The David McWilliams Podcast What's Really Going on In Venezuela? Oil, Empire & the Next Proxy War
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Dec 30, 2025 
Juan Gabriel Tokatlian, an Argentine professor of international relations, dives deep into Venezuela's descent from wealth to chaos. He discusses how oil dependency, government corruption, and mismanagement under Maduro triggered mass migration without armed conflict. The conversation explores the volatility of US-Venezuelan relations, potential regime change, and the implications for neighboring Cuba. Tokatlian highlights regional reactions to US military presence, warning that any invasion could unify Latin America against further American interventions.
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Cal's Cuban Hustle
- David McWilliams describes his son Cal's transition-year schooling in Cuba and scrapping to survive amid shortages.
- Cal traded KLM crew internet cards to sell locally and learned how scarcity drives hustling.
Oil Dependency Undermined Venezuela
- Venezuela's wealth depended overwhelmingly on oil and weakening oil investment gutted its economy.
- Hugo Chávez's participatory democracy reforms briefly reduced inequality but were unsustainable amid corruption and falling oil capacity.
Collapse Fueled Mass Migration
- The post-Chávez era saw entrenched corruption, growing military influence, and collapsing public services that triggered mass migration.
- By 2019 remittances helped but could not stop hyperinflation and job losses that drove millions abroad.