Opinion: Venezuela is truly on the verge of collapse
By Francisco Toro Francisco Toro Email Bio March 10 at 7:59 PM Venezuela watchers have been talking about the “collapse” of the country for a long time. They were mainly using the word metaphorically, applying it to statistical oddities such as fast declines in oil production, big spikes in infant mortality and skyrocketing prices. But since Thursday, Venezuela’s collapse has taken a turn to the literal, as an all-encompassing nationwide blackout has brought the country close to a standstill.
The economy has simply stopped operating. Due to hyperinflation, the country is chronically low on paper money: The Venezuelan central bank just can’t keep up with the demand for bills of larger and larger denominations. As a result, the vast bulk of payments are made electronically — point-of-sale transactions using debit cards and Venmo-like bank transfers have been the only practical way to pay for things for years. With the power system out, you literally can’t access money.
To the millions of Venezuelans who have left the country fleeing its myriad dysfunctions, the past few days have been especially hair-raising. For many, it has simply been impossible to contact their loved ones back home at all. To make matters worse, in many families, it was the young people at the peak of their working lives who fled the country, reasoning they’d be best placed to get jobs and send money back home.
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