Julian Dorey Podcast #370: “WORST to Come!” – Venezuelan on Maduro, Narcos & $17 Trillion Oil Plan | Daniel DiMartino

Date: January 5, 2026
Host: Julian Dorey
Guest: Daniel DiMartino (Venezuelan economist, Ph.D. candidate at Columbia University)

Episode Overview

This rapid-response episode, recorded just 24 hours after a U.S. Delta Force/CIA raid reportedly captured Venezuelan dictator Nicolás Maduro in Caracas, examines the historical, economic, and political context behind Venezuela’s collapse, its narco-state transformation, and the massive oil stakes at play. Guest Daniel DiMartino, a Venezuelan expat, economist, and activist, breaks down the roots of Venezuela’s crisis, the regime's corruption and links to the global drug trade, the recent U.S. intervention, and prospects for Venezuela’s future. The conversation weaves Daniel's personal and family journey with a rigorous, candid analysis of changing geopolitics.

Key Discussion Points & Insights

1. Venezuela’s Meltdown: Economic, Political, and Social Roots

• Venezuela pre-Chávez enjoyed prosperity as Latin America’s richest country and a relative haven.
• Rise of Hugo Chávez: Elected democratically in 1998 as a socialist, but quickly moved to consolidate power—rewrote the constitution, centralized authority, implemented price controls, and began nationalizing industries (07:40–09:48).
• Early Warnings: Daniel’s family lived a typical middle-class life until hyperinflation, scarcity, and state violence upended everything. Daniel describes how stores went bare, cash became worthless, and people queued for essentials (03:25–04:54).
  • **“Venezuela had more inflation in one year than America had in 250 years of history.” (Daniel, 03:25)
• Personal story: Daniel’s grandparents fled Franco-era Spain to Venezuela in the 1950s, found prosperity, and later lost everything to socialism. Family was forced to sell their remaining assets and scatter (55:10–58:04).

2. How Socialism Destroyed Venezuela

• Economic Collapse: Price controls destroyed incentives; business expropriation led to mass shortages (“Made in socialism” labeled deteriorated goods). Oil windfalls during high prices were squandered (08:36–13:50).
• Violation of Rights: Land and small businesses seized by the military and redistributed; campaigns of fear and mass arrests became tools of rule.
• Hyperinflation and Refugee Crisis: With the state printing money to fund programs, inflation skyrocketed and millions fled.
  • “It's the largest peacetime refugee crisis in human history, not caused by war.” (Daniel, 59:13)
  • Nearly 9 million Venezuelan refugees worldwide as of 2025.

3. Chávez, Cuba, and Authoritarian Playbook

• Cuban Influence: The Castro regime plotted for decades to control oil-rich Venezuela (17:04–17:40). Chávez & Maduro trained in Cuba, learning repression and intelligence strategies.
• Consolidation: Chávez rooted out opposition within the military and judiciary; his charisma helped, but violence and rigged votes kept him in power after legitimacy faded.

4. The Rise of Maduro and the Narco-State (78:29–91:02)

• Maduro’s Path: Chavez’s handpicked successor, originally a bus driver and loyalist, assumed leadership after Chávez’s death in 2013—propped up by other cronies.
• Narco-Trafficking Ties: Both Chávez and Maduro’s regimes facilitated the Colombian FARC in exporting cocaine, taking “fees” and using state resources. Family members of top regime officials were caught trafficking (85:03–87:12).
  • “The U.S. alleges...from the start they were dealing drugs. It just increasingly became true.” (Daniel, 85:27)
• Hezbollah and Terrorism: Drug proceeds helped finance terrorist groups via direct laundering and fake “doctors” sent abroad (34:01–34:26).
• Bribery, Gold, and Dubai: Venezuelan gold reserves were discovered in Dubai after being traced on social media—laundered via prostitution and real estate (98:24–99:46).

5. Life under the Regime: Censorship, Repression, and Scapegoating

• Repression: Secret police “disappear” dissidents, activists, and even TikTok comedians who cross the regime (65:22–66:27).
• Judiciary Subverted: Judges who challenge authority are jailed and tortured (93:12–95:22).
• Religious Co-option: Catholicism resisted but was co-opted and diluted with Santería, as Chavez attempted heretic fusions (62:11–64:24).

6. International Context and U.S. Policy

• Sanctions Myths: Targeted U.S. sanctions against Venezuela’s regime and oil only began in 2018–2019; most of the collapse occurred without international sanctions (35:02–36:30).
  • “There were no sanctions in Venezuela. What are you talking about?” (Daniel, 35:04)
• Why Regime Change?: U.S. action justified by complicity in narcotics & terrorism, human rights atrocities, refugee crisis, and national security. Daniel points out U.S. intervention is overdue given the scale of suffering.

7. The Oil Factor – $17 Trillion in Reserves (105:07–108:19)

• Venezuela’s oil is crucial to U.S. refineries—heavier grade than the Middle East offers (08:09–08:29).
• Trump’s Honesty: Unlike others, Trump publicly admits U.S. interests in Venezuela’s oil. Debate over oil vs. drug rationale for intervention.
  • “You're pointing out that the U.S. wants oil. Why is that a bad thing?” (Daniel, 105:34)
• Propaganda Risks: Julian pushes back on the risk that U.S. motive will be painted as a “cash grab,” fueling anti-American sentiment (105:32–108:19).

