Venezuela is on the Verge of Collapse

Venezuela is on a rapid and precipitous decline. You might even say, as my guest today Francisco Toro wrote in a recent piece in the Atlantic that Venezuela is falling apart. Between food, fuel, medicine and commodity shortages, corruption and rampant crime, this one-time middle income country is struggling mightily. There's an incipient humanitarian crisis and instability of Valenzuela could effect the entire region.

Fransisco Toro is the proprietor of the blog Caracas Chronicles and co-authored the Atlantic piece, with Moises Naim, who many of you probably know and was a guest on this very show last year. The piece very succinctly describes the causes and consequences of Venezuela's collapse and begins with an very telling anecdote about toilet paper.