Venezuela was once the richest country in
Latin America. It has the largest known oil reserves in the
world. And its democratic government was once praised
world wide. But today, Venezuela’s democratic institutions
and its economy are in shambles. The country has the highest inflation in the
world, making food and medicine inaccessible to most Venezuelans. Over the last four years, its GDP has fallen
35%, which is a sharper drop than the one seen during the Great Depression in the US. The country’s murder rate has surpassed
that of the most dangerous cities in the world. These conditions have sparked months of protests
against the president, Nicolas Maduro. And it’s easy to see why: the country has
become measurably worse since his election in 2013. A poll showed that about 80% of Venezuelans
want Maduro removed from office. But instead, the opposite has happened: Maduro
has consolidated his power bringing the country closer to authoritarian rule. Maduro’s political ambition became evident
in December 2015. Two years after he became president, a coalition
of opposition parties called the Democratic Unity Roundtable or MUD, won a two-thirds
majority in the National Assembly, putting Maduro’s rule at risk. In response, Maduro quickly forced out several
Supreme Court justices and filled the positions with cronies loyal to him. In March 2016, the court ruled to strip the
opposition-led National Assembly of its powers — a move that sparked massive protests across
the country. The ruling was reversed a few days later,
but the damage was done — protests continued to grow and have left about 100 dead and thousands
injured so far. Despite the violence and public outcry, Maduro
held a vote in July to elect a new governing body called the National Constituent Assembly,
which would have the power to rewrite Venezuela’s constitution and replace the National Assembly. And leave virtually non opposition to Maduro’s rule. With Maduro’s recent vote, Venezuelans didn’t have
a say in whether the assembly should exist. They only had the option to elect its members. But when Maduro’s predecessor, Hugo Chavez
proposed a constitutional rewrite in 1999, he first called for a referendum to propose
the election of the assembly. After most Venezuelans voted yes, they elected
a new National Constituent Assembly. See, unlike Maduro, Chavez was a charismatic
and beloved leader. In the 90s, he burst onto television sets
across the country. He blamed government corruption and Venezuela’s
elite for the economic inequality. His populist message resonated with the country’s
poor who eventually helped bring him to power. The key moment in his presidency came in 2004 when oil prices surged. Venezuela’s petroleum- dependent economy started booming and Chavez went on to spend billions from the profits on social-welfare programs for the poor. He subsidized food, improved the educational
system, built an enviable healthcare system and reduced poverty by more than half. These programs certainly helped the poor, but they served a purpose for Chavez as well. In order to be re-elected, he needed to keep
millions of poor Venezuelans happy. So he rigged the economy to do just that… He didn’t scale back Venezuela’s dependence
on oil and his unrestrained spending led to a growing deficit. Which meant all these programs would be impossible
to sustain if oil prices fell. After Chavez’s death, when Maduro took office
as his handpicked successor, that’s exactly what happened:
Oil prices plummeted in 2014 and Maduro failed to adjust. Hyperinflation has made medicines and food,
that was once subsidized, unaffordable for Venezuela’s poor, who now make up about
82% of the population. Like Chavez, Maduro has also rigged the economy
to keep himself in power, but this time it’s not benefitting the poor.
He’s exploited a complex currency system, put in place by Chavez. Maduro’s set the official exchange rate
at 10 bolivars per US dollar. But only his friends and allies have access
to this rate. In reality, the venezuelan currency has become
basically worthless. Most Venezuelans get their dollars on the
black market, where the rate is about 12,000 bolivar per dollar. The military, which got complete control of
the food supply from Maduro in 2016, is reportedly profiting off of this currency crisis. They import food at Maduro’s special currency
rate and sell it on the black market for a massive profit. So military generals and political allies,
crisis has offered a lucrative opportunity which has helped Maduro stay in power. But he can’t rely on that support alone… …which brings us back to Maduro’s recent
power grab. The opposition boycotted the vote, but Maduro
held the vote for the new constitutional assembly anyway, and won a majority. “Protests on the streets of Venezuela turned deadly after President Nicolas Maduro declares victory. The violence on Sunday very real The bomb went off near some motorcycle police wounding several. Election day clashes between protesters claiming at least 10 more lives. At least one candidate has been murdered, shot to death. Maduro’s government is trying to create the illusion of public support. Thegovernment claimed about 8 million people,
or 40% of the country, voted. But experts put that number much lower, at
just 3 million people. The international community including Peru,
Canada, Spain, Mexico and Argentina condemned the election. The US imposed financial sanctions on Maduro
and members of his government. But Maduro’s assembly, filled with loyalists,
convened anyway and it swiftly removed attorney general Luisa Ortega, leader of the opposition. Armed groups reportedly arrested several other
opposition leaders too. Whether the group will rewrite the constitution
or postpone the next presidential election remains to be seen. For now, Maduro has unprecedented power over
a country that continues to spiral out of control.

