How Venezuela Fell From the Richest Country in South America into Crisis

History.com ^ | 5/27/25 | Patrick J. Kiger

[Organic Panic]

And the cliff notes version of your condensed version;

COMMUNISM

[abb]

I can’t put my finger on a story that confirms that’s exactly how it developed, but knowing how Marxists operate, it sure seems logical. Wouldn’t take too many bounced checks to Arab, INC, to make the entire operation seize up.

[Vaduz]

Hugo Chavez spent huge amounts on social programs.

Obama and Biden thought it was a good idea too.

Flames ensued.

[catnipman]

i do remember that at least a couple of years ago, Venezuelan credit was so bad that napatha would only be delivered COD ... i even remember ships filled with naptha refusing to unload until payment was first made ....

[x]

IIRC, Cuba was also the richest country in Latin America before Castro. Poorer countries already have enough troubles. Richer ones go looking for them.