Russ Dallen

Ana Maria Otero / AP

Earlier this year the U.S. all but cut off oil imports from Venezuela to put more pressure on the country’s authoritarian regime. Now another major importer looks like it’s turning its back on Venezuela.

Ariana Cubillos / AP

The Reuters news agency reports this week that Venezuelan President Nicolás Maduro’s regime is secretly spiriting tons of gold out of the country. It’s one of the few sources of hard currency left there. But experts here say it may keep Maduro propped up for a while.

YouTube

Last week Venezuelan President Nicolás Maduro said his country had found “the perfect kryptonite to defeat Superman!” By Superman he meant the U.S. And by kryptonite he meant cryptocurrency – el petro.

Ariana Cubillos / AP

Two things happened last week that gave hope to opponents of Venezuela’s socialist regime – especially to Venezuelan exiles in South Florida.

Ariana Cubillos / AP via Miami Herald

Venezuela is in economic ruin, which is why so many Venezuelans have fled to South Florida. Still, Venezuela keeps making payments on its massive foreign debt. But debt ratings agencies are suddenly using the “d” word. As in  default. But what does that really mean?

Thanks to reckless government mismanagement and falling oil prices, Venezuela is running out of money. It has less than $10 billion in foreign reserves left – yet it’s staring at almost $10 billion in foreign debt payments due over the next year.

Ariana Cubillos / AP via Miami Herald

COMMENTARY

Goldman Sachs made a dumb p.r. move last week when it bought a $2.8 billion tranche of Venezuelan government bonds – and did so in a way that appears to have handed President Nicolás Maduro’s embattled socialist government an important financial lifeline.

Ariana Cubillos / AP via Miami Herald

COMMENTARY

It’s hard to believe that guards at the Miraflores Palace in Caracas still let Venezuela’s breathtakingly clueless President Nicolás Maduro through the gate each morning.

Because history will remember Maduro – the laughable lefty who was fodder for a John Oliver monologue this week – for transforming the western hemisphere’s most oil-rich nation into the Caribbean Korea.

Meaning, North Korea.

Fernando Llano / AP via Miami Herald

A year ago this week, I wrote an op-ed on this page that said Venezuelan President Nicolás Maduro was committing economic suicide by clinging to delusional statist policies. At the time, I worried I might be exaggerating.

I don’t anymore.