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Gaming out a US-Venezuela war with ambassador James Story
The Trump administration is ramping up pressure on Venezuela, with the USS Gerald R. Ford deployed to the region, CIA covert operations approved by the White House, and strikes on suspected narco‑trafficking vessels attributed to Caracas. Many analysts now see regime change as the ultimate goal. On the GZERO World Podcast, Ian Bremmer and former US Ambassador James Story game out what a US intervention in Venezuela might look like—and more importantly, how the US would manage the aftermath.
Story points out that while removing Nicolás Maduro may sound feasible, rebuilding Venezuela’s institutions, economy and social fabric would be far harder. “The country is a failed state,” he says. “You’re going to need the military to help you secure peace while you rebuild.” As Washington talks of sanction relief and diplomatic pressure, Story asks: does the US have the capability, resources or will to stay for the long haul?
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Could the US pull another Panama in Venezuela?
In the latest “Ian Explains,” Bremmer traces the US invasion of Panama in 1989. He then asks: how is Venezuela different?
Well, it's bigger, more oil‑rich, more chaotic. With recent US deployments at sea and covert operations inside Caracas, the risk of escalation is real. While regime change may be tempting, Bremmer reminds us that the success of an intervention depends not just on toppling a leader, but on what comes next.
GZERO World with Ian Bremmer, the award-winning weekly global affairs series, airs nationwide on US public television stations (check local listings).
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Trump’s risky Venezuela strategy, explained
So the United States is gearing up for what looks like regime change. And I think it's a bad idea.
Don’t get me wrong, I’d love to see the back of Maduro. He’s a brutal dictator who's rigged elections, destroyed Venezuela's economy, overseen a humanitarian catastrophe that's displaced 9 million people, and turned his country into a narco-state playground for transnational cartels and Cuban intelligence. The opposition leader María Corina Machado is a genuine democrat who won the Nobel Peace Prize this year. Her running mate Edmundo González won last year's presidential election in a landslide that Maduro brazenly stole.
If we lived in a world where removing tyrants by force was very likely to produce better outcomes, I'd be all for it. But we don’t live in that world.
The 1989 Panama regime-change intervention gets trotted out as the model to emulate here – quick, surgical, successful. Remove Manuel Noriega, restore an elected government, get out. But Venezuela is not Panama.
Panama had 2.5 million people; Venezuela has nearly 30 million. Panama is tiny; Venezuela spans a territory the size of Texas and Oklahoma combined. The US had deep knowledge of Panamanian politics and faced minimal armed resistance; even then, the operation killed hundreds of civilians and left lasting scars.
Venezuela is far more complicated. It's got a heavily armed, economically entrenched, Cuban-supported military apparatus. Dissident FARC units. The ELN. Hezbollah. The Tren de Aragua gang. Armed colectivos loyal to the regime. And American intelligence on the ground has been spotty – which is why, despite months of military buildup, the US has mostly been blowing up fishing boats it claims are running cocaine, killing over 80 people since September without much evidence to show for it (and with little legal justification).
The Trump administration's theory of victory is that targeted strikes will crack Maduro's inner circle. Hit enough cartel assets, maybe take out figures like Iván Hernández Dala – who runs military counterintelligence and is responsible for kidnapping Americans – and senior military leaders will do the math and push Maduro out.
It's not crazy. These guys aren't ideologues; they're in it for money, power, and – ultimately – survival. Change their risk calculus enough and maybe Defense Minister Vladimir Padrino López or other top brass decide Maduro isn't worth dying for.
But if that pressure campaign fails – and history suggests it will – Trump will face pressure from Rubio and CIA Director John Ratcliffe to escalate by targeting Maduro directly. A full ground invasion remains off the table despite Trump saying Monday that he doesn't "rule anything out." The president wants to avoid the political costs of a botched operation or a lengthy quagmire; he’s increasingly comfortable with limited strikes à la Iran.
But then what? Even if the US manages to force Maduro out, the most likely outcome is an internal transition. Someone from the regime takes over, probably from the military or existing power structure. Maybe it's Vice President Delcy Rodríguez or her brother Jorge, the National Assembly president. They're no democrats but they’re pragmatic, have negotiated with Washington before, and could potentially mend fences while keeping enough of the state apparatus functioning to prevent anarchy.
Getting from that to an actual opposition-led government with Machado or González at the helm? That's the hard part. It requires street pressure, contentious negotiations, and credible guarantees for the security apparatus – you know, the guys currently running drugs, torturing regime critics, and starving millions of their fellow citizens. Some need to stay for the sake of stability; others need to go because of their crimes. Who decides which is which? Who enforces it?
Not Machado, who has moral authority but no armed forces and limited organizational capacity on the ground. When I interviewed her on GZERO World earlier this year, she told me she has plans for the first 100 hours and the first 100 days of a transition. But Ambassador James Story, who served as US Ambassador to Venezuela from 2018 to 2023, thinks Machado needs to be much more public about her plans for regime figures. "There needs to be a plan in place that says when we change, not everybody is gonna be out," he told me. “De-Baathification was a disaster.” No matter how unpalatable it sounds, some form of amnesty or integration will be necessary.
