Venezuela has the largest known oil reserves in the world, yet is running out of money. Years of gross negligence and endemic corruption have resulted in economic disaster, with $141 billion in debt to international bondholders and creditors like the Russian and Chinese governments as well as numerous oil service providers.
It gets worse. The Venezuelan bolivar weakened over 97 percent in relation to the U.S. dollar while inflation has soared to 4,115 percent.President Nicolas Maduro continues to blame other countries for the crisis, leaving fewer willing to help. Just in the past week, both Canada and Brazil, formerly attentive to Caracas’ humanitarian needs, withdrew top diplomatic officials in response to antagonistic claims made by Maduro and his cronies.
As his economy collapsed, Maduro quashed any remaining semblance of democracy. The military is increasingly in control of the administration as current and retired generals take over already corrupt institutions, further exploiting their well-established food and medicine import schemes. The diversion and manipulation of these imported staples allow military officials to collect massive profits at the expense of starving Venezuelan families.
These are the same generals who for years colluded with the drug cartels to turn Venezuela into a narco-state. Large swaths of the military moonlight as the Cartel of the Suns, a drug trafficking network within the military’s own ranks. Maduro’s vice president, Tareck el-Aissami, was sanctioned early last year for drug trafficking and ties to terrorism. Maduro’s family was implicated in drug trafficking by the recent U.S. conviction of his wife’s nephews on drug charges. U.S. court records revealed they relied on the help of government and military officials.
AAN Staff
The staff at American Action News are consummate professionals, who when not producing original, hard-hitting content, are scouring the internet to bring you the unfiltered news that matters to you! Our mission is to maximize your experience on our website. If we can ever be of assistance, please do not hesitate to let us know!
