Venezuela’s Crisis Now Worst than US Great Depression

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The collapse of Venezuela’s economy is acquiring historical profiles, which equal or surpass the Great Depression suffered by the United States between 1929 and 1939, according to the economist Gerver Torres, who delivered a lecture recently entitled Venezuela: Towards National Reconstruction.  The conference was presented by Barnett Capital Advisors’ directors Andrés Sotillo, José Daniel Carrillo and Rodrigo Fernández.

Torres said the country has entered unknown territories, such as hyperinflation and an escalation of multiple crises, from which it can only come out with international aid.

The economist, who is currently a researcher at the Gallup Company and is a Senior Associate at the Center for Strategic and International Studies (CSIS) in Washington, DC, said there is no way to stabilize Venezuela’s economy without proper international assistance, so he believes that a program of restructuring the external debt, together with the International Monetary Fund, will be almost a mandatory step towards the reconstruction of the Venezuelan economy.

Among other topics discussed during the conference, Torres talked about the tasks that in the medium and long term will have to be taken in Venezuela regarding social issues, such as the reunification of the country as a people, the massive redistribution of power, the destabilization of the society, the institutionalization of the country and citizen empowerment, including the emphasis on individuals assuming responsibility.

Likewise, Torres considers it of the utmost importance that private capital be mobilized towards all productive areas, and that Venezuela must assume a rapid and effective integration, not only with Latin America, but also with the rest of the world.

The conference was held at the University of Miami’s Robert and Judi Prokop Newman Alumni Center. It ended with a round of questions by the attendees and a press conference with various national and international news media and news agencies.

The keynote speech was organized by Barnett Capital Advisors, and also had the sponsorship of the Venezuelan Business Club, Luster magazine, Gerais Jewelry and the law firm Díaz and Reus.

About Gerver Torres

Torres has also been a member of the Board of Directors of the International Monetary Fund, and a consultant to institutions such as the World Bank, the Inter-American Development Bank and the United Nations on issues such as the social impact of economic reforms.

About Barnett Capital Advisors

Barnett Capital Advisors is an independent asset management firm dedicated to providing unbiased advice, strategic planning and smart investment strategies. Our financial planners incorporate all the financial aspects of our clients’ lives and develop a personalized roadmap that details the steps necessary for the desired results.


SOURCE Barnett Capital Advisors

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