A Few Notes on Venezuela

• Chalk up another ignominiously lost destabilizing war. As with Iraq, it may take a while for the failure to become clear, but I do not see any path to a meaningful victory.
• Trump has badmouthed Nobel winner Machado in favor of Maduro's VP, Delcy Rodríguez, who has not returned the favor.
• Venezuelan oil is heavy sour crude and their refineries are decaying; there's no profit in that oil now or in less than a decade, probably ever. Oil is not going to pay for this.