Graphic Truth: How Bad Is Venezuela's Collapse?

Graphic Truth: How Bad Is Venezuela's Collapse?

Low oil prices, economic mismanagement, and political uncertainty have plunged Venezuela into an economic tailspin virtually unknown among countries during peacetime. By the end of this year, Venezuela's economy will have shrunk by 63 percent since the current political crisis erupted in 2016. Here's how that drop compares with other notable economic collapses over the past century.

Over the next decade, Walmart's $350 billion investment in U.S. manufacturing has the potential to:

  • Support more than 750,000 new American jobs.
  • Avoid more than 100M metric tons of CO2 emissions by working with suppliers to shift to U.S. manufacturing.
  • Advance the growth of U.S.-based suppliers.
  • Provide opportunities for more than 9,000 entrepreneurs to become Walmart suppliers and sellers through Walmart's annual Open Call.

A few days ago, cyber criminals hacked into one of the largest oil pipelines in the US, which halted operations after its corporate IT network was knocked offline. If the engineers don't fix the system on their own or the owners cough up the ransom that the hackers are demanding, millions of Americans will soon feel the heat of cybercrime in their daily lives, through higher prices at the gas pump.

Who pulled off this attack, and what does it tell us about the vulnerability of critical infrastructure and the rules (or lack thereof) in cyber conflict today?

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Putin orders review of gun laws after school shooting: Details remain sketchy following a shooting at a school in the Russian city of Kazan. At least seven children and one teacher were killed, and a 19-year-old has been arrested, according to local officials. In response to the attack, President Vladimir Putin "gave an order to urgently work out a new provision concerning the types of weapons that can be in civilian hands, taking into account the weapon" used in this shooting, according to a Kremlin spokesman. There's an irony here that extends to the United States, where school shootings are all too common. In 2018, a Russian woman named Maria Butina pleaded guilty to using the National Rifle Association, the gun rights lobbying group, to "establish unofficial lines of communication with Americans having power and influence over American politics." At the time, Putin described Butina's 18-year sentence as an "outrage." The NRA, of course, works hard to prevent Congress and the president from taking precisely the kinds of actions that Putin swiftly ordered following the shooting in Kazan.

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13,000: Around 13,000 migrants from North Africa have landed in Italy so far this year, three times as many as in the same period in 2020. Prime Minister Mario Draghi has denied a media report that Italy wanted the European Union to pay Libya to stop those migrants from leaving for the EU from its shores.

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In January 2021, after India got its vaccination program underway, Prime Minister Narendra Modi declared victory over "controlling corona" at the World Economic Forum. But within weeks, those words would come back to haunt him. Ian Bremmer asks Delhi-based journalist Barkha Dutt what she thinks went wrong. "I think the complacency set in because, as a percentage of infections, the fatalities seemed to be not as high as the rest of the world… but it doesn't explain to me why we should've got lulled into not needing contingencies." Their discussion about India's COVID crisis is featured on an episode of GZERO World, airing on US public television.

Watch the episode: India's COVID calamity

Israel strikes Gaza after Hamas rockets: Things escalated very quickly on Monday in Jerusalem. For weeks, violent clashes between Israeli police and Palestinians over tensions surrounding access to the Old City and Al-Aqsa Mosque, as well as an anticipated verdict in the eviction of several Palestinian families from East Jerusalem's Sheikh Jarrah neighborhood, spread throughout the city. While Israeli police used heavy force to crack down on Palestinians throwing rocks and launching fireworks, the Hamas militant group in the Gaza Strip used the clashes as a pretext to launch a barrage of rockets into Israel. Hamas usually restricts its reach to southern Israel, but this time it launched dozens of rockets into Jerusalem, causing a mass evacuation of the Knesset, Israel's parliament. Israel responded swiftly Monday by bombing the Gaza Strip, resulting in at least 24 Palestinian deaths, including nine children. Since then, Hamas has fired at least 250 rockets into Israel, including several that landed on houses in southern Israel, while Israeli forces have struck 140 targets in the Gaza Strip. For now, both sides appear to be preparing for a massive escalation, raising fears of an outright war.

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The US federal government is gearing up to spend a lot of money these days. So far, to cushion the blow of the pandemic, Washington has already parted with $5 trillion in the form of direct payments to households, forgivable loans to businesses, and other support including aid to state governments. And more is coming.

President Joe Biden has proposed another $4 trillion in federal funds for physical and "human" infrastructure, some of which would create income support and social spending programs that would last well beyond the pandemic.

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There's never a great time to impose higher taxes on funeral services — but doing it in the middle of a raging pandemic is an especially bad move. Yet that was one of a number of measures that the Colombian government proposed last week in a controversial new tax bill that has provoked the country's largest and most violent protests in decades.

In the days since, the finance minister has resigned, the tax reform has been pulled, and President Iván Duque has called for fresh dialogue with activists, union leaders, and opposition politicians.

But demonstrations, vandalism, and deadly clashes with police have only intensified. Two dozen people are dead, 40 are missing, and the UN has criticized Colombian police for their heavy-handed response.

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The GZERO World Podcast with Ian Bremmer. Listen now.

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The GZERO World Podcast with Ian Bremmer. Listen now.

GZEROMEDIA

Subscribe to GZERO Media's newsletter: Signal