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originally posted by: introvert
originally posted by: Bone75
This is what Obama's right hand was doing while we were all watching his left hand sign a deal with Iran.
Of course. Obama did it.
originally posted by: Thefarmer
a reply to: TheKestrel04
This is why you shouldn't put all you're eggs in one basket! Venezuela relied heavily on oil and once the price dropped like it did, they were up sh!t creek
Shuda took a leaf out of Dubai book and used their cash wisely
originally posted by: Gyo01
a reply to: TheKestrel04
There maybe a better reason why this is happening. I'd like your opinions on the validity of this(sarcasm). Maybe this reason why everyone:
Source 1... en.m.wikipedia.org...
Source 2... www.cracked.com...
"Hey, remember how like five years ago we were certain that the world was running out of oil and gas prices shot up to $4.00 a gallon? And have you noticed that you're paying like $1.75 now (depending on where you live)? That's because worldwide petroleum prices have collapsed. So that's good news for working folks with a commute, but bad news for a country like Venezuela.
J Pat Carter/Getty Images News/Getty Images
"We need a carbon tax, with the proceeds buying milk for Venezuelans!" -- a plan that would surely popular with everyone
You probably didn't know that Venezuela has the most oil of anyone. No, really -- they're sitting on more oil than Saudi Araba, and they have almost as much as Iran and Iraq combined. Three times as much as Russia. So back in the day, it didn't seem like a terrible idea when Hugo Chavez dumped billions into social programs. Oil prices were high and profits were up, so why not make it rain? Hell, Kuwait regularly gives its citizens cash payouts and free food with their ridiculous oil revenues. Saudi Arabia does it too.
But then oil prices fell, and kept falling, and it came as a complete shock to the Venezuelan government, which had sort of assumed that oil would keep going up in value until it was either exhausted or Earth moved to a Star Trek-like post-currency utopia. "But," you're probably thinking, "Why wasn't everybody filthy rich from the days when our drivers were paying through the nose?" Good question. Part of the answer is that the country was laughably corrupt even when times were good. For years, the government allowed businessmen to siphon away tens of billions of dollars in oil revenue. And so instead of having a safety cushion to keep the country going through some lean years, Venezuela ended up with a patch of cement to splatter against.
Steve Hansen Images/Moment Open/Getty
Pictured: the Venezuelan economy.
So the oil money dried up, and all the things you should be able to expect a socialist government to provide -- water, electricity, law enforcement -- suddenly became either unreliable or nonexistent, forcing people to either turn to expensive private entities or go without. A system that appeared flawed but solid ("Sure there's corruption, but we're sitting on an ocean of oil, bitch!") turned out to be a house of cards." -cracked.com contributors Robert Evans and Anonymous