The David McWilliams Podcast After Maduro: Who Really Runs Venezuela Now? with Juan Tokatlian
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Jan 6, 2026 
Join Juan Tokatlian, a seasoned Latin America analyst, as he unpacks the aftermath of Nicolás Maduro's removal in Venezuela. He reveals the concept of a U.S.-managed protectorate, where Washington engages directly with the military and Chavista elite. Topics include the shift from drug operations to oil dependencies, and the implications for regional politics with tensions involving China and Russia. Tokatlian delineates fears among Latin American nations and discusses the potential for historical parallels to play out again, highlighting a precarious future.
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17th-Century Merchant-State Parallel
- David McWilliams links recent US actions in Venezuela to 17th-century merchant-state ventures like the East India Companies.
- He argues the US is fusing corporate profit motives with state power to enforce commercial claims abroad.
Change Of Presidency, Not Regime
- Juan Tokatlian describes the Venezuela operation as a change of presidency, not yet regime change.
- He says the US aims to negotiate with whoever holds real power: the military and the Chavista elite.
Protectorate Experiment In Latin America
- Juan warns the US appears to be experimenting with a protectorate model: negotiating with local power-holders while threatening a 'second round' of force.
- He calls this a dramatic shift in US–Latin America relations with fragile bargains.
