UNITED STATES overt or covert intervention in regime change had brought a legacy of a string of failures in many countries. For whatever reasons – whether it is a corrupt or autocratic regime, Taliban, Muslim fundamentalism, or socialism as a preferred choice of governance – troops deployment and economic and financial sanctions towards a nation should not and must not be employed, as it will destroy a nation and bring untold sufferings to its people. This is the case in the current socio-economic-political crisis in Venezuela.

Over the last few decades, the US has succeeded in intervening and toppling leaders not aligned to its policies, but the countries end in anarchy and even as failed states. Examples are aplenty. In the Middle East, Africa and Asia, the countries are Iraq, Libya, Sudan, Afghanistan, Syria and Pakistan. Dated even earlier in history from almost a century ago, US-backed military coups and corporate plundering have led to poverty, instability and violence in Latin American countries such as Guatemala, El Salvador, Honduras, Chile, Haiti, Nicaragua, Grenada and Colombia.

The current political crisis in Venezuela is very complex. Nicolas Maduro’s election as the president in May 2018 was controversial, with many opposition parties not participating for reasons of alleged unfair electoral system and rigging. Maduro, a protégé of the late Hugo Chavez, is supported by Russia, Cuba, Mexico, Iran, Uruguay and Bolivia. On January 23, National Assembly speaker Juan Guaido declared himself as the nation’s president, and within minutes the US declared support for him. Canada, Britain and a number of Latin American countries backed by the US also declared support.

President Maduro has severed diplomatic relation with the US and ordered their diplomats out of the country. Guaido responded by asking US diplomats to stay, and the Trump administration gave similar instruction, along with the threat: “All options are on the table.”

It is hoped that the US is not foolish to send troops to Venezuela, as doing so will be illegal. Neither does the Maduro government deserve support because it has been denounced for crimes against humanity and corruption. On the other hand, Guaido’s self-declaration as the president seems directed by the US that is motivated by the nation having the highest proven oil reserve.

Meanwhile, Venezuela’s economy is in a tailspin. The country is currently fraught with hyperinflation above 2,000%. Essential items like food and medical supplies are low, with hoardings by unscrupulous business people bent at making huge profits and sabotage of the Maduro regime. This is a problem partly caused by the US. The US had imposed economic and financial sanctions against Venezuela since the time of Chavez’s leadership, which of course led to inflation, indiscriminate money printing and economic mismanagement, and subsequent hyperinflation.

Sanctions have caused a lot of humanitarian problems, compounding those arising from poor governance. Financial sanction has deprived Venezuela the opportunity to borrow and for debt spending. As such, oil production and national income have been adversely affected. To circumvent the financial sanction, Venezuela has introduced its cryptocurrency, Petro, supposedly backed by oil, gas, gold and diamond. However, an executive order from President Trump has barred financial institutions from transacting the Petro.

The current decline of both oil price and oil production are a double jeopardy for the nation that not only needs to buy essential items for its people, but also to pay its debt. A default is possible if the nation is unable to refinance its debt due to obstacles from sanctions.

Meanwhile, crime is widespread, with murder and kidnapping increasing annually. Protests, almost daily, have been on going for months. An estimated three million people have left for neighbouring countries. With the prize of a nation’s oil reserve, a sponsored civil war seems very likely, and when it happens, a further exodus of refugees will cause contagion ruins in the Latin American region.

Sanctions imposed on Venezuela is in fact an economic war. The nation is slowly brought to its knees, facing a default in debt, social chaos and disorder, and the administration of the government grinds to a halt. Millions of innocent civilians are made to suffer. Food and medicine are scarce. Deaths from diseases become uncontrollable.

Sanctions as a weapon to kill a nation is evil. It is an irony that a nation that preaches so much on humanity, human rights and social justice has to resort to such evil means. – January 30, 2019.

* Captain Dr Wong Ang Peng is a researcher with an interest in economics, politics, and health issues. He has a burning desire to do anything within his means to promote national harmony. Captain Wong is also a member of the National Patriots Association.

* This is the opinion of the writer or publication and does not necessarily represent the views of The Malaysian Insight. Article may be edited for brevity and clarity.