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."
Secretary of State Antony Blinken says the Biden administration has made a formal determination that Russian troops have committed war crimes in Ukraine.
As the Russian invasion of Ukraine continues, Ukrainian President Volodymyr Zelenskyy has assumed the role of an unlikely hero. Donning his iconic green t-shirt, the Ukrainian Leader has been praised for his relatable look and unique war-time approach as support pours in for his country under attack. Melinda Haring, deputy director, Eurasia Center, Atlantic Council joined Cheddar's Opening Bell to discuss Zelenskyy's rise from comedian to a leader on the world stage.
Federal Reserve Chair Jerome Powell went ahead and stirred the pot this week with a series of public talks signaling a firmer hand from the central bank going forward.
Turkish media reports say a second superyacht belonging to Chelsea soccer club owner and sanctioned Russian oligarch Roman Abramovich has docked in a resort in southwestern Turkey.
Catching you up on what you Need to Know on Mar 23, 2022, as NATO meets in Brussels to discuss Ukraine, mortgage rates rise, Justin Trudeau is set to lead Canada until 2025, tornadoes sweep through Louisiana, California may do away with SATs, and a Starbucks in Seattle unionizes.
Supreme Court nominee Ketanji Brown Jackson is declaring at her confirmation hearing that she will rule “without any agendas” if approved as the high court’s first black female justice.
In response to the Florida ‘Don’t’ Say Gay Bill,’ Disney employees staged a companywide walkout after CEO Bob Chapek was late to condemn the legislation. Cheddar News speaks with Maxx Fenning, president at Florida LGBTQ+ advocacy group PRISM on the issue.
Reshma Saujani, the founder of Girls Who Code and author of "Pay Up: The Future of Women and Work (and Why It's Different Than You Think), joined Cheddar to discuss the many challenges for women in the workplace after the upheaval caused by the pandemic and the solutions she presents.
Hate crimes from the start of 2022 against Asians reportedly more than doubled compared to 2021, according to the NYPD. Amid the surge of attacks, Amber Reed, the president and co-founder of the grassroots organization AAPI Montclair, joined Cheddar News to talk about how it's looking to help Asian Americans with classes and techniques to defend themselves. “We're seeing racism literally killing people who look like us, and these self defense classes are a chance for us to rewrite a narrative of victimhood into one of empowerment," she said. "We learn first how to be aware of our surroundings because we know that being distracted, appearing weak can make you a target, and then that we focus on disengagement."
