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Venezuela’s Economic Collapse

The so-called “Socialist Paradise” of Venezuela is on the brink of economic collapse. Rampant price controls, falling oil prices, expanding money supplies and excessive government force have created a situation where the entire population is suffering, and there doesn’t appear to be any respite in sight.  

On-the-ground reports and videos show Venezuelan consumers lining up blocks at a time to purchase the basic necessities: rice, baby diapers, toilet paper and bread. Sometimes, however, the lineups get too large that by the time the last person arrives to the front door of a supermarket either it is closed or the supplies have been eviscerated and they have to resort to starvation. (Source: Economic Collapse News)

St. Croix, US Virgin Islands Economic Future?

What is the Irony in the current predicament of both St. Croix, USVI economic ambiguous picture, and what we see playing out Venezuela and its economic collapse? Once upon time an oil rich producing country, and one of the USVI major investors Venezuela's PDVSA (50% ownership in HOVENSA) Economic Collapse.  St. Croix economic depression and the reality of Governor Mapp statement "VI Government is on the brink of financial collapse", as stated during his first State of the Territory Address. How concern should the people of the USVI be right now as we watch things unfold in Venezuela? The closure of Hovensa was it the inevitable giving the current oil market conditions?

Venezuela a major socialist country and a policy of BIG government and failed social programs and anti-capitalism posture. An now there is the USVI, a US Territory very dependent on federal government program assistance from Washington DC. Historically the VI Government has always been the largest employer in the territory (more so on the island of St. Croix, with HOVENSA being the second largest employer, but the largest private sector employer), HOVENSA now shuttered all due to oil markets and oil prices. The demise of a once prosperous nation due to its rich natural resources (oil), but a dis-functional government model and policies, and a clear lack of or contrast to a private sector driven model and capitalistic disposition.  Is there a coincidental and parallel under current at play in the USVI?  We can no longer afford to ignore the signs, of a failed BIG government model and approach the in pending potential government collapse according to Governor Mapp.

The USVI is in a very unique position and have always had at its door step unique opportunities to tie into and inter-connect with the rest of the Caribbean region economy,  to be a leader in the Caribbean and Latin America region, because of its affiliations with the US Economy, and private sector capitalism policies and resources at its disposal. The private sector is the largest employer and the engine behind the US long standing economic power, success and prosperity. We must adopt this mentally and approach if there is any hope for a future turnaround of these beloved US territories.  We must do everything within our power and capacity to promote, foster laws and policies that will attract and encourage private investments, development and growth with a since of urgency. We must do things differently to be forward thinking, progressive and innovative to pull ourselves out of the economic abyss. It is in the government and the people of the USVI best interest to be pro business and a willing partner to recover economically.  We must explore new markets opportunities throughout the Caribbean- Latin America trading bloc, forging new strategic partnership, joint-venture, affiliations from the Caribbean-Latin America region looking to do business in the US.

It will be the opinion and outlook of many Virgin Islanders whats happening in Venezuela will not happen in the US Virgin Islands, and that may be true on many levels for the broader territory, but on the island of St. Croix there are traits and degrees of similar characteristics to the economic meltdown taking place in Venezuela.  Lets pay close attention to whats happening throughout the region.  The Venezuela economic collapse will be the many topic of discussion on SEDI Economic Roundtable & The Marketplace radio show Monday, 2, 2015 12:30pm to 2:30pm (AST) on AM 970 WSTX and the Kalalloo Network.