The paradox of democracy.

Are we seeing the end-play time in Venezuela? A nation with a population of 30 million, with the largest oil reserves in the world, its economy is in shambles, with hyperinflation, lack of food and medicines, and over 3 million people fleeing the country. Oil accounts for 96% of revenues but production has slumped to 1.4 million barrels per day, compared to 3.2 million barrels a decade ago. Fiscal deficit is at 20% of GDP and external debt is $150 billion. The petro was introduced to get round US sanctions. "Juan Guaido, a 35 year-old legislator from a coastal town in Venezuela," "assumed the presidency of Venezuela as constitutionally mandated", wrote FS Perera. Guaido was elected to the National Assembly in December 2015 but President Nicolas Maduro tried to bypass it by creating a Constituent Assembly through fraudulent elections, boycotted by the opposition. 16,900 soldiers have been promoted for their loyalty, while hundreds have been arrested for allegedly plotting a coup. The army has been rewarded by frequent pay rises and officers have been placed in key posts in government and industries. Inflation has reached 1.3 million% which the government has tried to control by introducing a new currency called the sovereign bolivar and has created a virtual currency called the petro. Maduro offered to hold talks with Guaido which was swiftly rejected. The army has come out in support of Maduro, more out of fear than loyalty. "Some senior officers have gotten rich off shady deals, including drug trafficking, illegal gold mining, currency scams and contraband smuggling, says R Evan Ellis, a research professor at the US Army War College." Officers are terrified of being extradited to the US if Guaido comes to power. "Officers have been thoroughly compromised, and with the Cubans watching, there is not fertile soil for a coup to gain momentum." Guaido has called on the military to support him and offered amnesty to officers. "Come to the side of the Venezuelan people," he said. President Donald Trump recognized Guaido as the legitimate president of Venezuela and was followed by 11 countries, including those surrounding Venezuela. Allies, led by Russia, Turkey and China, are supporting Maduro. In December, two Russian nuclear-capable TU-160 "White Swan" bombers landed at Caracas Airport, annoying the US. "Russian military contractors who do secret missions for the Kremlin" are said to be guarding Maduro. Putting up an alternate president by the opposition on 10 January, supported by the international community, was the solution to the Venezuelan crisis proposed by Prof R Hausmann last month. "In Venezuela, democracy is there for the many, and what's fair is what's good for all the people," wrote Maduro in an op-ed in May 2018. Most dictators today are spawned by 'democracy'. The ultimate paradox.