President Nicolás Maduro: Captured by the U.S.

In the early hours of January 3, 2026, the sitting president of Venezuela was captured by the U.S. military and sent to New York, where he would face a federal indictment involving the trafficking of narcotics to the United States. President Trump’s decision to go forward with the military plan no doubt had to do with the South American state’s tremendous oil reserves, just as President George W. Bush’s decision to invade Iraq surely had something to do with that Middle Eastern state’s oil fields. Elected representatives at the federal level of the U.S. have known since 1974 that skyrocketing gas prices could easily result in voter-resentment. Whether the capture of Maduro was motivated by his drug activity reaching the U.S. or Venezuela’s oil, the invasion and capture by U.S. forces is in line with the Hobbesian notion that might makes right, and even that 90% of ownership of property lies in possession. Lest it be thought that President Trump broke with precedent internationally in capturing the sitting president of another country, his strategy can be understood as being along the trend that had been gaining traction because the post-World War II international order had become hamstrung in the impotence of international bodies including the International Criminal Court and the United Nations.

The full essay is at "President Nicolás Maduro."

Goldman Sachs’ Venezuelan Bonds: Power Behind the Throne

Goldman Sachs paid about $865 million for $2.8 billion worth of bonds in May, 2017. This represents 31 cents on the dollar and translates into an annual yield of more than 40 percent.[1] The high yield is due to the high risk that is involved, for the bonds had been held by Venezuela’s central bank in what “the government’s opposition decried as a lifeline” to the regime then in power.[2] Indeed, the central bank’s foreign-currency reserves increased by $442 million to $10.8 billion the day the bond deal was completed, and the government needed to raise money it owed to key allies like Russia and China.[3] In indirectly aiding that government, Goldman Sachs risked the ire of the opposition. Writing to Goldman Sachs, Julio Borges, head of Venezuela’s opposition-controlled legislature, indicated that he would “recommend to any future democratic government of Venezuela not to recognize or pay on these bonds.”[4] Hence, the high risk, high return. Though I submit that the risk might have been considerably less than meets the eye on account of the influence of the bank on the U.S. Government.

The fully essay is at "Goldman Sachs' Venezuelan Bonds."

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1.  Kejal Vyas, Anatoly Kurmanaev, and Julie Wernau, “Goldman Sachs Under Fire For Venezuela Bond Deal,” The Wall Street Journal, May 30, 2017.

2. Ibid.

3. Ibid.

4. Ibid.

A Legislature Court: A Conflict of Interest Averted in Venezuela

Fundamentally, a court differs from a legislature, so it would be strange were a state’s supreme court to take it upon itself to act as the state’s legislature as well. In late March, 2017, Venezuela’s Supreme Court did exactly that, ignoring the qualitative difference between interpreting contested law and legislating. The court wrote that lawmakers in the legislature were “in a situation of contempt,” and that as long as that situation lasted the justices would “ensure that parliamentary powers [are] exercised directly by this chamber, or by the body that the chamber chooses.”[1] Understandably, Julio Borges, the head of the legislative Assembly, exclaimed, “They have kidnapped the Constitution, they have kidnapped our rights, they have kidnapped our liberty.”[2] Luisa Ortega, the Attorney General,” wrote that the court’s decision represented “a rupture in the constitutional order.”[3] This was true both in regard to the basic, or fundamental distinction between judicial review and legislating and democracy itself.

The president and chief justice of Venezuela. A conflict of interest in the making?  (Source: Reuters)

The full essay is at "A Legislature Court."

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[1] Nicholas Casey and Patricia Torres, “Venezuela Muzzles Legislature, Moving Closer to One-Man Rule,” The New York Times, March 30, 2017.

[2] Ibid.

[3] Ibid.