The 'Tragedy' of Venezuela: Film Shows How Oil-Rich Nation Was Destroyed From the Inside
*By Bridgette Webb*
Venezuela, once among the wealthiest economies in Latin America, is now in a state of crisis.
According to Brian Price, executive producer of a new documentary "Venezuela: State of Disaster'" decades of greed and corruption have created an impenetrable barrier.
"They had tremendous oil resources and still do," Price said in an interview on Cheddar Wednesday.
"Right now they are sitting on 300 million barrels of oil ー in a conservative market call it $1 trillion dollars worth ー and they have no way of extracting that wealth because the entire system of extraction has been completely decimated."
Venezuela’s drop in oil production volumes was the largest global unplanned fall in crude oil in 2017. That trend has continued. Oil production in the nation now stands at its lowest level in more than 50 years.
Of the oil that is produced, much of it is being used to pay off interest on Venezuela's massive debt load to countries like China and Russia. Venezuela has borrowed billions of dollars from the two over the years, mostly through oil-for-loan deals.
The economic crisis is also hitting Venezuela's public health system.
In addition to a shortage of doctors, nurses, and supplies, Price said even the most basic needs of patients can't be met.
"They have to ask patients to bring their own light bulb when they check in the hospital because there is no light in the room. It's a good and it has value and people will steal that from the hospital," he said.
Meanwhile, the President of Venezuela, Nicolás Maduro, has been steadily shifting the country from a democratic nation into a dictatorship.
Since he was elected back in 2013 Maduro has consolidated power by jailing would-be competition and neutralizing any opposition.
Although his presidency is slated to end on Jan. 10 2019, Maduro is expected to be "re-inaugurated" that day on the basis of elections held last May, which are widely viewed as fraudulent.
There have already been rumblings that the International community is ready to act against Maduro, though Price believes it will be very challenging to remove him from power.
"He will do whatever he has to do to stay in power ー \[including\] moving up an election, that was supposed to occur in December because it fit his needs. He is a corrupt leader, like any dictator you have to be skeptical of any tactics he uses, specifically because he wants to stay in power."
As the standoff between the U.S. and its allies continues with Russia over its possible designs to invade Ukraine, President Biden held a video conference call with European leadership and had 8,500 American troops put on high alert. Jamil Jaffer, a former associate White House counsel for the Bush Administration, joined Cheddar to discuss his views on the escalating crisis in Eastern Europe.
As controversy dogs the run-up to the 2022 Beijing Winter Olympics, China is hiring TikTokers and other social media influencers to promote the nation's history, culture, diplomatic efforts, and current trends.
The Supreme Court has rejected another request to block Texas' strict abortion law. This marks the third time the high court has declined to intervene in challenges to the law that bans abortions after six weeks, well before many women even know they're pregnant. Aziza Ahmed, professor of law at the University of California, Irvine, joined Cheddar News to discuss the impact of the law so far on women seeking abortion services in Texas.
Mayors in cities like Miami and New York City are considering introducing cryptocurrencies as a way to reduce economic inequality. Miami Mayor Francis X. Suarez has even pushed for distributing Bitcoin dividends to the city's inhabitants.
The U.S. will be implementing a vaccine mandate for all people entering through its land borders, removing exemptions for "essential" travelers such as truckers, students, and business people. While the Canadian Trucking Alliance argues that the new, stricter rule might exacerbate ongoing auto supply chain issues, some health experts see the potential for helping curb the ongoing pandemic. Anthony Santella, a professor of health administration at the University of New Haven, joined Cheddar to give his take on the updated border crossing restriction. "We can't just focus on one type of travel. We need to ensure that it's clear and consistent across all types of travel," Santella said.
Will Rhind, CEO of GraniteShares, joins Cheddar News' Closing Bell, where he says he believes the Fed's plans of increasing rates is taking its toll on some of the more speculative stocks and the technology market.
Mona Zhang, states cannabis policy reporter at POLITICO Pro joins Cheddar News to discuss major factors that caused Canada's retail marijuana sales to drop last year.
The January 6 committee has asked Ivanka Trump to give voluntary testimony, saying there's evidence she was in "direct contact" with her father on the day of the capitol insurrection. I's unclear whether she will comply with the invitation, but it marks the first time the House committee has sought testimony from a member of the former president's family. Bradley Moss, national security attorney, joined Cheddar News to discuss what the committee hopes to learn from Ivanka and what the Supreme Court's decision on Trump's Jan. 6 materials means for the investigation.
