Behind the Food Lines in Venezuela: Private Sector Siphons Off $259 Billion

What is behind the food lines in Venezuela?

Venezuela’s opposition says that the reason there are shortages is that the government let production fall.But 100 years of oil have meant that Venezuelan businesses forgot how to produce a long time ago.  Agriculture fell into abandon, almost everything was imported.

So what’s the cause of the current crisis?  Many think the key is this. The Great Import Scam.

By getting cheap dollars from the central bank, playing on the growing gap in the exchange rates, and lying about what they really import, Venezuela’s private sector elite siphoned off as much as a staggering 259 billion dollars of public money between 2003 and 2013 … more than the total annual GDP of Venezuela  …

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