Economic Update with Richard D. Wolff
Episode: Venezuela: Looking Deeper
Air Date: February 3, 2026
Overview
This episode examines the deeper dynamics behind recent political upheaval in Venezuela, focusing particularly on the implications of the U.S.-orchestrated abduction of President Nicolás Maduro. Host Richard D. Wolff explores the economic crisis in the U.S., the fracturing of the MAGA coalition, and, in the second half, welcomes scholar and activist Gio Marr for an in-depth discussion on the Venezuelan crisis, U.S. intervention, and Latin American geopolitics.
Key Discussion Points & Insights
U.S. Economic Updates and Political Crisis
Credit Card Debt & Affordability (01:10–05:30)
- Staggering Credit Card Debt: Americans now carry $1.21 trillion in credit card debt, with 73% used for everyday expenses like food, clothing, and shelter.
- Quote: “We are supposedly living through an affordability crisis... using your credit card for everyday purchases makes those purchases much more expensive.” (03:00)
- Interest Rates: The average credit card interest rate is above 22%—far exceeding rates for mortgages or car loans.
- Systemic Issue: This debt dynamic highlights broader economic struggles, not simply individual irresponsibility.
MAGA Coalition Fracture & Trump’s Desperation (08:00–16:40)
- Coalition Politics: Both political parties act as brokers between big business donors and diverse voting blocs.
- Trump’s Priority: First priorities have always been corporate tax cuts—2017 and last year’s “big beautiful tax bill.”
- Voter Disaffection: Discontent over affordability is fracturing the coalition, as Trump’s base demands more real solutions.
- Desperate Measures: Trump floats populist proposals—10% cap on credit card interest, seizing Venezuela’s oil, blocking corporate home purchases, etc.
- Big Business Backlash: Banking executives threaten retaliation if credit card caps are imposed; could restrict cards to higher-income users.
- Quote: “If you do, we will respond by taking credit cards away from middle and lower income people because they're too risky. If we can't...charge them 22%, we're not giving them a card at all. And they'll blame you, Mr. Trump, they'll blame you.” (15:45)
Venezuela: The Deeper Story
Interview with Gio Marr (17:21–30:50)
The Maduro Abduction: Venezuelan Perspective (18:11–19:35)
- Shock and Mourning: The abduction, though telegraphed, stunned Venezuela, unifying many in mourning and resistance—even among those critical of Maduro’s government.
- Quote (Gio Marr): “People were very shocked by that... the response has been to...come together in a kind of unity to mourn those fallen.” (18:18)
- Violence Overlooked: Over 100 people, including Cuban personnel, were killed despite the “bloodless” media narrative.
- Long-Term Suffering: Years of U.S. sanctions have caused profound hardship, with periods of improvement due to government maneuvering. The new crisis threatens another collapse.
U.S. Narrative Vs. Reality (19:35–20:27)
- Blame Misplaced: U.S. media often attributes Venezuela’s crisis solely to “socialism,” sidestepping the outsized impact of sanctions and external pressure.
The Hemispheric (and Global) Right-Wing Project (20:27–21:53)
- Coordinated Assault: Trump’s approach is part of a broader hemispheric anti-socialist drive—aligning with figures like Modi and Bolsonaro, and supporting right-wing projects in Latin America.
- Power Projection: U.S. interventions are meant as much for global display ("projection") as for local results, intimidating leftist movements across the hemisphere and at home.
- Quote (Gio Marr): “The idea is to project an image of power and to then try to use that to create a reality of power in the aftermath.” (20:48)
Can This Strategy Succeed? (22:15–23:26)
- Risks and Limits: Trump’s tactics—tariffs, military threats—have limited effectiveness. He’s bypassing exiled opposition for the Maduro government, recognizing its control on the ground.
- The U.S. can't govern Venezuela directly; real leverage still rests with its government and people.
