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| During 2016, the economy of ] entered a state that news outlets variously described as "collapse", "chaos", or "starvation". | |||
| The collapse was caused by a combination of the ], the ] economic policies of ] and ], economic mismanagement, and ].<ref>{{cite web|url=http://www.nytimes.com/2016/11/25/world/americas/hungry-venezuelans-flee-in-boats-to-escape-economic-collapse.html|title=Hungry Venezuelans Flee in Boats to Escape Economic Collapse|date=25 November 2016|work=The New York Times}}</ref><ref>{{cite web|url=http://www.pbs.org/newshour/bb/venezuelans-face-collapsing-economy-starvation-and-crime/|title=Venezuelans face collapsing economy, starvation and crime|publisher=}}</ref><ref>{{cite web|url=http://www.thedailybeast.com/articles/2016/05/24/venezuela-has-become-a-starvation-state.html|title=Venezuela Has Become a Starvation State|first=Raúl|last=Stolk|date=25 May 2016|publisher=}}</ref><ref>{{cite web|url=http://www.bloomberg.com/features/2016-venezuela-diary/|title=My Venezuela Nightmare: A 30-Day Hunt for Food in a Starving Land|publisher=|via=www.bloomberg.com}}</ref><ref>{{cite web|url=http://time.com/4342329/venezuela-economic-collapse-nicolas-maduro/|title=These 5 Facts Explain Why Venezuela Could Be on the Brink of Collapse|first=Ian|last=Bremmer|publisher=}}</ref><ref>{{cite web|url=http://www.huffingtonpost.com/entry/venezuela-economic-crisis-explainer_us_57507abde4b0eb20fa0d2c54|title=What's Behind The Economic Chaos In Venezuela|first1=Nick Robins-Early World News|last1=Reporter|first2=The Huffington|last2=Post|date=2 June 2016|publisher=}}</ref><ref>{{cite web|url=http://www.nationalreview.com/article/438654/venezuela-starvation-economic-collapse-enslavement-citizens|title=Venezuela Reaches the End of the Road to Serfdom|publisher=}}</ref> | |||
| Effects included a refugee crisis, with many fleeing in boats, massive inflation, electicity blackouts, and a dramatic increase in crime, particularly homicide.<ref>{{cite web|url=http://www.latimes.com/world/mexico-americas/la-fg-venezuela-violence-20160605-snap-story.html|title=The biggest worry in crisis-ridden Venezuela: crime|first=Patrick J.|last=McDonnell|publisher=}}</ref><ref>{{cite web|url=http://time.com/4341450/venezuela-state-of-emergency-murder-caracas/|title=Venezuela's Murder Epidemic Rages on Amid State of Emergency|publisher=}}</ref><ref>{{cite web|url=http://www.cnn.com/2016/04/26/americas/venezuela-blackouts/index.html|title=Venezuela blackouts: 'We can't go on'|first=Osmary Hernandez and Rafael Romo|last=CNN|publisher=}}</ref> From 1 November to 28 November 2016, the black-market value of a ] rose from 1467 to 3480 Bolivars.<ref>{{cite web|url=http://money.cnn.com/2016/11/29/investing/venezuela-worthless-currency/index.html|title=Venezuela's currency is in 'free fall'|first=Patrick|last=Gillespie|date=29 November 2016|publisher=}}</ref> Hence, the 100 Bolivar note, the largest note in circulation at the time, saw its value fall to roughly 3 U.S. cents. Even in 2015, people were carrying backpacks full of cash to pay for purchases<ref>{{cite web|url=http://time.com/4135247/venezuela-hyperinflation-congressional-elections/|title=Why Venezuelans Are Carrying Backpacks of Cash on the Streets|first=Ioan|last=Grillo/Caracas|publisher=}}</ref>, and the problem became worse in 2016, with people often visiting multiple ATMs in order to get cash.