Venezuela's real problem isn't just relying on oil exports; it's more about the leadership living in a fantasy land where they ignore realities of economic policy. For instance, they fail to understand or to admit that price controls have other impacts, and that when a bakery is forced to sell bread at below the cost of manufacture, the resulting shortages are not because of a counter-revolutionary conspiracy.

Maduro and his friends are sticking to power by any means, and we've seen this before in other countries (like Zimbabwe) and we'll see it again elsewhere. Fortunately not in that many countries.