The problem of Venezuela, how did it get this bad?

The fall in the price of oil changed economic narratives few years ago when virtually all oil exporting nations of the world had to face the reality of dwindling fortunes in their earnings, contracted GDPs, economic downtown, economic recession, unemployment and other economic challenges.

These phenomena occurred from Russia in Europe to Saudi Arabic in the Middle East. It happened and affected the perceived ‘insulated’ economies and the very strong economies. Nigeria, Angola, South Africa, etc were not left out.

However, of all the nations that were negatively affected, most of whom have been mentioned above, there is one that seems to be moving from frying pan to fire and that is no other but Venezuela.

Venezuela is so much in trouble that many of her citizens have left the nation. Those who are still there are passing through a hell.

The inflation rate is now 14,000%. The problem is too much and there seems to be no solution coming out soon. The issue is quoted below:

“Anyone who can get out has fled while those trapped there are enjoying rising inflation that’s already at nearly 14,000% plus soaring malnutrition, infant and maternal mortality rates that are also going up and are being undertreated at vacant hospitals.”

Kennedy breaks down the effects socialism has had in Venezuela and why Americans should be “doubly mindful not to indulge amateur socialists in this country.”

Is the problem of Venezuela mainly as a result of Socialism?

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