This is where the "anything is better than Maduro" argument falls apart. Not because Maduro doesn't deserve to go – he does. But because US-led regime change risks creating the kind of chaos that produces more refugee flows, more drug trafficking, and more regional instability. Iraq taught us that toppling a dictator is easy; building a functioning state is hard. Libya taught us that even "leading from behind" can produce chaos. Afghanistan taught us that twenty years and trillions of dollars can't conjure competent governance from scratch.
Now, Venezuela isn’t Iraq or Libya. The country is not riven by deep ethnic, religious, or sectarian cleavages. Any violence following Maduro's fall would likely be short-lived, rather than a protracted civil war. But the underlying problem remains: removing a dictator creates a vacuum, and vacuums get filled by whoever has the most organization and firepower. Not necessarily by the people with the best democratic credentials.
These are risks the Trump team doesn’t seem equipped to manage. Rubio is a true believer who sees Caracas as the linchpin for toppling the regimes in Cuba and Nicaragua – a domino theory for the 21st century. Trump himself is uncomfortable with prolonged foreign entanglements and wants quick wins he can sell to his MAGA base. That's a recipe for going in hard, declaring victory prematurely, and leaving a mess behind.
What Venezuela needs is a multilateral diplomatic solution with buy-in from Brazil, Colombia, and other regional players. Back-channel negotiations to guarantee safe exit for regime figures. A phased transition roadmap – the kind that worked in Brazil and Uruguay – that brings in opposition leadership gradually while keeping enough institutions functional. And a commitment to stick around – diplomatically, economically, maybe even with security assistance – for years, not months. Does any of that sound like Trump 2.0 to you?
There's one asterisk. Trump's Gaza ceasefire, like the Abraham Accords during his first term, showed that the president can occasionally pull off complex diplomatic breakthroughs when he's personally invested and has capable people executing. Maybe – and it’s a big maybe – Venezuela could become that if Trump sees it as legacy-defining. But stacking maybes on top of maybes isn't a bankable strategy.
Even as it has ramped up preparations for military escalation, the White House has simultaneously reopened negotiations with Maduro – "I talk to anybody," Trump told reporters Monday, though he rejected Maduro’s offer to step down after a two-to-three-year transition. It’s classic Trump: maximize pressure while keeping diplomatic options open. But if talks fail – and they probably will – the massive buildup leaves him little choice but to strike, likely before the year’s end.
So here we are. Maduro needs to go. But we've seen this movie before, and it doesn't end well.
Putin wants Trump to DO IT
Who's "quagmire"? #puppetregime
Watch more PUPPET REGIME!
Venezuela's President Nicolas Maduro reacts after shooting an arrow during a rally on the Day of Indigenous Resistance, his first public appearance after opposition leader Maria Corina Machado was awarded the Nobel Peace Prize, in Caracas, Venezuela, on October 12, 2025.
What We’re Watching: Venezuela clamps down on dissidents, Democrats celebrate election successes, Leading economist warns of triple bubble
Venezuela’s Maduro turns the screws as Trump ponders regime change
Amid intensifying US attacks on alleged Venezuela-linked drug trafficking boats in the Caribbean, Venezuelan strongman Nicolás Maduro is cracking down on dissent at home. The largest US military buildup in the Caribbean in decades has raised concerns that US President Donald Trump may seek to knock Maduro out of power altogether. Maduro — who remains deeply unpopular after evidently rigging last year’s presidential election — has deployed loyalist vigilantes to police dissent and arrested dozens more critics. (For more on this see our latest “Debrief” with Eurasia Group’s Venezuela expert Risa Grais-Targow here.)
Democrats celebrate a good election night
As Democrats plot a path back to power in next year’s midterms, last night’s local election results give them much to chew over. First, voters in California authorized a redistricting that gives Dems a shot to overturn five GOP-held seats. Second, centrist Democrats comfortably won the gubernatorial races in New Jersey and Virginia, while voters in swing-state Pennsylvania re-elected three liberal state Supreme Court justices. A key factor in VA and NJ was that voters of color who had voted for Trump in 2024 swung back to the Democrats. Lastly, of course, democratic socialist Zohran Mamdani’s victory in the New York mayoral race will intensify internal party debates about whether to double down on centrism or populism.
Leading economist warns of three big bubbles
Is the world economy about to take a bubble bath? The head of the World Economic Forum has warned of three potentially crippling financial market bubbles: in crypto, in AI, and in public debt. If any of the three bursts — that is, if a critical mass of investors think they are overvalued and start a mass sell 0ff – we could be in for a world of hurt. Goldman Sachs CEO David Solomon and JP Morgan Chase CEO Jamie Dimon have both recently warned of a coming market correction. The WEF comments came amid a brief selloff yesterday in tech stocks over concerns about over-investment in AI.
Trump wouldn't actually invade Venezuela...would he?
