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China in the World
China Trying to Keep Its Venezuelan Pound of Flesh
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  • Pait

    I’m not sure how much of Venezuela’s misery can be attributed to China. Latin Americans have an unfortunate habit of assigning blame for the failures of our governments to foreign imperialism – most frequently American. While foreign influence may often be bad, and sometimes disastrous, it would be a lot healthier to just face up to our own failures than to blame others.

    • Gene

      Wise advice.

      I’m sure everyone living through the meltdown of Venezuela will learn some lessons from its ugly story. Unfortunately a very large number of people are likely to learn the wrong ones. The country is a long, long way from recovery.

    • Kevin

      In theory the loans could have enabled a repressive regime to last longer or feel less need to reform, but in practice I think you’re right – the Ioan’s probably disappeared into the rulers’ Swiss (or other) bank accounts.

      Overall a rule that sovereign debt of a deposed regime is automatically repudiated might be better for prospective borrowers and lenders. Let the lenders chase down the former rulers in exile rather than their immiserated former subjects.

      • f1b0nacc1

        Of course one can quickly imagine several easy ways to game that system….
        Though upon reflection, that might not be a bad idea….limiting lending to ‘sketchy’ regimes (the sort to consider gaming the system in the first place) has its own appeal

      • Pait

        They loans may well have helped enable the regime. Money helps buy influence. Only a small fraction of what’s stolen stays in the pocket of the leaders.

        That said, the whole wreck was generated by bad decisions by the Venezuelan government and its voters, even if China’s role was far from constructive.

    • f1b0nacc1

      Rarely do we agree, but you are absolutely right here. Well said

  • Duke Heller

    Couldn’t happen to a nice bunch of people.

  • jaytrain

    The only question left in V is Will the army shoot . And at whom . V is a failed state and headed for new and deeper levels of chaos . The human capital fled a decade ago , what is left is a mob , a right wing mob and a left wing mob . There will be blood . Lots of it : it’s the way socialism ends .

  • christophergreen

    Bernie Sanders should go to Venezuela to show them how to do socialism the right way. That would be so much fun to watch, from a great distance.

  • Rich Knudsen

    The Chinese remind me of James Taggart of Atlas Shrugged Fame.
    They thought for sure the Government was so solid as to guarantee success of the Copper Mines,Er, Oil fields of Venezuela and then all of a sudden, Oops, no oil, no money, no government. Couldn’t happen to a nicer bunch of Communists. Hehe!!

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