🇻🇪 Who is to blame for Venezuela’s economic collapse? - UpFront

Venezuela, the country with the world's largest oil reserves, is in turmoil. Heavily in debt and with inflation soaring, its people continue to take to the streets in protest.
Were years of socialist economic policies the cause of this catastrophe, and could it have been predicted?
According to economist and former Venezuelan Planning Minister Ricardo Hausmann, the answer is yes.
"What happened is that President Hugo Chavez used a period of high oil prices, not to put some money aside, but to quintuple the foreign debt," says Hausmann. "If Maduro is out soon, I think we can turn the country around relatively quickly with sound economic policies."
However, former Chavez adviser Temir Porras says it’s not the socialist policies to blame, but dropping oil prices and poor debt oversight.
"It’s not a problem of amount of debt, it’s a problem of management of that debt," says Porras. "There has been a sharp fall in oil prices and there has been, I would say, a management of that crisis that has been deficient."
Porras adds that the opposition wants to retry policies that failed before, and that the scale of the crisis is exaggerated.
In the Arena, Ricardo Hausmann and Temir Porras debate the roots of the economic collapse in Venezuela.
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[@pedronevett6308]

"is entitled to his own opinion, but not to his own facts." - Daniel Patrick Moynihan

[@americanpride4263]

Pedro Nevett 😂😂😂😂 his reaction was great😂

[@beard05]

argue...accuse...defend...denie....incapable of solving the problems....another day with human government doing a fine job !!!!!!

[@hexadecimal5236]

stuart beard Oh like your Martian government is so much better.

[@jamestcatcato7132]

@Cynthia Baker What an IDIOT statement, "Socialism did it", GTFOH!!!

[@TheRoguelement]

The idea is to get the IMF involved to "HELP" them with a bail out .. Which if you ask the people of Greece is the last thing you want to do.. The People pay the price the Banking cartel makes the money and austerity get forced upon the people ..

[@Den99973]

it's called over spending.... U.S. is doing the same....

[@hexadecimal5236]

Duke U The USGov is indeed spending itself broke, most notably on Global Military Policing and NSA Data Collection.

[@Azhucabomb]

Duke Un Are you the saying the United States is failing just as bad as Venezuela? Open your eyes socialism caused all of this.

[@avilesnba]

The US is in terrible shape. We're 21 trillion in debt. The only reason we're not going down the rabbit hole is because no one has the power yet to sanction us like we do to other countries.

[@real_Leo_Chang]

Yes, US is WAY overspending but huge difference is that the US economy is not completely dependent on one natural resources performance for economic growth.

[@avilesnba]

true true

[@matheusfarias13]

chat started out good, became ideological real quick

[@jgroenveld1268]

It is pretty simple on who is to be blamed; Aliens and the tooth fairy because President Maduro is so perfect.

[@aatayyab]

LOL

[@stupedass7823]

J van der Kaas He farts fairy dust.

[@PBPTLP]

Actually, there's been no collapse.

[@donkeyslayer677]

A perfect fiend.

[@donkeyslayer677]

@@PBPTLP There are none so blind as those who will not see. You a perfect example of this and you are only fooling yourself.

[@nuria6075]

Somebody please remove Bolton by whatever means necessary

[@mansarayify]

If Venezuelan was freely governing by one government without any foreign interfearanses, will that country go true all problems we're seeing today?

[@bryansmalley1784]

USA and Saudi Arabia have over pumped oil to cause the price of oil to drop. This is harming Venezuela. USA has placed harsh sanctions on Venezuela, freezing their out of country assets. Holding their GOLD ransom. Which has cause hyper inflation. They have goods for sale just certain items that are extremely expensive. They held fair elections and voted Madura in as President for another term. I am a USA Citizen who recognises President Madura as the legitimate President of Venezuela. No regime change needed here. I am unwilling to have my Son or Grandsons fighting another Vietnam War in Venezuela. Tell John Bolton and Elliott Abrams they are fired. Send them home. Is this Why General Maddog Matis and Nicky resigned?

[@DipakBose-bq1vv]

If the private sector is running the economy, how can Venezuela be a Socialist country?

[@jeviosoorishas181]

The Keynesian vs. The Socialists Sigh... Seems Venezuela has been doomed for a long time.

[@amihartz]

Keynesian economics is what saved the United States from the failure of Austrian economics (the Great Depression).

