The International Monetary Fund warned last week that inflation in Venezuela may hit 1 million percent by the end of the year. If its estimates are correct, it would mean that the country’s economy has shrunk by half since 2013.
Think about that: Half its annual income will have disappeared in half a decade. This from the country with the largest proven oil reserves in the world.
Bad fortune befalls many nations. But in the case of Venezuela, the cause is clear — namely, two decades of chronic mismanagement and creeping authoritarianism from a government that was first led by Hugo Chavez and now continues under his successor, Nicolas Maduro.
Despite this, Maduro — who was re-elected during May in a poll deemed illegitimate by multiple groups, including the Lima Group of Latin American nations, Canada, the U.S., and the EU — continues to persist with his deluded agenda and his attempts to blame the U.S. for Venezuela’s problems.
Economic crises precede human crises, which in turn precede security crises. If the horrific suffering in Venezuela is not alone reason enough to act, then the threat of what might follow should be.
This editorial was written by the staff of the Toledo Blade. It does not necessarily reflect the views of The Lima News or its owner, AIM Media.