The collapse of Venezuela, explained
Tagged on:                                                                                                                                                         

100 thoughts on “The collapse of Venezuela, explained

  • January 23, 2019 at 10:26 pm
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    For more, don't miss the first episode of Vox Borders: Colombia. Johnny Harris traveled to Cúcuta, a city on the border between Colombia and Venezuela to see how the country is handling a massive wave of refugees fleeing the economic crisis. Watch: https://youtu.be/NU0RqwweuWY

    Reply
  • August 3, 2019 at 3:07 am
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    Well this is a little uncomfortable, huh Vox?

    Reply
  • August 3, 2019 at 5:11 am
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    Buy stay away from haiti will keep evils spirits out of the country will be less problems

    Reply
  • August 3, 2019 at 4:58 pm
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    I can't believe Vox was truthful

    Reply
  • August 3, 2019 at 10:29 pm
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    Please
    Make Venezuela great again.

    Reply
  • August 4, 2019 at 10:06 am
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    This is WHY Socialism NEVER works people!! Do NOT believe the lies of Bernie Sanders, AOC & her Squad along w/ the rest of the Left Leaning corrupt media – Coughs * Vox* 😏

    Reply
  • August 4, 2019 at 3:52 pm
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    Well Socialism has nothing to do with Venezuela crisis. And it wasn't even real Socialism.
    Let's try again. s/

    Reply
  • August 5, 2019 at 12:13 am
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    Are you watching bernie Sanders?

    Reply
  • August 5, 2019 at 7:00 am
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    India on its way to become the next Venezuela….

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  • August 5, 2019 at 9:13 am
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    This is what actually aoc wanted America to become.

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  • August 5, 2019 at 8:18 pm
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    Lol Venezuela is ruined now

    Reply
  • August 6, 2019 at 3:45 am
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    I love your channel I can watch all day literally

    Reply
  • August 6, 2019 at 4:40 pm
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    You can vote your way into socialism, but you gotta shoot your way out of it.

    Reply
  • August 6, 2019 at 5:47 pm
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    Let’s talk about US interventionism

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  • August 6, 2019 at 5:51 pm
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    One night I saw a dream: Something like war, some happy people shouting "Now we are free , we will become a democratic state💪🎉🎉." I saw oil, gold etc …
    After a while, those people who were once happy and screaming "Now we are free …" now they were desperate and upset and saying something like …"What happened to our oil?!!"……"Where is the gold?!!!"……."What's going onin our country?!!"……"We thought that after the "Maduro's regime", we would be free in our country"……"Why are so many private companies (from other countries) coming here?!!" …

    Reply
  • August 6, 2019 at 8:32 pm
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    He did nothing wrong it America that is causing crisis just becouse it has oil and it risen taxes on it

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  • August 7, 2019 at 3:29 am
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    Oh just wait until they take all your oil and completely IRAQIFY your country. Then you will be begging for Chavez and Madura. They want change but they fail to realize the real reason their country is in a mess is illegal sanctions.

    Reply
  • August 7, 2019 at 7:29 am
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    Bernie Sanders needs to watch this

    Reply
  • August 7, 2019 at 2:56 pm
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    CCP supports Madura as always as CCP did for Chavez … CCP killing people in Venezuela and Hong Kong 🇭🇰!

    Reply
  • August 7, 2019 at 7:20 pm
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    I always thought VOX leaned toward the Socialist side…. Now, it seems like VOX is one of those, "Socialism failed there, but our view is different and better" ….You can't reason with people like that….