Venezuelan Grassroots and Sovereignty (24:17–25:57)
- Chavista Legacy: The Chavista movement empowered millions, fundamentally shifting national perspectives toward sovereignty and resource control.
- Resilience: Despite economic crisis weakening organizations, “you don't just erase a people’s consciousness overnight”—communal structures and political mobilization persist as obstacles to U.S. dominance.
The China Question (25:57–27:43)
- Strategic Stakes: China has invested heavily in Venezuelan oil and resources, relationships that were vital under sanctions.
- Future Uncertain: Will China maintain ties or adjust to new U.S. dominance? Trump’s revived “Monroe Doctrine” frame presses U.S. regional exclusivity, leaving the outcome uncertain.
Longer-Term Geopolitical Consequences (27:45–29:59)
- Gambling on Power: Trump’s frontal aggression may undercut U.S. “soft power” built over decades, eroding credibility as a global partner.
- Desperation Signals: These dramatic actions are “symptoms of a weakness...knowledge that the U.S. has been on decline,” and the far-right’s desperate need to project strength.
- Quote (Gio Marr): “It's important for us to read in all of these... symptoms of a weakness. Symptoms of a fear. And the knowledge...the U.S. has been on decline.” (29:31)
Memorable Moment
- Wolff notes the rising labor militancy in the U.S., referencing the Minneapolis AFL-CIO’s endorsement of a general strike against ICE:
- Quote (Wolff): “You’re talking about things having gone very far out of hand.” (29:59)
Notable Quotes
- Wolff (on credit card debt): “73%—so three quarters of...current credit card debt—is used for everyday expenses... everything you buy already at inflated prices cost you another 22% because you’re carrying the debt.” (03:12)
- Marr (on Venezuelan response): “People were very shocked... and the response has been to...come together in a kind of unity to mourn those fallen.” (18:18)
- Marr (on Bolivarianism): “The Chavista project...was a project for the empowerment of millions...to engage in a protagonistic way in the political life of the country.” (24:19)
- Marr (on U.S. strategy): “Trump...is returning to this sort of Monroe Doctrine frame...expanding what US Sovereignty means to the entire hemisphere.” (26:55)
- Wolff (on U.S. domestic politics): “That's why America looks, acts the way it does. That's why the American dream is out of reach. That’s why people are leaving Mr. Maga and Mr. Trump's Maga in droves.” (16:20)
- Marr (on U.S. decline): “All of these...are symptoms of a weakness...knowledge that the U.S. has been on decline, and the far right base that Trump is trying to shore up...is demanding this projection as a way of justifying its own existence.” (29:31)
Timestamps for Key Segments
- 01:10–05:30: U.S. Credit Card Debt and Affordability Crisis
- 08:00–16:40: Fracturing of Political Coalitions, Populist Policy Proposals
- 17:21: Start of Gio Marr Interview
- 18:11: Venezuelan Response to Maduro Abduction
- 20:27: U.S. Hemispheric Right-Wing Project
- 22:15: Will U.S. Intervention Succeed?
- 24:17: Grassroots Organization & National Sovereignty in Venezuela
- 25:57: China’s Role and Future in Venezuela
- 27:45: U.S. Soft Power and Desperate Strategies
- 29:59: Labor Militancy in the U.S.—Minneapolis General Strike Mention
Tone and Takeaways
Wolff’s tone is analytical yet impassioned, drawing clear lines between economic policy, political coalition-building, and international intervention. Marr provides rich, first-hand and structural context, emphasizing the agency of Venezuelan people and regional resistance to U.S. hegemony, while warning of risks inherent in the current aggressive posture of the U.S. Both speakers frame recent events not as omnipotent moves from a powerful empire but as desperate, destabilizing acts from a system under strain.
For listeners seeking a nuanced view of Venezuela’s crisis and its interplay with U.S. domestic and foreign policy, this episode provides a rich, critical, and first-hand exploration of the stakes involved for ordinary people—both in Venezuela and closer to home.