[@raoulmontefiore4803]

@@amihartz Yeah, I don't understand this offhand dismissal of Keynesian which you hear from time to time.

[@yikinkahnkawil7658]

How is it that that two very different political ideologies have both failed venezuela?

[@dwanethompson5820]

GREED!!!

[@jamestcatcato7132]

ONLY ONE has "failed". VIVA MADURO!

[@stupedass7823]

A lot of folks are going to lose weight.

[@theboxer5]

So the fat people would support Maduro.

[@robertbobbypelletreaujr2173]

Constantly talking over each other loses another viewer.

[@jamestcatcato7132]

No great loss.

[@MarStoryTime]

Just really surprised that they actually invited Ricardo Hausmann on this show.

[@inferno0020]

at least not his daughter.

[@reachforthesky1576]

Poor discussion management. That was a mess and missed opportunity

[@victor313]

I’m leftist by ideology but socialism it’s not the best solution in the current economic times. Countries have to adapt to the reality of the world economy . Socialist countries that have done that are succeeding. Like China

[@nuria6075]

Interesting how the most successful capitalist right now is communist. Duh...China!

[@DipakBose-bq1vv]

No Chinese want to go back to China.They always want to stay in Australia, The USA, The UK, Canada, Japan. Why?

[@Allin7days]

Chomsky...and a dozen other Hollywood celebrities who praised Venezuela. lol

[@rapmonster1648]

He didn't say that the debt wasn't big. He said the debt issue has been poorly managed. He also said they have had 10 years in a row of economic growth. He also said the ratio Debt/GPD is not a huge issue. Now my personal view Venezuela lived under a total different regimen for hundreds of years before adventuring in socializing certain economic aspects.

[@yikinkahnkawil7658]

Ideology is an excuse for cultural deficiencies.

[@eduardoalvarez8871]

this conversation went off-topic

[@hexadecimal5236]

My biggest Problem with them is they don't allow the currency to freely float and they could create government run import centers for necessary goods such as food and sell it at cost. They'd probably need to make it a federal offense to be corrupt tho.

[@thomasborgsmidt9801]

Venezuela is a country that repeatedly jumps off a cliff. The first 999 meters are splendid - it is only the last meter that is dangerous.

[@moiusa]

I blame on a divided Latin America.. America Latina Unida jamas sera vencida.

[@laurentdion9070]

Very interesting vidéo!

[@laurentdion9070]

It would have been better with a third party person tho

[@derekkearns3377]

Short answer USA long answer USA

[@bhartley1024]

Was anyone able to actually finish a sentence? This discussion contributed nothing to my understanding of the crisis. Stop talking over each other.

[@amdesiontasew2529]

Ex-government representative said that it is not like Ethiopia. The matter of the fact is that Ethiopia is dramatically being transformed. Yes Ethiopia had been victim of drought due to climate change because of developed countries emissions. Ethiopia is now running very hard to take off. Once we start flying, no one will stop us. I can tell you that in one generation Ethiopia will be prosperous and dynamic economy which will be exemplar to black nations.

[@laurentdion9070]

lol mmmmm, good luck but no sorry wont happen.

[@abdullahiabdi2863]

amde tsion no man ethiopia 🇪🇹 one of the countries tht takes the highest foreign aid yet they still need aid look at when droughts and crises took place they demanded more aides from other countries

[@hexadecimal5236]

It's sad that he went into debt so deeply, if only he could have put aside huge cash reserves like Northern Europe then used the interest on it...

[@hexadecimal5236]

Rice and beans sell for less than 0.20 per kilo globally. Venezuela can't afford to ask China for a few ships of Rice and Beans per month? RU and CN are DEFINITELY willing to do that, but maybe there is an ask?

[@marymary-vg2ts]

Rose BPOS maybe. Just Wait

[@matheusfarias13]

minutes 5-6-7m are gooold

[@Taporeee]

Hausman can't answer about Perez killings

[@hussinsaid4716]

As a chairperson Mehdi should handle the discussion in orderly manner not like ping pong ball.

[@ronlumsden3164]

Usa

[@acousticworshipradio8529]

and here we go 3 years after n things getting worst....Oh My....

[@myutubehandle47]

When an economist has to debate two ignorant self-serving individuals Al Jazeera and Hugo Chavez is it bad combination for a Cornell University PhD

[@distortiontildeafness]

This needs to be way longer

[@obsideon1343]

Denial isn't just a river in Egypt.