President Trump reportedly hasn't yet decided whether or not to invade Venezuela. But the fact that a man who got elected on ending endless wars is even considering waging war in the Western hemisphere is remarkable. How did we get here, and what happens next? Eurasia Group's Risa Grais-Targow breaks it down in the latest episode of #TheDebrief
Trump's been cagey on whether or not the US will go to war with Venezuela, but would he? Here's how it could happen and why.
So here's the context. Trump has started taking the war on drugs literally. You've probably seen US strikes on boats in the Caribbean allegedly carrying drugs, an issue that plays well with Trump's base in both red states and swing states and makes Democrats look weak. There's also concerns around migration flows, an issue that is very important for key advisors like Stephen Miller within the cabinet.
But this is about more than appearing tough on drugs and immigration. It's also about regime change. Ousting President Nicolas Maduro is unfinished business from Trump's first term and a key priority for Secretary of State, Marco Rubio.
There's also an element of psychological warfare here. You have a massive US military buildup just off the coast of Venezuela aimed at getting in Maduro's head, and it just might work.
Geopolitics are also key here. Trump is keen to show China that the US is strong in its backyard, Latin America, as we saw with his moves related to the Panama Canal earlier this year. He's also taking advantage of the fact that Maduro's typical allies, Russia, Iran, China, are either weak or distracted and are unlikely to come to his rescue. All of this suggests that the US may be readying for moves against Venezuela.
Obviously, US war with Venezuela would be a huge deal, but it's also about short-term political wins versus a long-term strategy, and that means that it could escalate very quickly.There's also competing interests within Trump's cabinet. For Stephen Miller, this is about testing the limits of presidential power while Rubio is more focused on toppling a leftist regime in the region that he sees as propping up other leftist regimes, including Cuba and Nicaragua.
Then there's Trump himself, who may or may not lose interest, especially if this is something that's not going to deliver a quick win.
So which way is this going to go? Here are a few things to look out for. The first is an escalation of "Maduro Must Go" rhetoric coming from the White House, something that we're just starting to see. The second is a broader campaign against cartels in the region that shifts the US focus to other countries like Mexico and Colombia.
Finally, there's strikes within Venezuelan territory itself, which could put the US on a clear path to escalation, at which point we may be past the point of no return. And unfortunately, the thing about a point of no return is that you don't always know you're there until you've passed it.
Farmers proceed to their fields for cultivation under Nigerian Army escort while departing Dikwa town in Borno State, Nigeria, on August 27, 2025. Despite the threat of insurgent attacks, farmers in Borno are gradually returning to their farmlands under military escort, often spending limited time on cultivation.
What We’re Watching: Trump threatens Nigeria, Jihadis surround Mali’s capital, Latin Americans back US-led regime change in Venezuela
Trump threatens hit on Nigeria over plight of Christians
US President Donald Trump on Saturday threatened military action against Nigeria, Africa’s most populous country, over the government’s alleged failure to protect Christian communities, who make up nearly half of the country’s 231 million people. Nigerian President Bola Tinubu rejected the claims, which echo a growing concern about anti-Christian violence among the American right, though his adviser said he’d “welcome US assistance” in combating jihadist insurgencies such as ISWAP, which have targeted Christian communities. In addition, there has been a surge in sectarian violence in Nigeria this year, a result of intensifying competition for land and resources between farmers, who are typically Christian, and herders, who are mostly Muslim.
Mali on verge of succumbing to jihadis
Meanwhile, in nearby Mali, jihadis have surrounded and blockaded the capital of Bamako, starving the city’s four million residents of fuel. The militants are now on the cusp of taking power from the Russian-backed military junta there. This is the latest twist in a 13-year long conflict that has featured three military coups, a French invasion, a Russian intervention, a French withdrawal, and a notorious jihadi leader nicknamed “One-Eyed Nelson.” The rise of an ultraconservative jihadist caliphate would subject Mali’s people – especially its women – to immense hardship, while also threatening to create a fresh refugee crisis that could ripple towards Europe. It would also mark a fresh setback for Russia, and could boost jihadist groups that have sprouted in neighboring Burkina Faso and Niger.
Split-screen on regime change in Venezuela
Nearly half of Americans oppose US-led regime change in Venezuela, and just 18% support it, a YouGov poll says. But people in the region see things differently, according to a multi-country Bloomberg study that shows 53% of respondents want Tío Sam to knock out Venezuelan strongman Nicolás Maduro. Mexico is the only country where opposition surpasses support for the idea. Within Venezuela? A plurality said they “don’t know.” The US has recently been striking boats it says belong to drug traffickers tied to the Venezuelan regime. But with more US warships in the region than at any time since the 1989-1990 invasion of Panamá, many are wondering if Maduro’s regime itself is the eventual target. (For more on what that could look like, see here.)
Trump hits oil states
Listen: US President Donald Trump has been piling the pressure on Russia and Venezuela in recent weeks. He placed sanctions on Russia’s two largest oil firms and bolstered the country’s military presence around Venezuela – while continuing to bomb ships coming off Venezuela’s shores. But what exactly are Trump’s goals? And can he achieve them? And how are Russia and Venezuela, two of the largest oil producers in the world, responding?
GZERO reporters Zac Weisz and Riley Callanan discuss.