All of Latin America is in trouble but Venezuela stands out in a way that cannot be ignored. What happens in Venezuela will have a profound effect on the rest of Latin America and the world. The Bolivarian Revolution of Hugo Chavez is under vicious attacks by the domestic oligarchy and the oligarchs are willing to destroy the country in order to win; they also have the unconditional support of London and Wall Street bankers.

Venezuela is a beautiful country whose name means little Venice. It was named Venezuela by Amerigo Vespucci, an Italian explorer in the service of Spain. It is claimed that Amerigo saw houses on stilts on Lake Macaraibo as in Venice and thus came about the name. Others claim that it was named for an Indian tribe of similar name. Whichever story is true, Venezuela is a significant country of Latin America and the world. ( Incidentally, the “Americas” were named after Amerigo Vespucci in early 1500.)

Venezuela is a fairly large country with an area of over 900,000 square kilometers and a population of over 33 million people. It is very rich in natural resources, especially oil, minerals, and land with multiple bio-diversity. President Hugo Chavez changed the character of the country. His Bolivarian Revolution enacted programs that benefited the people. The oligarchy went berserk and attempted a coup d’état in 2002 that failed. He nationalized the Venezuelan oil company and returned gold from abroad. Unfortunately, he died in 2012. Nicholas Maduro, a former foreign minister, was elected president.

In 2014, the price of petroleum collapsed, hitting Venezuela very hard. The oligarchs, or the fifth column and their external supporters rejoiced. Shortages occurred of basic consumer goods such as toilet paper, the result of private corporations hoarding them. Revenues of the government collapsed because the price of oil had collapsed. Inflation ensued and shortages of goods worsened. The value of the Venezuelan currency, the Bolivar, collapsed. Opposition of the lower house of the Venezuelan Congress was won by the oligarchs. The oligarchs want privatization, austerity, and the impeachment of President Maduro. External forces are so happy and they are doing all they can to overthrow the Bolivarian Revolution of Hugo Chavez.

Will they succeed? It is difficult to say, because, since the Bolivarian Revolution, the Venezuelan people are politically awake. They will demand and protect their rights, so the Fifth Column must be careful, because a true revolution might arise that will sweep the oligarchs into the dustbin of history. The people know that the economic depression is due to the collapse of the price of oil which may have been engineered by the same forces who want to destroy Russia. Subsequent shortages of goods caused by private corporations in order to destroy the Bolivarian Revolution. The same process is going on in Brazil with the impeachment of President Dilma Rousseff. The real revolution might just be around the corner, not only in Venezuela, but in Brazil and the rest of Latin America and the Caribbean. Ne te rindas, Venezuela. Only time will tell.