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.