    Reply
  • August 7, 2019 at 7:38 pm
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    Wicked walk on every side when the vilest of men are exalted

    Reply
  • August 7, 2019 at 7:43 pm
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    C.I.A. gonna have to pay in The Lake of Fire that's for eternity

    Reply
  • August 7, 2019 at 9:41 pm
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    A GOVERNMENT SACRIFICING ITS PEOPLE FOR BURIED OIL, LIFE IS SHORT, OIL WILL BE THERE WHEN MADURO IS DEAD THE PEOPLE WILL NOT FORGET, THE WILL OUTLIVE MADURO AND HIS SOLDIERS, THEN COMES THE SPIRITUAL JUDGEMENT.

    Reply
  • August 7, 2019 at 10:06 pm
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    Its actually unbelievable that there is still communism in 21th century

    Reply
  • August 7, 2019 at 11:30 pm
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    So what Vox is saying is that Maduro is a socialist and Socialism is a cancer to any society.

    Reply
  • August 8, 2019 at 12:21 am
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    Who would have thought that trusting your most precious resource of oil to the incompetent and corrupt goverment would have ended badly?????

    Reply
  • August 8, 2019 at 1:06 am
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    Venezuela is gonna start ww3

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  • August 8, 2019 at 4:04 am
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    You went from the 90s to 2004. No mention of the US backed coup in 2002. It was short lived, massive protests put their elected leader back in office.

    Reply
  • August 8, 2019 at 7:03 am
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    Obama's legacy

    Reply
  • August 8, 2019 at 3:02 pm
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    Twenty people arguing each other about socialism on Youtube clearly doesnt substitute a book on political science.

    Reply
  • August 8, 2019 at 3:51 pm
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    OIl, Oil, Oil

    Reply
  • August 8, 2019 at 8:06 pm
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    The story of Venezuela is the story of the USSR and Cuba. Socialism destroyed it

    Reply
  • August 9, 2019 at 12:59 am
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    Why can’t the USA come in and fix the problem aren’t we a “super power”.We see what’s happening bet but I guesss.

    Reply
  • August 9, 2019 at 4:24 am
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    world's bully (USA) at work

    Reply
  • August 9, 2019 at 4:29 pm
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    Life cycle of socialism and politicians attempt to grapple with it after it’s out in place. Reminds me of one of the best things Reagan said “I pledge to you a government that will not only work well but wisely, it’s ability to act, governed by prudence, and it’s willingness to do good, balanced by the knowledge that government is never more dangerous, than when it’s ability to help us, blinds us to it’s great power to harm us”

    Reply
  • August 10, 2019 at 9:27 am
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    God will help you Venezuela…
    Just pray…love from the Philippines 🇵🇭🇵🇭🇵🇭

    Reply
  • August 10, 2019 at 9:51 am
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    the same is coming to the USA

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  • August 10, 2019 at 11:33 am
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    this world could be better world without USA – Russia interfacing other countries

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  • August 10, 2019 at 2:31 pm
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    More establishment propagada from Vox. Ever here of U.S. financial sanctions? That’s what is crippling Venezuela today — American neoconservative imperialism trying to secure the petro dollar

    Reply
  • August 10, 2019 at 6:34 pm
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    The fall of Venezuela…socialism

    Reply
  • August 11, 2019 at 6:14 am
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    There is one solution, just assassinate him xD

    Reply
  • August 11, 2019 at 7:37 pm
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    🙁 support from Romania 🇹🇩

    Reply
  • August 12, 2019 at 12:46 am
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    The USA has done it. War Crime. The majority support Maduro.

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  • August 12, 2019 at 7:27 am
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    Atleast in venezula people understand this. In my country sadly, people dont even understand that soon problems may come up

    Reply
  • August 12, 2019 at 7:53 am
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    Funny how conservatives think that this is a more realistic example of social democracy than Norway, Sweden and Denmark even though the policies we want already exist there and they are the most prosperous countries in the world.

    Reply
  • August 13, 2019 at 1:25 am
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    I appeal all Venezuelans please stop all the protest. You are destroying your own country.

    Reply
  • August 13, 2019 at 6:49 am
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    You see, socialism doesn't work crackheads.