[@monicareedy3859]

BOTH of this Venezuelans Just Pointing fingers @ each other ; NOT FINDING A SOLUTION WHILE PEOPLE R STARV G. ! SAD !

[@ufimart5388]

Why does the interviewer has to keep talking over when someone else is talking? That's not only impolite but also unpleasant and revealing a very low human quality on the part of the interviewer.

[@loreleiletslivetogether3767]

The economy was not well diversified, funded on oil, and production of any other products was dropping, a crisis as predictable for more than seventeen years.

[@titob.yotokojr.9337]

No amount of foreign interference would induce people to join long queues in supermarkets or join protest marches by the thousands if there's nothing basically wrong with governance in Venezuela which resulted to high prices and food shortages. The government must stop blaming external forces and focus on what it is doing wrong and start implementing corrective measures. And please stop listening to apologists, or talking about what happened in the past, and doing the blame game. Focus instead on what is happening right now and start doing remedial and corrective measures.

[@JoshuaShepherd]

Ummm, you've got some reading to do. How about the CIA-sponsored lead-up to the 1973 Chilean coup? Food/provision shortages were manufactured there. Private business withheld goods from stores, instead directing them (after price-gouging) to the black market. Truck drivers cooperated. CIA-funded newspaper El Murcurio helped encourage 'empty pots & pan' marches by middle class women, just as they have in Venezuela. There are a million tricks out there to surreptitiously turn up the heat on an opposition government. If CIA isn't doing this as we speak, it would very much be the exception to the rule.

[@JuanGarnicaVera]

It´s been two years already.

[@jorgecanto5753]

why dont they move to Venezuela and live in any neighborhood, and then talk again whats going on with Venezuela.

[@ronelaugustin7484]

As a matter of fact All what is left for all venezuelians is poverty starvation and misery that is the gift of Maduro's presidency for a country that once was a very "Rich" country...

[@deonrichards841]

These cat and mouse games are just so tiring , Al Jazeera has sadly lost its credibility .for me The US involvement in the South , infamy to say the least

[@user-cp3ju2fz4z]

Ah when a country exports only oil and the USA start to fracking their own oil and so on, then the country is of course in trouble, I think there is no politician to blame for if he is demoratic or not does not sell oil - all the of resources riches countries got these problems and do get exploited for resouces are the poorest in our world, they sell resources cheap and a rich country does manufacture something from it and does sell it by 500% to 10000% of the price of the resources - end of the story. Look on Africa should be the riches continent in the world by all the resources they got, but they get hard exploited so there is nothing left for the people there, they just have to work hard get the resources for a bit food and die.

[@macalexis6973]

the host didn't guide the discussion to any real answers. instead he interrupted and it was just a back and forth with no real elaboration. worst host ever.

[@EclecticoIconoclasta]

The opposition guy was not able to respond to how his government also murdered people on the street by using the army and how they also were in a huge economic crisis then. The fact is that Venezuelans need a third option besides the right wing oligarchy and chavismo in order to get out of this.

[@fearhungerpride]

2:02. The talking head said that the "GDP to debt ratio (of Venezuela) is lower than many developed countries". Doesn't mention that no private businesses will lend money to Venezuela because of the very real threats of nationalization and inflation. You can't make this up nonsense. lol

[@pedrorodriguez2914]

Temir Porrass,you look real well fed and healthy,good stash of USD,lavish lifestyle.Shame on you.

[@johnlinnon2629]

I might have been using the term Socialism too loosely, lately. If Socialism is Gov't ownership of means of exploitable capital and means of production, and Communism is the People's ownership of all property and means of production, then that would mean that Communism is private enterprise. Webster's definitions and the mass perception are quite different, then. I should have been calling Canada and Sweden Social Democracies, not Socialist. I knew that, but I figured they were the same. The U.S. is more capitalist than Canada and Europe. Sweden, Europe and Canada have tighter regulation over the economy, (capitalism, but a little more socialist than the U.S.), enabling more businesses to stay afloat, and not have big swings. Also- more social program $ for the poor. And more acceptance from the free world than Communism, with trade and tourism. They are social democracies, still capitalist. Communism is dictatorships like Red China or USSR. It works as long as the money is flowing to the gov't, like with the higher oil prices in Venezuela, before the oil prices crashed. And then...

