Venezuela’s Oil, Bankruptcy and Cryptocurrency – VisualPolitik EN

Venezuela is undergoing some of its worst moments this disaster is so huge that what was once one of the largest and most powerful oil companies in the world paid a visa is now practically bankrupt and has more problems including extracting the oil so how does the oil company with the largest reserves in the world have problems extracting it well that's why you need to talk about in today's video [Applause] folks I think we all probably know it Venezuela is undergoing a true catastrophe and not only an economic one it is above all a humanitarian catastrophe it's such a huge disaster that in recent years it is caused between three and four million Venezuelans to flee the country that's more than one in every 10 inhabitants and the truth is we're not really surprised by this see according to the latest statistics 87% of the population there's nearly 9 out of every 10 Venezuelans a poor and on top of that most of NS wheras population 60% isn't only poor they live in extreme poverty but not only that Venezuela is burning down according to data from the Venezuelan social conflict observatory in 2017 almost 10,000 protests were registered throughout the country more than 27 per day and what's even worse than this well according to information from Attorney General Luis Ortega since 2015 the police the National Guard the army and the different intelligence services have killed more than 8,000 people of course most of them were opposes to the regime crisis hunger violence repression everything indicates that Venezuela will soon undergo a refugee crisis of colossal dimensions because let's be clear dear viewer let's be honest things they're not looking good you see for years the Bolivarian revolution of savez Maduro and company had a great ally and they were not talking about Cuba or Russia or any other country as a matter of fact we're talking about oil the black gold that financed the revolution for a long time the huge income this raw material brought financed all of the regime's policies and they didn't really care about the consequences sorry I mean factories were closing foreign investment was fleeing the country but it didn't matter because well they have loads and loads of money from all of that oil but all of that well it's about to end yeah Venezuela does have a lot of oil but one thing is having oil and another thing is being able to exploit said oil did you know that paid a visa the National Oil Company is practically about to collapse well listen up the fall of Padova petroleum of Venezuela pay de vaisseau was created by government decree in 1976 to integrate all the oil assets that the state had nationalized this company soon became a world-class Colossus [Applause] but you know why well among other things because this company has the largest reserves on the planet and when we say large we mean large there are more than 300 billion barrels of oil certified here more than the reserves of Saudi Arabia the Emirates Russia or any other oil power now yes it is true we have said it on this channel before Venezuelan oil doesn't have the highest quality but that doesn't really matter we're talking about a huge amount of resources almost 20% of the world's known reserves and the fact is that this company paid a visa peaked in production in 1998 a year before Hugo Chavez came to power at which time the company was extracting three and a half million barrels per day since then things have changed a lot by the year of Hugo Chavez's death in 2013 production had decreased by 1 million barrels per day so could it be that Hugo Chavez's Bolivarian government didn't like oil could it all be part of a twisted plan do you diversify the Venezuelan economy well no in fact it's quite the opposite if he had a cape estar de todo nunca nosotros shamily Manderly out today me yo me medio de varela diario de petróleo a whom negocio el comercio Hugo Chavez wanted to increase production to 5 million barrels the problem was that they simply weren't able to do it but if you think that that Commander's results were bad you haven't seen anything yes because since Nicolas Maduro came to power production has sunk to 1.8 million barrels that means like while countries like the United States have doubles their production Venezuela produces half as much oil as when the Revolution began so hardly a fantastic success [Applause] and if you think that that's the worst of it get prepared to think again because the future is looking a lot more bleak so at this point in the video you might be wondering well what on earth is going on with pate of a sir the keys of a disaster for tall head of aces history Divya has been the story of a disaster foretold the best example of that is the para Juana refining complex which consists of three crude oil refineries and is one of the three largest complexes of its kind in the entire world for years it was Venezuela's industrial pride the crown jewel if you will however today it barely operates at 15% capacity and all kinds of accidents tend to happen well why is this there's no maintenance they sucked everything they could from pedobear Saar without investing there's nothing left to squeeze Pablo just pedis plant operator and this is certainly not an extraordinary case at the end of October or so in the para Juana refining complex the my refinery spilled over two hundred thousand gallons of gasoline into the bay a few days later another refinery in the complex the card on refinery –ts offered a fire that firemen could barely contain because they didn't even have the foam to fight the flames and on and on and on it goes because the truth is that most of the oil companies facilities are in terrible condition so how do you think that they reached this point again the bad video bus apostle vamos transit van de El Camino you see the Chavez government always saw paid a visa as a kind of dairy cow from which they could get all the resources they needed for the revolution the problem is that the oil industry requires lots and lots of investments and these are investments that the Venezuelan government simply did not want to make even with that fact it still indebted the company to the brim and by the way do you know how in debt of this company is today well listen to this we're not talking about 1 or 5 billion we're talking about 90 billion American dollars a fortune so big that Venezuela could have even bought multinationals like Goldman Sachs Nike or Siemens that is just an insane amount of debt do you think that's all that's going on well not even close they also used the company to plug in place and hire thousands and thousands of supporters friends and family members from which paid Ave sur lost even more resources and if that wasn't enough the Chavez regime also placed unskilled and inexperienced personnel in management positions while dismissing and driving away thousands