Venezuela DEFAULTS As Country Completely COLLAPSES! - What This Means

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In this video, I talk with author and economic analyst John Sneisen about one of the last straws in the crumbling country of Venezuela. Default.

Venezuela is officialy defaulting on bond pay-outs and we at WAM have been predicting this for a long time. The oil dependent country has seen hyperinflation in the past nearly two years. The socialist totalitarian government has seen its innevitable end, but it's not giving in without a fight and it appears they hope to bring down as many of their own people as humanly possible.

With vast amounts of printing of the Venezuelan Bolivar, we're seeing people bring stacks of money to the store to weigh after waiting in excruciatingly long bread lines. People have been forced to break into zoos in order to feed their families. The country has run out of toilet paper. People are attempting to flee only for the government to make them wait ridiculously long periods of time to actually get a passport.

Recently, Maduro put forward "The Rabbit Plan" which gave starving families rabbits to breed and eat. The problem (among many) is that the people begun keeping them as pets. Besides, it's an absolute joke to taunt your own people by giving them rabbits, all while Maduro isn't afraid to eat an empanada on live television.

The fact is, socialism always ends with the leaders living in palaces and the people drinking out of gutters.

John breaks down the growing trend of using Bitcoin in Venezuela as cash is hyperinflated into oblivion.

Predators are also coming out of the woodwork as Russia announced they will restructure 3.15 billion dollars of debt payments that Venezuela owes Moscow, all the time knowing that they would default.