Commerce Sec. Wilbur Ross Says U.S. Will Support Economic Restructuring of Venezuela

Nick Kangadis | August 2, 2019
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It looks like the Trump administration could back up their previous talk of supporting opposition leadership, namely the “internationally recognized government” of Juan Guaido, in rebuilding Venezuela once the socialist regime of Nicolas Maduro is removed.

U.S. Commerce Secretary Wilbur Ross made comments during a round table discussion about Venezuela on Thursday.

According to Reuters:

In the long term, however, Venezuela has 300 billion barrels of oil, gold and other mineral riches to rebuild its economy, he told the gathering of infrastructure company executives in Brasilia.

Ross said the “terrible” mismanagement of the economy by socialist governments had to be reversed first by boosting private enterprise and investment to later restore sustainable growth with an infusion of capital and management skills to rehabilitate the oil, gas and electricity industries.

With those kinds of resources, especially that amount of resources, just goes to show what socialism can do to a country flush with said resources. The state takes over production and distribution of pretty much everything and they keep the wealth for themselves. It’s textbook champagne socialism.

For those that have blamed the U.S. in the past for the downfall of Venezuela because of the sanctions imposed that have restricted Venezuelan access to U.S. debt and equity markets, Ross addressed some of the actions the U.S. could carry out in order to help Venezuela build themselves back up.

“For immediate relief, the United States will ease sanctions, promote domestic and international trade credit, deploy technological advisers and engage international financial institutions to rebuild confidence in Venezuela’s new economic policies,” Ross said.

Hopefully, Guaido’s government will take the place of the Maduro-led government before there’s any more bloodshed.

It was reported last month that the Maduro-led government killed over 5,000 people in 2018 and over 2,000 more “from January to May this year.” The reason for the murders, as classified by the Maduro government, were reportedly because of “resistance to authority.”