As Venezuela sinks into chaos and violence, Pres. Maduro rushes to salvage its sinking economy by selling off the nation’s natural legacy in the Orinoco Mining Arc – analysis.
- Venezuela is fast becoming a failed state, with 11.4 percent of its children malnourished, 10.5 percent of its workforce unemployed, and an annual inflation rate of roughly 2,700 percent for 2017.
- Serious food, fuel and medicine shortages have in recent months resulted in mobs raiding stores and shops, fishing boats, even the stoning of a cow to death where it stood in a field, in order for people to be able to provide for their families.
- Meanwhile, Pres. Maduro has sought to save his nation from economic ruin by selling off its natural resources, opening the Arco Minero in Bolívar state to mining – 112,000 square kilometers, more than 12 percent of the country. He has also announced the creation of the Petro cryptocurrency, backed by the nation’s oil and possibly minerals.