Daniel Di Martino grew up there and watched how it ended.
DI MARTINO: “I lived in a country that tried democratic socialism. And not just democratic socialism, democratic socialism under the best conditions, the LARGEST OIL RESERVES IN THE WORLD.”
“Despite rising oil prices, a democratically elected government nationalized the largest companies, imposed price controls, expanded the welfare state to give free food, housing, electricity, water, cars, microwaves, fridges.”
Then the bill for all that “free” stuff came due.
DI MARTINO: “The price of this was not just our political liberty; it was our wealth. I had to carry packs of cash in my pocket that I can’t fit to buy an empanada, okay? That’s what hyperinflation looks like.”
“Why? Because even with the largest oil reserves in the world, they ran out of money; they just printed it.”
CONTEXT: Venezuela’s own central bank admitted inflation hit 130,060% in 2018. The IMF had projected 1,370,000%. The economy was cut almost in half, and by the end of 2024, nearly 8,000,000 Venezuelans had fled the country.
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