.
Venezuela’s GDP is now at half the level it was in 2013. To put this into context, in the Great Depression of 1929 the US economy shrunk by just 28.6% between 1929 and 1933.
How is Maduro going to solve it?
With his new “Economic Prosperity and Recovery Plan”, announced on Friday 17th August on National TV. It certainly sounds exciting. “Venezuela is going to experience an economic miracle,” he reassured everyone. “It is a revolutionary formula. Unique in the world.” Trust me”, he boasted, “No experts were involved.”
By the way, the Oxford Dictionary definition of an expert is: “A person who is very knowledgeable about or skilful in a particular area.”
So, we can take it that Maduro came up with his plan without the help of anyone with any knowledge or skill.
Well, he is going to remove the last 5 ‘zeroes’ from the bank notes, increase the minimum wage by 3000 per cent and tie the Bolivar to a crypto currency. If this inspires you with confidence then please feel free to go to Venezuela and benefit from the magic beans he is going to plant.
How should we describe this situation?
“A crisis point” according to the UN migration agency.
That Venezuela is victim of an “economic war” waged by opposition businesses with the support of Washington and that the IMF as a pawn of Washington, according to President Maduro.
Or, as, according to Jermy Corbyn, leader of the British Labour party, “effective and serious attempts at reducing poverty, improving literacy and improving the lives of the poorest people.”
Is Jeremy Corbyn serious? Or has he perhaps an over-developed sense of irony of the sort he has accused British Zionists of failing to understand?
If you want to know more about a place than it really wants you to know, read The Dweller’s Guide To The Planet