The economic problem of Venezuela is that we are one of the 5 petro-states that exist in the world - none is democratic by the way - which implies that the dependence on oil is immense, with a historical overvalued exchange rate is very difficult generate incentives for production to be profitable ... Terry Lyn Karl speaks in her book "paradox of plenty"
On the other hand, the theory of "economic war" is meaningless because between 1999 and 2014, Venezuela received US $ 960,589 million. An average of US $ 56,500 million per year for 17 years, and for a population of 32 million inhabitants the GDP per capita would be 17656.25 without working, which explains the large increase in public spending. On the other hand, the expropriation of companies in addition to an increasingly hostile environment for production avoided the capacity of producers who did not depend on the government's gifts ...
When a government does not encourage production and break the institutions, the result will be this, here and everywhere ... but for your knowledge this is not the first time something like this happens ... in 1973 the prices of the oil rose so that the government of the day - Carlos Andres Perez - expanded public spending and when they fell in 76 the economy suffered, leading to what is known as "black Friday" which is very different from yours ...
I recommend that if you want a discussion, look for someone who knows, because this disaster is largely the fault of the corrupt and miserable government that we have, I do not accept that someone who does not know and does not live here speaks so lightly of these issues. The same I leave my article for you to read some interesting facts. regards
Ah another thing ... "EL petro" is not a cryptocurrency because these are fiduciary instruments, as opposed to an e - commodity, so their non - acceptance in the markets are obvious
https://steemit.com/steem/@kravelious/how-important-is-steemit-for-venezuelans