and thousands of experienced employees because of their political beliefs yes this is how paid a visa ran out of money and ran out of human resources and now with all of this information we can really understand why oil production is dropping in Venezuela and of course the consequences of all of this well that's terrible for the country the consequences oil is essential for the Venezuelan economy especially because there's no other industry left standing their dependence on oil is so great that it generates 95 percent of all foreign currency profits in dollars and these currencies dear viewer – escuela needs to be able to import food medicine gasoline yes indeed mirela still today has to import gasoline as well as pretty much everything else but of course there's oil production keeps plummeting the country is able to import less things and you know what since Venezuela is producing nothing and has to import everything the dwindling oil money is no longer enough to pay all the bills but of course as you all know when you spend more money than you make money goes away and that's precisely what's happening to Venezuela which according to some calculations nearly has ten billion dollars in foreign reserves which is their lowest number in 40 years this means that when the money is gone they won't be able to import anything else than what they can buy with the money they make from the oil which is decreasing so you're probably beginning to see the problem now we previously talked about on visual politic how Nicolas Maduro is government has tried to buy time by resorting to international markets to issue debt at pretty scandalous rates sometimes as high as 40 percent obviously issuing debt with implicit rates of 40 percent can only mean future ruin and in any case that's actually no longer a possibility in fact both the Venezuelan government's and para visa are incurring defaults that is they are not paying their debts said Pete downgrades 7 sovereign Venezuelan bonds to the default level another route they attempted was that of the Chinese rescue and the Chinese answered and placed more than 23 billion dollars in loans on the table but everything has a limit and they are no longer willing to continue giving more money and getting nothing in return let me just check this out the Chinese oil companies seen OPEC sues peda VESA for unpaid debts the situation dear viewer is so desperate that the Cuban government has decided to seize the 49% that paid a visa held in a Cuban refinery as compensation for that unpaid debts yep yeah they're right not even Cuba trusts the ax murderer a regime and it was all of this that led to the latest chavista events for petrol the venezuelan cryptocurrency as we've seen with every day that passes the Venezuelan government has less access to foreign currency which is obviously a huge problem because without foreign currency they can't import but based on this problem an idea came up cryptocurrency is in fashion so why not launch their own cryptocurrency well they did and they called it the petro Latveria film the last good for Madeira in petrol jmontano of total poopin Paulo is early pizza petrol later 32 car if you eat from to oaxaca print out one of the kids on the order of the amount it tells you because there are another integral of course the petrol is a very particular currency among other things because it's controlled by murderous government under these conditions that me ask you a question would you be willing to invest a single euro or a single dollar into this new cryptocurrency in other words would you put your money in the hands of the Venezuelan government's well you can bet that I wouldn't not even a single penny and precisely because no one in their right mind would do such a thing the Venezuelan government has had to back this particular cryptocurrency with oil that is each petrol will be guaranteed by a barrel of oil from the Venezuelan oil reserves reserves that of course are still underground in this way the Petros value is apparently linked to the value of this raw material we filled up the menu felice de la Frontera Superman Nopalito Depot that was open does that sound any better well hold on familiar because we cannot forget a detail a very very important detail the oil reserves are of course under the control of the government and I wonder do you really think that this government is going to exploit those reserves and even if they did do you think that really back for petrol and what about the support rate wouldn't the resources generated simply be spends wouldnt they impose restrictions or regulations that would benefit them above all why take the risk of investing in Petros and by the way another important point here that petrol it's not convertible that is to say even though it is supposedly backed by oil barrels you can never exchange it for the barrel or any title that proves a right over those barrels the petrol is a cryptocurrency that isn't crypto that is backed by reserves that aren't reserves this can only be monetized with a production that is collapsing and issued by a government that is in default and has no dollars Francisco Amon Aldi professor at the race University's Baker Institute in Houston folks the bed rate doesn't seem to be anything more than a last-ditch attempts to gain time and try to obtain the greatest possible number of dollars by taking advantage of the popularity of cryptocurrencies and perhaps of capital laundering because well who would put their dollars on the table the fact is that if this crypto doesn't work and that does look like the most plausible scenario medoras regime will only have three options first accept some kind of internal revolt and leave power one way or another which seems very difficult second use an even tougher hand and condemn Venezuela to even greater humanitarian disaster or third try to get the Chinese and Russians to buy the country's national resources on mass and by all means such as their refineries their oil and maybe other raw materials that is to say they would essentially become a sort of colony by selling at a loss each and every one of their crown jewels so that the regime's elite can continue to enjoy their standard of living so now today Nicolas Maduro and company they're still in power and it hardly seems likely that Venezuela is going to have a better future but now it's your turn would you be willing to exchange your money for Petros well leave your answer in the comments below as well as in this survey and I really do hope you enjoyed this video please do hit like if you did and don't forget to subscribe to our channel for brand new videos just like this every Monday and every Thursday also don't forget to check out our friends at the reconsider Media podcast they provided the vocals in this episode that were not mine and as always thank you for watching Jane Doe podría pasar Paso vamos transit Ando El Camino

