Why Markets Can Sit Out the Drama in Venezuela
Sadly, the country has become such a basket case that a shock has little wider impact.
Venezuela isn’t what it used to be. Neither is oil.
Source: Bloomberg
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The revived Monroe Doctrine has felled Nicolas Maduro of Venezuela. It’s an extraordinary development by almost any yardstick — an audacious US military attack to kidnap the president of a sovereign power, bringing one of the world’s nastier and more incompetent dictatorships to an end. And it’s almost exactly the opposite of what Americans thought they were voting for when they elected an avowed non-interventionist. It smacks instead of the more swashbuckling approach under Ronald Reagan in the 1980s.