8. The Delta Force/CIA Raid and Maduro’s Capture (05:00–06:34, 142:19–143:52)

• The Operation: U.S. special forces captured Maduro and his wife in Caracas; extradited to New York with international footage of a VIP perp walk. Zero U.S. casualties (142:19–143:52).
• Domestic Reaction: Elation among Venezuelans inside and outside the country, but with caution—streets empty pending the opposition’s next move (117:19–117:28). The true power still lies with other regime oligarchs.

9. Transition, Risks & What Comes Next (112:53–126:35)

• Uncertain Power Vacuum: Other regime leaders (e.g., Delsey Rodriguez, Diosdado Cabello) still control key levers via the military and paramilitaries—negotiations with the U.S. are ongoing (132:21–134:23).
  • “The regime still has the operational control of the country. The question is: can Trump pressure Delsey to have a peaceful transition in a matter of months?” (Daniel, 134:28)
• Plan Forward: Daniel suggests peaceful transfer, guarantees that cronies can escape with their loot, and South American peacekeepers (preferably non-U.S., Spanish-speaking) to stabilize the military and purge Cuban agents.
  • “We need the U.S. to pressure...give power to the elected government.” (Daniel, 116:52)
• Opposition’s Capacity: The U.S. sees the current Venezuelan opposition as lacking the force to actually control the military or government apparatus (132:21–134:23).
• Time is Short: Risks that, without sustained pressure, a fake opposition or new dictator will fill the void; urgency for Trump administration to force rapid real change.

10. The Human Cost and Closing Reflections

• Refugees & Dispersed Families: Daniel reflects on how nearly every Venezuelan family has members abroad. Zoom calls on holidays—poignant contrast to regime families together at home (52:47–53:41).
• Torture & Political Prisoners: Testimony on regime brutality, including forced disappearances, torture, and families left with no news (89:12–91:46).
• Warning for America: Daniel draws direct analogies between Venezuela’s seduction by charisma and socialist promises, and current U.S. politics (“we fell for the same trap,” 29:32–30:21).
• Final Note: Both host and guest urge Americans to recognize and resist propaganda from authoritarian powers seeking to destabilize the U.S. from within (161:28–163:16).

Notable Quotes & Memorable Moments

• On the Scale of the Economic Collapse:
  “Venezuela had more inflation in one year than America had in 250 years of history.”
  – Daniel DiMartino, 03:25
• On Voting in Hard Times:
  “The average person is just like, oh, this might be better for me to pay my bills. Even though you and I both know it’s not.”
  – Julian, 30:12
• On Chavez’s Takeover:
  “Chavez would walk around the street…Expropiase. Expropriated. It’s not yours anymore.”
  – Daniel, 11:21
• On Denouncing the Propaganda:
  “You're pointing out that the U.S. wants oil. Why is that a bad thing?”
  – Daniel, 105:34
• On Maduro’s Fate:
  “He could go to the same prison as El Chapo.”
  – Daniel, 06:07
• On Socialism’s Unique Destruction in Venezuela:
  “It's the only socialist country that was destroyed democratically, and that was rich before it was destroyed.”
  – Daniel, 58:16
• On Human Suffering:
  “This is their picture, this is ours. And it’s a screenshot of Zoom calls because that’s how we see each other at Christmas, because we’re all living in different countries.”
  – Daniel, 53:33

Important Timestamps

• Venezuela's descent into hyperinflation and scarcity: 02:47–04:54
• Oil’s pivotal role and refinery sabotage: 08:09–13:50
• Expropriation and destruction of industry: 09:52–13:07
• Chávez's consolidation of power & Cuban influence: 17:04–20:22
• Maduro’s rise, narco links & regime criminality: 78:29–91:02
• U.S. sanctions & myths about whom they hurt: 35:02–36:30
• Delta Force/CIA operation details: 05:00–06:34, 142:19–143:52
• Regime capture & reaction inside Venezuela: 117:19–117:28
• Current power players & negotiations: 132:21–134:23
• Refugee crisis quantified: 59:13–61:08
• Daniel’s final, cautious optimism: 164:03–End

Tone and Style

The conversation is fast-paced, frank, and deeply personal, blending analytical rigor with unfiltered storytelling. Julian pushes back with big-picture policy and media critiques; Daniel replies with real political economy and lived experience, filtering out ideological bluffs and propaganda.

Summary Takeaways

• Venezuela’s devastation is a cautionary tale of how democracy and wealth can be consumed by authoritarian populism, cronyism, and failed socialist experiments.
• U.S. intervention is both celebrated and fraught—seen as overdue liberation by refugees and exiles, but introduces new uncertainties in power vacuum and international law.
• The story isn’t over: removing the dictator is only the first step, and the next few months will test whether Venezuela can forge a true transition, reconciliation, and return to freedom.

For Further Listening or Research

• Investigate the Venezuelan refugee crisis and its impact across Latin America.
• Analyze the methods Cuba used to shape leftist movements in Latin America.
• Examine differences between targeted sanctions and full-blown embargos.
• Compare regime change operations: successes (Panama, Grenada) vs. failures (Iraq, Afghanistan).
• Watch for updates on transition plans and the fate of detained opposition leaders in Venezuela.

This summary is designed to provide meaningful context for listeners, give direct access to core arguments and personal stories, highlight crucial timestamps, and preserve the candid, engaging language of the discussion.