[@johnyohann6946]

Communism and socialism is like China and Russia. Not just communism.

[@jayrizz921]

Denial gets you nowhere

[@uttaradit2]

Without the rich the poor would starve. Right?

[@idid1609]

Who is Ambi Purr???

[@bobbest1611]

managed to secure growth, lower inequality. anybody can do that by borrowing hundreds of billions of dollars and spending it. but the piper must be paid. unfocused discussion goes off aimlessly.

[@JoeBlow-fp5ng]

How about the video of Chavez expropriating all the buildings he saw on live TV ? Who owns those now?

[@mblue8753]

Why don't u take this guy to a supermarket and make buy groceries and see how good that goes ..

[@russellsage2159]

There is a battle against all left leaning governments globally by new world order... Venezuela Chavez (who was a great leader to the common man) ... Now they must decide wether to continue his policies or take the traditional route of allowing big corporations to take over and get Bailouts for short term gains from IMF..

[@davidchristian6136]

Who do you think caused the 800% hyperinflation in Venezuela?

[@davidchristian6136]

You think the "New World Order" hacked the Venezuelan currency printer, causing 800% hyperinflation?

[@michellejue3199]

They should PRINT Money Secretly like Federal Reserve and BOJ.

[@davidchristian6136]

How do you think Venezuela has the highest inflation in the world?

[@michellejue3199]

They printed money and post it to whole world that the are printing it. Ofcourse, powerful countries who are doing it will not allow poor country to do what are they doing. And with the super power financial institutions they murdered the country.

[@craigenputtock]

The argument of political prisoners is always specious. There is not a government on earth that wouldn't lock up people who are trying to overthrow it---the U.S. included. Having said that, Communism has again and again proven itself to be one of the worst of all political systems, both economically and socially.

[@willliamiii]

Can someone, ANYONE please explain to us all how Hugo Chavez' daughter went from a net worth of $50,000 to $4,100,000,000 (BILLION) in 15 years? I know the answer buuuuut want Chavistas to respond and make fools of themselves.

[@landscape674]

televen uploads their newscasts to youtube. see for yourself.

[@onesimaduran9291]

carlos andres perez ese ladorn es el culpable to bleme

[@curtisgregory517]

Chavez,,,,, spent money like a drunk sailor,,,, and saved nothing.

[@erwin643]

Wow, if there's any place to be a Rawlesian survivalist, it's there. Of course their perimeter would probably be littered with bodies.

[@vmrevote]

Who? Socialism thats who!

[@matheusfarias13]

someone tell this guy us german and japan foreign debts lol

[@davidchristian6136]

Germany and Japan don't have 800% hyperinflation and food shortages.

[@saigon68foxtrot83]

The USA and it's administration full of war criminals and international terrorist are the only peole to blame for all the problems in Latin America. It has bribes other nations and threaten them with sanctions if they don't comp;y with US imperialism.

[@brycem1207]

Itself

[@robertallen8386]

America is at foult

[@llandriel]

No it just a economy crisis, the economy crisis, begin after the social, and justice crisis..the economy it will be down obviusly before or later, and If the economic crisis had not fallen now, would they still ignore the social crisis or lack of justice? Can be a country with a great onomic, for its natural resources, that does not justify expropriations, or excessive expenses, even if their resources are inexhaustible, where is respect for the minority, taking into account that the minority of thought and opinion Must be respected, where is the rule of law? Money justifies that? It does not! Any respartition of wealth includes a monopoly of power, that is, utoritarism, and finally a dictatorship. The decline of poverty can not be invented, it must be a product of wealth production, and not subsidized by the state, that is still poverty, the individual is still poor, only more and more dependent on alms that the state wants to give Or not, or take away what little he has, and thus ensure the triumph of his economic blackmail for political power, or was not that what has happened in Venezuela for years? The poor are still poor, but this time they are blackmailed and threatened by the government. In short, a kidnapping of society. Can not believe that they still dare to defend this shame of the 21st century

[@simplelife233]

maybe I should start a diet company call maduro, a proven diet that works on millions people

[@theprogressivevagabond2324]

FMI scrounge this old man

[@user-yx8io4sw6v]

"its not 700%" www.tradingeconomics.com/venezuela/inflation-cpi lmao

[@michelleong2762]

Mr Porras sounds delusional

[@nzungu833]

This guys says the money was invested in education and for 100% he is right, however education means ZERO if the job market is not evolving, and how come it should be evolving if everything was nationalised (when I was young and during my studies I WAS A SOCIALIST/ kind of social-democrat) Education means nothing of the is no competition Education means nothing if the is no export (so medium size business cannot produce and grow) I do not know much about the taxes in Venezuela and business legislation but in the case of nationalised economy has to be very difficult to grow for medium-seize firms and they are the bases of advanced economies and societies without them any political and economical system will collapse.

