Comments by "" (@larsstougaard7097) on "Why Arab-Israeli ties are normalizing" video.
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DavetheSlave I totally agree, geopolitics has done much harm, but there are many layers in it. And there are cases where it has been clearly a bad idea like Venezuela: " After Hugo Chávez officially took office in February 1999, several policy changes involving the country's oil industry were made to explicitly tie it to the state under his Bolivarian Revolution. Since then, PDVSA has not demonstrated any capability to bring new oil fields onstream since nationalizing heavy oil projects in the Orinoco Petroleum Belt.
The Chávez government used PDVSA resources to fund social programmes, treating it like a "piggybank",and PDVSA staff were required to support Chávez. His social policies resulted in overspending that caused shortages in Venezuela and allowed the inflation rate to grow to one of the highest rates in the world. To assuage the oil price decline which began back in June 2014 and continues through to today, President Maduro printed more currency, resulting in inflation as high as 700% of what the inflation rate was in 2014.[The Economic policy of the Nicolás Maduro administration did not revive the oil decline, and by 2016, the oil production reached the lowest it had been in 23 years. According to analysts, the economic crisis suffered under President Nicolás Maduro would have still occurred with or without Chávez"
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