The Future of the Dollar
U.S. Financial Power Depends on Washington, Not Beijing
If there is any lesson that the United States should have learned from its relationship with Venezuela over the past 16 years, it’s that words matter. It was former Venezuelan President Hugo Chávez’s seductive rhetoric—backed by his nation’s unprecedented oil boom—that kept his battle against U.S. influence alive until his death in March 2013. Washington’s occasional efforts to fire back rarely achieved much, making Venezuelan relations even more of a headache.
President Nicolás Maduro, Chávez’s handpicked successor, lacks his mentor’s charisma, political skills, and money. Maduro has little to show for his first two years in office: he is unwilling or unable to deal with Venezuela’s world-leading inflation, shortages in basic goods, and rampant violent crime that is virtually unchecked by the nation’s police forces. He did, however, take advantage of Washington’s misstep this past March when