Key ideas from Ricardo Hausmann

• Venezuela was the world's largest oil exporter from 1929-1965 and fastest growing country globally for 60 years before collapse
• "The biggest economic collapse that ever happened in human history outside of wars" - Ricardo Hausmann on Venezuela's recent crisis
• Venezuelan engineers increased Colombian oil field production from 30,000 to 250,000 barrels daily after being expelled from Venezuela
• Maduro lost the 2024 election 70-30 despite preventing 8 million Venezuelans abroad from voting
• Venezuela's oil production capacity fell from 1.3 million barrels daily refining to under 100,000 barrels today
• The government spent as if oil was $200/barrel in 2012 when it was only $100, borrowing heavily before the collapse
• Eight million Venezuelans left the country during the economic collapse, representing massive human capital flight
• Current oil law requires 51% state ownership in joint ventures, but the state oil company is broke and in default