<ref>{{cite web|url=https://www.bloomberg.com/news/articles/2016-12-02/in-cash-short-venezuela-the-atm-hustle-is-driving-people-mad|title=Want Groceries in Venezuela? First Stop at Six ATMs|publisher=|via=www.bloomberg.com}}</ref> Hungry crowds stormed supermarkets and attacked food trucks. Some residents crossed into ], legally or otherwise, in order to purchase food.<ref>{{cite web|url=http://www.miaminewtimes.com/news/on-the-venezuelan-colombian-border-the-tide-has-turned-8785497|title=On the Venezuelan-Colombian Border, the Tide Has Turned|first=Elizabeth|last=Dickinson|date=21 September 2016|publisher=}}</ref><ref>{{cite web|url=http://www.bbc.com/news/world-latin-america-36818030|title=Venezuela reopens Colombian border to allow shoppers to cross|date=18 July 2016|publisher=|via=www.bbc.com}}</ref> Some wealthy residents shopped online for food, which arrived from ], while others were able to purchase food at upscale stores in ], with prices tied to the value of the U.S. Dollar.<ref>{{cite web|url=https://www.washingtonpost.com/world/the_americas/venezuelans-are-storming-supermarkets-and-attacking-trucks-as-food-supplies-dwindle/2016/06/28/70020a14-37c8-11e6-af02-1df55f0c77ff_story.html|title=Venezuelans are storming supermarkets and attacking trucks as food supplies dwindle|publisher=}}</ref><ref>{{cite web|url=http://www.telesurtv.net/english/news/Rich-Eating-Well-in-Venezuela-Basque-Executive-Shows-20160530-0001.html|title=Rich Eating Well in Venezuela, Basque Executive Shows|first=teleSUR /|last=rt-egb|publisher=}}</ref> | |||
| A few professions remained profitable. ] were able to earn large sums of money due to the subsidised price of ], but they feared for their safety.<ref>{{cite web|url=https://www.cryptocoinsnews.com/bitcoin-miners-make-big-profits-but-fear-for-safety-in-venezuela/|title=Bitcoin Miners Make Big Profits but Fear for Safety in Venezuela - CryptoCoinsNews|date=30 November 2016|publisher=}}</ref><ref>{{cite web|url=http://reason.com/archives/2016/11/28/the-secret-dangerous-world-of|title=The Secret, Dangerous World of Venezuelan Bitcoin Mining|date=28 November 2016|publisher=}}</ref> Many poor people found work in ], but ] was also prevalent.<ref>{{cite web|url=http://www.nytimes.com/2016/08/15/world/venezuela-malaria-mines.html|title=Hard Times in Venezuela Breed Malaria as Desperate Flock to Mines|date=15 August 2016|publisher=|via=The New York Times}}</ref> People close to the regime earned money through ], though some ended up in U.S. prisons.<ref>{{cite web|url=http://www.businessinsider.com/us-indicts-venezuela-officials-drug-trafficking-2016-8|title=The US government is zeroing in on a suspected 'global hub of drug trafficking'|publisher=}}</ref><ref>{{cite web|url=http://www.wsj.com/articles/venezuelas-maduro-promotes-general-indicted-by-u-s-on-drug-trafficking-charges-1470197967|title=Venezuela’s Maduro Promotes General Indicted by U.S. on Drug-Trafficking Charges|first=José De|last=Córdoba|date=3 August 2016|publisher=|via=Wall Street Journal}}</ref><ref>{{cite web|url=http://www.wsj.com/articles/venezuelan-president-nicolas-maduros-nephews-found-guilty-on-drug-charges-1479510289|title=Venezuelan President’s Nephews Found Guilty on Drug Charges|first=Nicole|last=Hong|date=19 November 2016|publisher=|via=Wall Street Journal}}</ref> Others found work in the Venezuelan ], allowing them to earn money, but also risking prison.<ref>{{cite web|url=http://www.theatlantic.com/international/archive/2016/05/venezuela-is-falling-apart/481755/|title=Venezuela Is Falling Apart|first=Moisés Naím and Francisco|last=Toro|publisher=}}</ref> | |||
| ==References== | |||
| {{Reflist}} | |||
| == See also == | |||
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