    Reply
  • August 13, 2019 at 3:52 pm
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    I can sell my wow account then I can buy Venezuela and conquer Latin America then I will create a large authoritarian army to march across North America under an iron fist

    Reply
  • August 14, 2019 at 1:29 am
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    Maduro if he does not leave may be the start of world war 3 the presence of russian troops in the country is very dangerous for the americas along with chinese inveestments its a recipe for war

    Reply
  • August 14, 2019 at 3:44 am
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    Best future ahead 🌞
    Love from Pakistan 🇵🇰

    Reply
  • August 14, 2019 at 11:09 pm
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    Hey "Brave and Beautiful" how come you never touched on the socialism part???

    Reply
  • August 15, 2019 at 1:42 pm
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    I just heard that us goverenment is trying to collapse his government and also he his elected member .

    Reply
  • August 16, 2019 at 6:11 am
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    NO NEED FOR A VIDEO THE ANSWER IS SOCIALISM !!!!

    Reply
  • August 16, 2019 at 8:54 am
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    WHY THE WORLD VERY CHAOS!!
    WHY GOD…YOU HEAR ME..

    Reply
  • August 17, 2019 at 3:18 am
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    How could you make this video and leave the petro dollar and US sanctions out??

    Reply
  • August 17, 2019 at 9:08 am
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    Another dictator 🙏

    Reply
  • August 17, 2019 at 1:05 pm
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    Please send Alexandra Cortez to Venezuela, she can help them with free things.,…they need it.

    Reply
  • August 17, 2019 at 8:37 pm
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    Stay strong.

    From England 🏴󠁧󠁢󠁥󠁮󠁧󠁿❤️

    Reply
  • August 18, 2019 at 12:46 pm
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    Trump is changing usa like these

    Reply
  • August 18, 2019 at 1:07 pm
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    Before money is worthless, the wealthy will stuff their coffers, with precious metals and the most valuable gems, and in real estate, in stable economic countries.

    Reply
  • August 18, 2019 at 5:50 pm
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    im from venezuela the president make worst venezuela . but why because is stuped and i have to come to live in united states by maduro

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  • August 18, 2019 at 6:49 pm
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    A charismatic leader must rise to bring revolution to this

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  • August 19, 2019 at 2:40 am
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    The polls are cherry-picked. The U.S. is now imposing illegal sanctions, ones illegal by the UN, AND the U.S. Last week, the U.S. seized a ship loaded with food to keep it from reaching Venezuela. This is an illegal U.S. war for control of oil. The Iran situation is identical right down to the illegal sanctions. Why have you not touched on the legality of the sanctions, VOX?

    Reply
  • August 19, 2019 at 9:02 am
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    Espero que puedo ayudarlos. Solo que vivo en el otro lado del mundo, Filipinas. Nuestra casa esta muy abierta para ustedes venezolanos. Ademas, filipinos y latinos son hermanos. 🇵🇭🇻🇪

    Reply
  • August 19, 2019 at 6:24 pm
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    too south korea

    Reply
  • August 19, 2019 at 10:37 pm
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    Hugo Chavez said if he was elected he would be for the people and agisnt the evil greedy companies. His ideas are not to dissimiliar to that of socialists in the US. He said if people werent happy with his rule he would leave and When people started to be unhappy he refused to leave I believe he promised if they weren't happy in either 2, 4 or 6 years, however, he stayed from 1999 to 2013. They were being praised for a while because socialism always works in the beginning. He stayed and people suffered and then maduro was is successor after chavez died office mind you he never left. And people are still suffering today. If you want the simple answer socialism is the unraveling.

    Reply
  • August 20, 2019 at 12:24 am
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    None of these socialists ever leave capitalist societies lol

    Reply
  • August 20, 2019 at 11:37 am
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    Venezuela has beautiful genes ever, but so sad of what happen to their economy.

    Reply
  • August 20, 2019 at 8:55 pm
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    it's not a Democracy; it's a totalitarian country.

    Reply
  • August 21, 2019 at 3:23 am
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    Before the video: Socialism and Socialistic Ideology/Laws; end video transmission.

    Reply
  • August 21, 2019 at 3:54 pm
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    Fuerza Venezuela, Puerto Rico ora por ustedes. ¡Viva Latinoamérica!

