Venezuela’s Fuel Crisis – More Woes For Struggling Socialist Country
Josh Sigurdson talks with author and economic analyst John Sneisen about yet another development out of Venezuela. On top of the crippling hyperinflation the country faces as people are forced to weigh currency, wait in bread lines, break into zoos to eat the animals, drink out of gutters and desperately attempt to leave the country as a mass exodus ensues, there is now a fuel crisis taking the socialist country.
Venezuela is facing this looming crisis due to an increase in fuel exports to foreign countries including Nicaragua and Cuba. There is also a massive lack of crucial employment at the state run energy company PDVSA.
Venezuela’s fuel is the cheapest in the world. While the fuel industry is in a crisis due to the massive monetary issues within Venezuela, the fuel supplies have continued to flow.
Recently, Venezuela faced their first nationwide shortage of motor fuel in 5 years. Fuel production was cut in half due to technical issues at the refineries. Despite this shortage, Venezuela continues to export fuel to allies leaving the citizens in desperation.
As John Sneisen points out, Venezuela has just above a junk credit rating.
When currency is printed out of thin air, devaluing the dollar, creating debt and inflation, this is bound to happen alongside artificial markets as well. All fiat currency eventually reverts to its intrinsic value of zero. Always has, always will. All manipulated markets will bubble and burst. Always have, always will. Individual freedom is the solution to these insane coercive, collectivist issues. Don’t look to the government to provide. Look to yourself. Be independent, voluntary, free and informed. Any country can go the way of Venezuela and within the world order, it’s very likely it will.
Stay free, informed and insured and don’t buy what the government’s selling you. Or one day you may wake up in a country like Venezuela.
Stay tuned for more from WAM!
Video edited by Josh Sigurdson
John Thore Stub Sneisen
Graphics by Bryan Foerster and Josh Sigurdson
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