The United States administration has stepped up its efforts at “regime change” in Venezuela in recent weeks.
It is important to understand the context and the intended (as well as likely) effects of the US administration's actions. With encouragement from Florida Senator Marco Rubio and other Republicans, US President Donald Trump has been trying to help topple the elected government of Venezuela.
The Donald Trump administration announced new, unprecedented sanctions against Venezuela on August 25 that are designed to cut off financing to Venezuela. The Trump team pretends that the sanctions are only directed at the government. But as any economist knows, this is clearly false.
By starving the economy of foreign exchange, this action will harm the private sector, most Venezuelans, the poor and the vulnerable.
National sovereignty is an undervalued asset in today’s world, especially in the international media, where the views of Washington and its allies largely prevail. This is true with regard to economic as well as political issues, and its consequences can be quite heavy in a region like Latin America, long regarded by US officials as their “back yard.”
The election in Ecuador is being watched as well as contested by forces that have opposing views on this question.