>In reality, the government's ineffective regulation not only discourages investment, but creates incentives for people in the chain of production to take advantage of access to cheap dollars and sell them in the highly profitable black market. With "import dollars" reallocated to currency arbitrage, there is little money left to import the raw materials needed to make things that Venezuelans need.

The irony is, substitute "wall street" for "black market" and this is exactly what the US is doing, albeit on a slower, less aggressive timescale, and with marginally less ineffective regulation.