24 thoughts on “Venezuela’s Oil, Bankruptcy and Cryptocurrency – VisualPolitik EN”

  1. ..and your country voluntarily stole Venezuelas gold. Your country and usa should be brought to justice for exercising economic warfare against Venezuela

  2. Freedom and peace for Venezuela, the "Peace Train" of democracy is rolling and cannot be stopped, next stop all stations to depose all dictatorships for World peace.

    Venecuela is clair, US-Robbery Politics Victim!!! Steal of Oil is US–Politic!!!


  5. Chavez is just as dumb as Maduro. Both those pigs has no common sense in economics. Killing a country's productivity is the stupidest thing anyone government can do.

  6. well, they voted for him as the Venezuela president — bad decision I guess! Our economy and lifestyle are moving into the same path under Trumps administration.

  7. I wouldn't put a penny in the petro myself, if i did trust there government, I would look as dumb as the people that voted for it. No such thing as free. Socialism takes from wealth. It didn't create it.

  8. Hilarious , oil is currency , the US dollar is the Petro dollar…. money is only a number in a computer , yet we think that IT is more valuable than commodities . Venezuela has all the "money" they could ever need … its the world bankers that hold them hostage.

  9. First of all, that oil belongs to The People of Venezuela, not The Citrin family or any other privileged minority in America. If we force them to surrender the peoples oil, dont worry, Americans wont benefit. Just the privileged minority who control sleazy DC. Correct me please if I am only close.

  10. This video really helps to explain what a basket case Venezuela is and why its people are leaving the country. That in turn causes them to migrate north to the US causing more problems. Becuase the situation in Venezuela is so out of hand with 90% of the population living in poverty brought on by a failed socialist regime (which has killed over 8,000 political opponents and protestors) the time has come to drain that swamp before it creates an even bigger humanitarian crisis. For all the criticism the US will be bombarded with over supporting a regime change in Venezuela (with dare I say it, John Bolton back to his old tricks), this time US intervention is desperately needed and warranted. I trust the leadership of POTUS Trump and have to agree with this humanitarian and political strategy. Sadly, the socialist spend-thrift policies of Chevez, Maduro and ors has bankrupted the nation and it is futile to let it continue in its present form. Bring on the regime change despite the protests of Russia and China.

  11. Whatever Venezuela does, it should nationalize its oil industry, otherwise the u.s. gov't will rape and pillage that country into submission. Learn from Iran.

  12. The US will help Venezuela extract the oil if they get to keep the profits. If they dont agree they will send in the troops.

  13. Give them back their you theives, Lets BDS the US and the UK, sanction them out of the war and nations theft business .???✡????✡???✡???????????✡????✡??????✡?✡????✡???????✡??????✡?????✡???✡???✡?????✡????✡????✡????✡????????????✡??✡

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