The decline and fall of political democracy and the rise of human misery in Venezuela
On May 17, 2014, Lufthansa, the flagship German airline, suspended ticket sales to Caracas, the capitol of Venezuela, joining ten other airlines that have taken similar actions due to Venezuela's currency controls. As of April, international airlines had an equivalent of US $3.9 billion stuck in the rapidly depreciating bolivar, the Venezuelan monetary unit. The $3.9 billion cannot be taken out of Venezuela because of the Venezuelan state's currency controls. International companies have already recognized bolivar-denominated losses of 80% due to the world's highest inflation rate raging in Venezuela, a rate of inflation that may accelerate to hyperinflation. In 2013 the Venezuelan bolivar lost over 90% of its value against the U.S. dollar. Venezuelan President Nicolas Maduro said after his election in April 2013 that he would set legal limits on business profit margins in order to prohibit price inflation—an inflation caused by the state's monetary inflation. Price controls on