[@anthonygloria5192]

Venezuela is not a nationalized economy. People still have their own businesses and property.

[@christianright0958]

:) Blame it on the AMERICANS!!! Innovation/Fracking unlocking massive amounts unconventional oil,which crashed the price of oil Globally!!!

[@TimothyTakemoto]

Who is to blame? What about the people that are printing down the price of oil down and taxing the Venezuelans into the gutter?

[@davidchristian6136]

How much do you think a barrel of oil should cost?

[@TimothyTakemoto]

David Christian More if it were not for all money printing. We drink their milkshake.

[@davidchristian6136]

***** More is not a price.

[@groundeadPH]

why would it cost more? it's a rule of supply and demand. More supply and lesser demand makes the prices fluctuates.

[@TimothyTakemoto]

Hi. I am not an economist but the economists who claim oil would cost more if there were less dollar printing claim that the printing results in investment in new oil production, and massive hoarding (in places like Cushing, Oklahoma with 46 million barrels) that can be used to control the price of oil. Here is an article about the purported situation www.international-economy.com/TIE_Sp15_Verleger.pdf

[@noelsoza6233]

The catastrophe began when governments became addicted to oil's wealth. Also Venezuelans lost work ethic long time ago and became reliable on government handouts.

[@kevinlau6372]

China will always support Venezuela

[@user-kf6rf2zw7f]

Bad interview technics Al Jazeera.......

[@sofiapersson3808]

haussman is brilliant

[@CapitainOne]

The socialist dictatordhip?

[@spamholder1234]

Horrible moderator

[@gerry12250]

Sounds like a typical leftest venezuela style.

[@Azhucabomb]

Socialism is the answer to your question.

[@ClarksonsinUSA]

American unconventional energy boom,doomed Venezuela .................................;) A win /win.........

[@wfrancois5354]

Not really. lack of leadership doomed venezuela.

[@SPAD58]

The Russians.

[@nameless592]

I blame hillary Clinton

[@davidchristian6136]

You think Hillary Clinton caused the 800% hyperinflation in Venezuela? Or maybe you just don't understand what causes hyperinflation?

[@ElundePLo]

divide and conquer! viva la usa!!!

[@pederman15]

viva la jewfed

[@meaganc.9955]

So confused on whether socialism is good for a country?

[@JohnRinNoHo]

Read "Socialism" by Ludwig von Mises.

[@meaganc.9955]

thanks I appreciate it

[@SuperLammens]

Maduro is not socialist, this is dictatorship. The people lost 95% of the value of their currency because of BAD policies, not social policies. Trying to control prices is what kills the distribution of goods and makes for empty shops. Should throw Maduro under the bus or make him bus driver again

[@amihartz]

Socialism is good. The problem is socialism does not prescribe a coherent economic model. Socialists have to come up with an economic model for themselves. People like Chavez are so ideologically blinded by the ideology of socialism that they don't actually consider how to make it economically work, so they just rush forwards with overspending on social programs and nationalizing industries and price controls and end up collapse the economy. It's also generally not a good idea to try and use an incredibly centralized state to implement socialism because it's almost always prone to bad management and corruption (hence why the only centralized socialist state that's remained stable is Cuba which is a tiny country). Decentralization is the way to go.

[@princegahlawat6903]

This journalist makes me cringe and puke.

[@MA-tf5sv]

not trying to be racist but looking how these people back up their arguments, this discussion sounds very subjective. it s just so hard to follow the conversation, the facilitator is not controlling the flow, me as a viewer can barely follow the flow. This is what happens what everyone tries to speak at the same time .

[@hexadecimal5236]

Plz don't forget that many countries consider the US to have hundreds of thousands of political prisoners in the form of nonviolent drug offender's.

[@aprofessionalgamer5355]

Socialism. Saved you 12 minutes.

[@TheLoyalOfficer]

3 problems is Venezuela: socialism, socialism, and socialism.