By way of celebration of the easing of sanctions on Venezuela last week (albeit temporarily for the present) here's an interesting blog from Latinometrics Substack today: Venezuela's Oil Potential and its History [LINK]. Some facts from the article: "Venezuela owns 18% of all of the world's oil"..."By 1950, Venezuela was the world’s 4th-wealthiest nation per capita." Unbelievable, right?
...and the image below shows how they are keeping most of their oil in the ground, not what they'd like to do!
And here's where I repeat a post from 5 years ago:
Hazard a guess at these two countries:
And here's where I repeat a post from 5 years ago:
Hazard a guess at these two countries:
The first country "is one of the region’s oldest and strongest democracies.
"It boasts a stronger social safety net than any of its neighbours and is making progress on its promise to deliver free health care and higher education to all its citizens. It is a model of social mobility and a magnet for immigrants from across Latin America and Europe.
"The press is free, and the political system is open; opposing parties compete fiercely in elections and regularly alternate power peacefully. It sidestepped the wave of military juntas that mired some Latin American countries in dictatorship. Thanks to a long political alliance and deep trade and investment ties with the United States, it serves as the Latin American headquarters for a slew of multinational corporations. It has the best infrastructure in South America. It is still unmistakably a developing country, with its share of corruption, injustice, and dysfunction, but it is well ahead of other poor countries by almost any measure...
"It boasts a stronger social safety net than any of its neighbours and is making progress on its promise to deliver free health care and higher education to all its citizens. It is a model of social mobility and a magnet for immigrants from across Latin America and Europe.
"The press is free, and the political system is open; opposing parties compete fiercely in elections and regularly alternate power peacefully. It sidestepped the wave of military juntas that mired some Latin American countries in dictatorship. Thanks to a long political alliance and deep trade and investment ties with the United States, it serves as the Latin American headquarters for a slew of multinational corporations. It has the best infrastructure in South America. It is still unmistakably a developing country, with its share of corruption, injustice, and dysfunction, but it is well ahead of other poor countries by almost any measure...
"The second country is one of Latin America’s most impoverished nations and its newest dictatorship. Its schools lie half deserted. The health system has been devastated by decades of underinvestment, corruption, and neglect; long-vanquished diseases, such as malaria and measles, have returned. Only a tiny elite can afford enough to eat. An epidemic of violence has made it one of the most murderous countries in the world. [sic]
"It is the source of Latin America’s largest refugee migration in a generation, with millions of citizens fleeing in the last few years alone. Hardly anyone (aside from other autocratic governments) recognizes its sham elections, and the small portion of the media not under direct state control still follows the official line for fear of reprisals. By the end of 2018, its economy will have shrunk by about half in the last five years. It is a major cocaine-trafficking hub, and key power brokers in its political elite have been indicted in the United States on drug charges. Prices double every 25 days. The main airport is largely deserted, used by just a handful of holdout airlines bringing few passengers to and from the outside world."
"It is the source of Latin America’s largest refugee migration in a generation, with millions of citizens fleeing in the last few years alone. Hardly anyone (aside from other autocratic governments) recognizes its sham elections, and the small portion of the media not under direct state control still follows the official line for fear of reprisals. By the end of 2018, its economy will have shrunk by about half in the last five years. It is a major cocaine-trafficking hub, and key power brokers in its political elite have been indicted in the United States on drug charges. Prices double every 25 days. The main airport is largely deserted, used by just a handful of holdout airlines bringing few passengers to and from the outside world."
The two countries? Answer: these two countries are in fact the same country: Venezuela. Forty years is a long time
(Highlight with cursor to see answer).
Read the rest of the article HERE. 'Venezuela’s Suicide. Lessons From a Failed State.' By Moisés Naím and Francisco Toro at Foreign Affairs Magazine.
Orinoco Belt info, world's largest reserves isn't a joke.
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