More tragic stupidity
I'm obsessed with the classic tragedy of Maduro's stupidity. None of this shit was necessary. Other countries in the same position have turned US blockades to their advantage, strengthening their own skills and resources and developing other markets.
Hyperinflation is never necessary. Smart rulers can always avoid it. A country like Venezuela, in the rare privileged position of owning ALL necessary internal resources, could have used one specific resource to avoid it.
GOLD. Venezuela has 20000 tons of gold in the ground. That's about 15% of all the gold in existence, and about half of the total gold held in central bank reserves by all countries. But Maduro hasn't been trying to mine it and hold it, or mine it and sell it.
A smart ruler would mine the gold and hold it, creating an honestly gold-backed monetary system. Banknotes that promise redemption on demand could actually be exchanged for gold coins. When people are CONFIDENT that the bank can give them real value, they aren't inclined to test the equation.
A smart ruler would also use the gold to buy manufactured goods from China and India, both of which LOVE gold. When you have half the gold in the world, you don't need to worry about bank restrictions and SWIFT.
A smarter ruler would develop his country's own manufacturing, as Brazil always did, so he wouldn't need to use very much gold for foreign purchases.
And the smartest ruler would spend some of his gold to buy a dozen nuclear-tipped missiles from North Korea. Then he would be SAFE from all foreign invasions.