venezuela

The Message of the Petro: Venezuela’s Crypto-currency Effort

November 15, 2018

Venezuela’s years long economic crisis has not slowed down, as the International Monetary Fund projects a 1,000,000% inflation rate by the end of 2018 (Ellsworth). The staggering statistics of Venezuela’s crisis, including both economic and humanitarian disasters, are recorded as one of the worst hyperinflation cases in modern history. Venezuelan President Nicolas Maduro has clung to power under wavering support for his last-ditch effort policies and socialist principles.

Maduro withholding passports to keep control at home and abroad

September 6, 2018

Since the start of the Bolivarian Revolution in Venezuela, the country has been seeing mass migration that has astounded many.  A late-2017 survey compiled by the group Consultores 21 discovered that more than four million Venezuelans have left the country since the start of the revolution in 1999, with another 51 percent of young adults still living there stating that they had hopes of also emigrating (La Patilla 2018).

Slashing Zeros in Venezuela: The New Currency Among Crisis

August 27, 2018

The Maduro government has staged a plan to help curb the staggering inflation crisis in the country--- by creating a new currency. The idea of implementing a new currency in Venezuela is not new, as the government had tried multiple times to restore some value in their worthless monetary system. The bad news is the country has a terrible track record with financial decisions dating back to when the value of oil took a nosedive and sent the country spiraling into crisis. Their first mistake was backing 98% of their economy in oil.

Will the “coronation” of Venezuela’s dictator spell an early end for the regime?

May 30, 2018

Last weekend, Venezuelans headed to the polls for the 2018 presidential election.  Nicolas Maduro, the socialist successor of Hugo Chavez, took home 5.8 million votes, according to election officials, easily winning reelection with almost 68 percent of the overall votes (Neuman & Casey 2018).  Henri Falcon, the leading opposition, fell more than 40 points behind to take second (Smith and Goodman 2018).

Analysis of US-Venezuela Economic Relations and US President Trump’s Decision to Ban the Petro

April 16, 2018

This article was written as part of the course “Latin American Economic Development” offered by Professor Marla Ripoll, Department of Economic, University of Pittsburgh.

 

The United States Treasury Secretary announced on last March that President Donald

Trump signed an executive order banning all transactions within the United States or by US

citizens that involve Venezuela’s new cryptocurrency. The petro, which was Venezuelan

president Nicolás Maduro’s plan to combat the rising hyperinflation and devaluation of the

Gondolas in Latin America

March 29, 2018

Completion of the Metrocable Medellin in Medellin, Colombia, more than a decade ago ushered in an alternative form of public transportation to densely populated, underserved, geographically isolated communities in Latin America. The Metrocable Medellin and its numerous predecessors are essentially gondolas that are typically associated with transportation from the bottom to top of the hill at ski resorts.

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