Except the history hasn't been one where Venezuelans merely `tighten belts' and struggle through. The last time this happened (suddenly raising gas prices because the financial gears have finally stripped) under Pérez the Caracazo happened. That led to Chávez and the complete destruction of the Venezuelan economy.

There is no hope. Venezuela is in for violence and coups again. You should expect one of the outlying cities to go nuclear soon as the last trickle of goods dry up at some PDVAL outlet and hungry people start throwing stuff. The international media will suddenly rediscover Venezuela and adopt the usual talking points about low oil prices, studiously ignoring the last 17 years of deliberate left-wing economic destruction. Then the cries for `humanitarian aid'... and if it isn't forthcoming double-time then we'll be blamed for every subsequent tragedy.

My sympathy for this is already exhausted. When Chávez-then-Maduro struggled with elections they put a gun to the head of electronics shop owners and let `the people' steal the flat screens at fairy tale prices. When citizens are so debased as to believe that this is a legitimate way to run things -- and indeed vote for it -- then no amount is suffering is undeserved. I can find sympathy for the children, but everyone else has earned what is coming. And that includes all the financiers when Venezuela defaults and their money goes to money heaven.

I also think a violent outcome is the only way for a change to happen, unfortunately. But I don't know how far away it is.

We've already been through a lot and people seem to just go about their daily business like zombies. Wake up, go to the markets to line up to get a handout (if it's your turn that day), repeat.

Things are getting more and more desperate, but I don't see a breaking point. I don't know if people are just waiting for things to sort themselves out or what.

We have frequent power outages, no food , no medicine (I've been looking for an iron supplement for my pregnant wife for over a week now), nothing. And people just keep rolling with it.

Let's see how long the patience lasts. It's not going to be pretty unfortunately.

Riots happen after people can't get food or water. That will happen very soon. I would get out of there now if you can. Good luck.

That's the thing. The problem is obviously getting worse every day, but it's not a new situation and people still deal with it. Let's see what the breaking point is.

Thanks!

> the country was losing around US$12.50 million a year through the subsidy

Try $1.7 billion as of 2013 [1].

[1] https://translate.google.com/translate?sl=auto&tl=en&js=y&pr...

Yeah , I realized I missed a zero there! Edited. This Forbes[1] article has even worse numbers. Filling up the tank here is something people don't think about. People even tip the gas pump attendant two or three times the cost of the full tank (that's obviously over now).

The reason we are angry is not because we now have to pay a very low price for gas. The reason is that this country had a huge bonanza and it was all stolen and now the govt says its because of the "economic war" the US and allies are waging against Venezuela. Apparently, the fact that the US is extracting shale oil is all just a plan to topple Putin and Maduro. And now that OPEC wants to break the shale oil companies is another evil plan.

It's everyone elses fault that after 18 years of the highest income we've ever had, we now have no money for the rainy days.

[1]http://www.forbes.com/sites/timworstall/2015/01/26/that-vene...

As an American who attempts to keep up with the political situation going on in Venezuela... I know that Chavez stayed in power relatively easily during the oil boom by giving free handouts to many of the impoverished. How does Maduro actually stay in power?

It seems like from the outside, with the violence, inflation, and general instability, that Maduro has failed to keep the Bolivar Revolution viable.

Do you think Maduro, or one of his chronies will eventually be voted out by the populace? I'm genuinely interested in your side of the story as I can't get non-biased news in the US about Venezuela.

I hope I'm totally wrong, but I don't see a scenario where Maduro or one of his chronies just gives up on power. I don't see one peaceful scenario where they leave power or try to negotiate some sort of power sharing agreement with anyone.

IMO, the thing to understand here is that it's not Maduro holding on to power, it's the military. They are involved in most of the corruption, drug trafficking, human rights violations,etc in the country. They are getting rich beyond their wildest dreams. That's not something that people give up on easily.

Chavez remained popular while oil prices where high, that way his wacky economic model worked, even when they stole most of the money that was coming in (confessed by Giordani, former Minister of the Economy, one of the architects in this disaster). If Chavez was still alive, the situation would be the same, with the difference that he had a charisma and incredible hold on the population.

Maduro now has to face the legacy of his disaster and he doesn't have the personality, charisma to deal with it. You could almost feel sorry for the guy. He's being pressured from the military side, and now he has to face the pressure from the population that is getting restless.

I don't know what the outcome is going to be like. I think some sort of violent looting escenario is inevitable, by the poorest parts of the population when they really start feeling the hunger. That brings repression by the govt forces and death. Maybe then will we see something similar to Egypt, Ukraine,etc where the military has a limit on how many people the are willing to kill on the streets and they flee.

It's a sad, sad situation.

You had to have seen all of this coming when chavez started nationalizing everything.

Even I from the outside knew things would not end well when chavez, and then maduro, got elected.

It certainly has been a terrible price for the bolivian revolution experiment.

Everyone who has a minimum knowledge of economics has been warning about this for ages.

Chavez even said once that our economy was bulletproof, that even if the oil prices plummet to zero, we were going to be OK.

I now fear that the only way out is through massive riots for food and medicines. The same people that held Chavismo in power these past years have to be the ones that remove them from power. And it's not going to be pretty.