In addition to a sharp economic downturn, Venezuela faces a humanitarian crisis. The United States can do little to prevent a downward spiral, but it should take measures to mitigate the political, economic, and humanitarian consequences of a potential mass emigration.

Venezuela is in a state of protracted crisis. Since early 2014, public frustration has been steadily rising over shortages of basic consumer goods and skyrocketing inflation, which spiked above 68 pe…

In March 2015, the author wrote an update to this memo to reflect recent developments in Venezuela. Read the update. Introduction In the coming months, Venezuela could experience significant po…