The Inflation Crisis and How to Resolve It

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In , thousands took to the streets to protest inflation and living conditions.

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The government cracked down on the protests, leaving at least 11 dead. In , opposition politicians won a majority in the legislature - the National Assembly - for the first time in nearly two decades. However, in , Venezuela's government stripped the National Assembly of powers to oversee the economy, and in March , the judicial branch briefly dissolved the National Assembly.

The court reversed its order due to the national and international outcry, but by then massive protests were already taking place. Protests left more than dead, and 1, arrested. Maduro also created the National Constituent Assembly in Since then, the crisis has continued. Millions of Venezuelans have fled soaring inflation, food and medicine shortages and unemployment. In , Maduro won a controversial election, boycotted by the majority of the opposition. At the beginning of this year, he was sworn in, with the opposition and many within the international community calling him an illegitimate leader.

After the inauguration, the National Assembly stepped up its pressure on Maduro, declaring him a "usurper". The body's president, Juan Guaido, said he is ready to assume power if its the will of the people, who he has called to take to the streets later this month. But despite the challenges, Maduro currently enjoys the support of the military, and the government controls through its supporters most of the country institutions, weakening any attempt by Guaido or the National Assembly from taking power from the president.

Maduro has repetitively denied that Venezuela is facing a humanitarian crisis and sustains that the country is being attacked by the opposition, the US and its allies. The president has also tried to continue with Chavez's policies, attempting to appeal to his supporters' base. Maduro insists that the election was legitimate and that the opposition boycotted it because it knew it would lose.

Supporters also argue that the legitimacy of these elections doesn't depend on international recognition. Supporters also believe that the opposition is trying to execute an agenda that will lead to more violence. But despite these challenges, people like Romero remain loyal to this regime and wish for it to continue.

The president controls all the powers, except that from the National Assembly, it also holds most of the governorates and the municipal councils.

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This leaves the opposition with the unique resource of violence," he added. Economic sanctions have also played a role in this conflict.

Five US refiners significantly reduced or completely replaced purchases of Venezuela crude in Venezuela exported , barrels per day to the US last year, down from , bpd in The opposition and its supporters believe they are living under a "dictatorship", and consider Maduro's government illegitimate. The group also declared itself in a state of "disobedience" in Venezuela's opposition blames the previous government of Hugo Chavez and the current one of Maduro for the economic woes the country is facing, the corruption, the violence in the streets and the constant mismanagement.

During the latest series of events, the Venezuelan opposition and a large part of the international community argued that Maduro's reelection last May was fraudulent and illegal due to irregularities in the process. By the time the election took place, most of the candidates who could have contended against the president were barred from running. On January 10, opposition leaders branded Maduro's second term as illegitimate and called for the National Assembly to declare the presidency vacant.

The Inflation Crisis, and How to Resolve It

He is not authorised to stay in power for six years, as it would be the case with an elected president," he added. Ronal Rodriguez, a professor and researcher at the University of Rosario's Venezuelan Observatory in Colombia, called the situation a "huge institutional mess". Supporters also believe the regime has left the country in miserable conditions. Diseases are increasing to the point of having paludism and tuberculosis, hospitals are in deplorable conditions. We've noticed internal cracks within the government and the military, the change is not too far ahead," he added. One of the biggest challenges facing Venezuelans is hyperinflation.

Hazlitt takes issue with Prof. Hayek's recent publications that embody similar proposals but carry them further in two important respects. First, Hayek favors a demonopolization of money and competition in currency supplied by private issuers. Hazlitt harbors grave doubts about the effects of unrestricted private-note issue. He points to the great variety of private currencies that circulated in the United States during the s and '40s, usually with disastrous results.

How Do You Fix the Inflation Problem in Argentina?

Second, Hayek seems to favor a "commodity reserve," or "market basket," standard in which money would consist of "different abstract units. To him, such a standard would provide a mere token money, redeemable in nothing and convertible to nothing. Indexed money is a "dream world currency.

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I find myself in full agreement with Hazlitt on the latter point and with Hayek on the former. To the libertarian reader, the controversy is bound to make for exciting reading. Jacob Sullum From the October issue. Eugene Volokh 9. Ilya Somin 9. Baylen Linnekin 9. Wendy Kaminer From the October issue. Free Speech. It took a jury 26 minutes to decide that Jonathan Vanderhagen wasn't guilty.

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Zuri Davis 9. Qualified Immunity. A court ruled that officers did not have enough information to know whether or not stealing violates the Constitution. Billy Binion 9. Jonathan Vanderhagen believes a judge doomed his son to an early death. The judge says Vanderhagen's Facebook posts were intimidating. War on Cameras. Officer Stephanie Branch arrested Avi Adelman for criminal trespass even though he was not doing anything illegal. Jacob Sullum 9. This vote is "a hopeful sign that the harmful policies of marijuana prohibition will soon be a relic of the past.

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