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That devastated the nation's backside line and disadvantaged the government of billions in earnings. Oil-export revenues had been less than $8 billion in 2020, down from $94 billion in 2012. Venezuelans name this "dollarization," and there's a double-sided irony in the shift from bolivars to Benjamins. On the one hand, a authorities that proclaims itself socialist—and sees the United States as its No. 1 enemy—has inspired using dollars instead of its own currency. (Venezuela has the most important oil reserves on the earth.) The outcome, against all expectations, is a country the place the greenback has turn out to be the de facto national currency.

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