    Reply
  • August 21, 2019 at 4:54 pm
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    when Chavez nationalized its oil company, USA started its evil acts, like they always do

    Reply
  • August 22, 2019 at 12:11 am
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    My mom's country Guyana had a lot of Venezulan immigrants coming into the country honestly Venezula is not a bad country it just has a bad leader

    Reply
  • August 22, 2019 at 1:13 am
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    Would Vox admit this is caused by Socialism?

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  • August 22, 2019 at 11:57 am
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    "bUt It WaSn'T rEaL sOcIaLiSm"

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  • August 22, 2019 at 4:12 pm
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    Vox leaves out the Socialist part of the story. What a surprise…

    Reply
  • August 22, 2019 at 4:40 pm
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    How do you still have food and internet in Venezuela?

    Reply
  • August 23, 2019 at 12:15 am
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    They have no guns .. democracy is dead..

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  • August 23, 2019 at 1:11 am
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    Y'all gotta give Trinidad credit as well

    Reply
  • August 23, 2019 at 2:47 pm
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    Moral of the story
    SOCIALISM IS CANCER

    Reply
  • August 23, 2019 at 10:49 pm
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    Christians please pray for this country and these people!

    Reply
  • August 24, 2019 at 8:43 am
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    By the way, that episode when Chávez took to TV in the 90's… That was a failed military coup where many people died. Just saying…

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  • August 24, 2019 at 10:05 am
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    Pray for Venezuela.😯

    Reply
  • August 24, 2019 at 5:52 pm
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    Yet people want to bring socialism though i understand that you need both economic types to keep balance in society but i just dont see how i have to pay for people's welfare and yet see how they abuse the system

    Reply
  • August 25, 2019 at 2:56 am
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    You're lying in the video

    Reply
  • August 25, 2019 at 11:13 am
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    No mention of SOCIALISM.

    Reply
  • August 25, 2019 at 11:57 am
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    Did somebody said oil??? 0:40
    Looks like somebody needs some democracy.

    Reply
  • August 25, 2019 at 1:57 pm
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    So the crash in oil prices wasn't engineered to destroy the Venezuelan government? The US are not sabotaging the Venezuelan economy nor using the media to destroy Maduro and his government. Very one-sided contributions included in this film.

    Reply
  • August 25, 2019 at 7:03 pm
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    Look at the U.S. power grabs, with special interests shelling it out. And the class divisions. Western Europe and Canada have tighter regulation over the economy, (democracy-socialist), enabling more businesses to stay afloat, and not have big swings. Also- more social program $ for the poor. As well as investment from abroad, and a free market.  Communism is dictatorships like Red China or USSR. Or Venezuela. The people are treated like dogs, and have no rights.

    Reply
  • August 26, 2019 at 12:46 am
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    Does this mean i should act quickly and go to venezuela, with a few pounds and buy some cool stuff for dirt cheap? like properties….mansions etc maybe ?

    Reply
  • August 26, 2019 at 1:31 am
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    International banking destroyed all

    Reply
  • August 26, 2019 at 1:32 am
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    Socialism didn't cause this. It was international banks

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  • August 26, 2019 at 1:44 pm
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    Socialism

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  • August 26, 2019 at 4:34 pm
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    One word can describe what happened to Venezuela and that is SOCIALISM

    Reply
  • August 26, 2019 at 6:30 pm
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    Simply is like this. They got used to recieve many things for free, now that the government went broke, they still want to live same way. There is no money

    Just when they migrate to another countries, they learn that when you work hard, and get things from your work, you take care even the smallest things that you get.

    Reply
  • August 26, 2019 at 7:12 pm
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    Yeah blame 1 guy not socialism… you asked for it

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  • August 27, 2019 at 1:43 am
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    I still love my country no matter what I will always treasure the moment with my family I can’t wait for when it’s over so we can all see each other

    Reply
  • August 27, 2019 at 3:27 am
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    Vox should mention that socialism ruined Venezuela

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  • August 27, 2019 at 5:01 am
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    Modelled on the EU way of controlling its people. Looks like the model the EU Remoaners have in mind for the UK and the SNP have planned for separatist Scotland. Isnt socialism great !

    Reply
  • August 27, 2019 at 8:54 am
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    I feel for the people, being a rich country can have major problems. The Western World wants what you have.

    Reply

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