For more than six years, Venezuela's economy has been seriously declining. What caused it?

I think the reason for Venezuela's serious economic decline in the past six years is domestic inflation.

I remember when I first studied economics, I had a doubt. Since the country's economy is not developing well, why not print a lot of money so that the country will have more money? Later, I learned that there used to be the term inflation, because when you have more money, prices go up, and then there is inflation. Not only will it not bring improvement to the national economy, but it will make the national economy face a crisis and continue to slump.

The reason why Venezuela's economy is seriously declining now is that their currency is worthless. How did it become worthless? That's because of inflation. You know, once money becomes more, it is worthless. Maybe you can buy 10 Jin of rice with 10 yuan, but now you can only buy a piece of sugar with 10 yuan. This is the meaning of inflation, which has brought a more serious crisis to Venezuela.

In fact, Venezuela is also very rich, because when the oil price soared, Venezuela was very rich and the people's lives were very rich. But because Chavez was in power at that time, Chavez wanted to please the people and improve their welfare. As a result, this welfare was raised too high, which made it impossible to support welfare expenditure even when the oil price was high. As a result, after the oil price fell, there was no way to maintain fiscal expenditure, so Venezuela's resistance to the economic crisis decreased, and it could only choose to print a large number of banknotes, leading to inflation.

In addition, Venezuela has never had any savings, because if it has money, it will be spent directly. The only thing Venezuela can make money from is the export of energy, especially oil, the main raw material, but we know where the oil price has risen recently, as long as the price does not fall too much, it is already very good for these oil countries. Under the current epidemic situation, the demand for real balls in various countries continues to decline. Venezuela's domestic economy is also declining, and although they export oil, their mining technology is very backward. How can the economy not decline under such circumstances?