Comments by "Harry Mills" (@harrymills2770) on "Venezuela Collapses as Little Marco Roboto Invokes Gaddafi and Sanders Panders" video.

  1. Chavez didn't realize that the money from oil required heavy up-front investment. He just wanted to take money OUT of the oil business, and he wrecked the oil business in the process. Venezuela's got great oil reserves, but they can't extract it, profitably, unless oil prices stay above $100 per barrel. But at that threshold, there are a lot of competitors joining the market from around the world, so their profit margins are relatively slim. With all their eggs in the oil basket, they don't have anything else to make money with. You see the same problem in the Middle East, where they just try to do everything with oil money, and the money never makes it to the people. They need to use that oil money to diversify, but it's easier to just live the high life and throw the people a bone, now and then, without ever helping the other portions of the economy to prosper.
    2