We've discussed the ongoing economic crisis in Venezuela previously, and since then things continue to get worse in the country by the day. The International Monetary Fund has admitted that inflation in Venezuela is running upwards of 700 percent. Many financial experts are calling the nation a 'failed state' as conditions continue to worsen; crime has increased, and people are struggling for basic goods to the point that military members were recently reported for stealing in an effort to try and feed themselves. The government also announced not too long ago their solution of a two-day work week in response to the ongoing energy crisis. Luke Rudkowski and Jeff Berwick were recently in the country themselves and needed to carry around backpacks full of currency with them because it has been so severely devalued.
"It's not a good sign when your military doesn't have enough food, and when the military has been regulated to guarding and protecting food lines,... this is endemic of the problems going on across the country," said Jason Marczak, director of Latin America Economic Growth Initiative at the Atlantic Council. As inflation continues, more Venezuelans are going to continue to struggle to purchase the services and things that they need. Things have worsened to the point that even Venezuela's largest beer maker has just recently halted production at four of its plants. They were allegedly engaged in an ongoing battle with the government over the state for their strict exchange controls and them not releasing dollars to the company which would allow them to import malted barely. The company, Polar, is responsible for about 80 percent of the beer that gets consumed in the country and they just recently suspended the last team at the San Joaquin plant which was one of the biggest for that company.
In the midst of their economic meltdown, Venezuela has just recently requested an OAS (Organization of American States) meeting, and they will discuss whether the socialist nation should suspend from the group. The right-wing opposition in the country has also recently amassed almost 2 million signatures (1.85 million) demanding that the current leader face a recall referendum. Approval of the currently leader has dropped to a new low, sitting at around 26.8 percent.
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