The Future of the Dollar
U.S. Financial Power Depends on Washington, Not Beijing
In December 2015, Venezuela’s opposition coalition, the Democratic Unity Committee (known popularly as MUD), won a landslide victory, sweeping up two-thirds of the seats for the National Assembly, the country’s legislature. Since then, positive public opinion of President Nicolás Maduro, political heir to Hugo Chavéz, has rarely reached 30 percent. Poverty has increased, affecting more than 81 percent of the population today compared to 48 percent in 2014, according to a yearly survey of living conditions conducted by three leading Venezuelan universities. Malnutrition and starvation now afflict the most vulnerable, the government has defaulted on its international debts, and the country has entered a hyperinflationary spiral.
Under these conditions, you would expect the MUD to win the upcoming 2018 presidential elections easily as voters punish the incumbent government that has led Venezuela astray. Not so. Maduro’s party swept the country’s 2017 gubernatorial races, seizing 18 of 23 governorships, and is now favored to