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Thursday, May 11, 2017

Venezuela’s nightmare spells lessons for Gulf economic revolution

Already rocky from the global financial crisis, Venezuela was nakedly exposed when oil prices started to collapse. By then, Chavez was out of office (he died in 2013) but his successor Nicolas Maduro had none of his charisma but all of his faults. He also had a greedy coterie of hangers-on, and allegations of corruption became commonplace. Now, Venezuela is an economic nightmare. Foreign investment has dried up completely; reserves have been almost completely depleted; inflation is at the hyper level; and those who can, are getting out. With a president who shows no sign of wanting to give up the privileges of power, Venezuela looks doomed to suffer the ravages of civil war, total economic collapse and social anarchy. That is Somalization. More…

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