Fidelity Salary Reduction Agreement: Fill & Download for Free

Hi. Thanks for the A2A. An FSA is a “Flexible Spending Account” and an HSA is a “Health Savings Account.” The fundamental difference between these two accounts is captured in that second word, “spending” vs “saving.”FSA funds are intended to be spent each year for qualifying medical expenses incurred during that benefit period (I’m excluding accounts for transportation and childcare benefit plans). Alternatively, HSA funds have what amounts to “forward” compatibility, meaning amounts in an HSA can be spent this plan year, next plan year, and so on, really anytime after the account is established. There is even “backwards” compatibility which I’ll explain below.As Jim indicates in his thorough description, an FSA is an account that does not belong to the user, per se. Instead the account is owned by the sponsor (employer) and maintained on behalf of the user (employee), usually as part of a “salary reduction agreement.” Because of these somewhat quirky rules found in IRS guidelines, the full amount of an employee’s annual FSA payroll deduction is actually available at the start of the plan year.For example, suppose you decide to fund your FSA with $1,200 in the upcoming annual benefit period, so $100 per month deducted from your paycheck. However, and before you deposit your first dollar, you decide to spend the full $1,200 on braces. You can incur the expense, submit your receipt and $1,200 will be deposited in your checking account. What happens behind the scenes is the employer will cover any withdrawal overages that you, the employee, may not yet have funded through your payroll contributions.Further, should you spend the full $1,200 and decide to change employers mid-year, your old employer is essentially left holding the bag on the amount you did not contribute into your FSA. Conversely, any amounts deposited by you through payroll deductions you did not spend during the year, including a grace period into the following year, are forfeited to the employer. Recognize further these are the official US government regulations, not your employer’s policy.As mentioned above, a Health Savings Account works somewhat differently. While both the FSA and HSA provide the same pre-income tax, pre-payroll tax and tax free withdrawals, and are intended to be spent on the same qualified medical expenses, funds deposited into the HSA never expire and are never forfeited back to your employer.This is because the Health Savings Account is owned by the individual. The account is portable from employer to employer. You can even open an HSA through a provider other than the one sponsored by your employer, so in this way an HSA is more like an IRA rather than your employer’s 401(k), but with better tax benefits than both of those retirement accounts. As Jim indicates you can even use your HSA funds for non-health related expenses penalty free once you turn 65. You simply pay ordinary income tax on the withdrawals, the same you would on those traditional retirement programs.Also as introduced briefly, you can use HSA funds to pay for prior healthcare related expenses, provided the HSA had been established at the time the expense was incurred. For instance, and keeping with the FSA example above, suppose you incur a $1,200 medical expense early in the plan year and are only depositing $100 a month into your HSA. You can wait until the end of the year to withdraw the funds and pay yourself back, you can withdraw $100 each time that amount is deposited, or some other schedule. You could even keep your receipt and place money into the account at some future date. The combinations are endless. The funds and your own personal, tax-preferenced “IOU” never expire.Finally, and unlike FSAs, most HSA providers allow account holders to invest in the market through brokerage accounts. These give users the ability to contribute into mutual funds, often the same funds available through their 401(k) and IRA plans. For savers looking ahead to future and even long-term healthcare costs, these brokerage accounts can be a very tax efficient way to save for a meaningful portion of expected retirees expenses (see Fidelity estimate here for future medical expenses, $260,000 for 2016). As noted above, HSA funds can be used for non-healthcare related expenses with no penalty after the taxpayer reaches 65, so “over-saving” in an HSA is not an issue.Disclosure – we launched an app, HSA Coach, that helps users maintain their HSA and keep track of expenses. We include HSA education, as well as other health expense tips and advice, along with some personal calculators. These calculators help users estimate how much to contribute into their HSA, even their 401(k), based on an employer’s match policies. Available for free in the App Store and Google Play.

Most of the answers provided so far are partially or entirely wrong. The important points are1. You are always permitted to roll over from the old employer’s plan to the new employer’s plan so long as you qualify for a distribution (other than installment payments, required minimum distributions, and hardship distributions) under the old plan AND the new plan accepts rollovers. If, for example, the old employer’s plan does not allow you to receive a distribution until, say, you reach age 59–1/2 even though you’ve left (not uncommon), then there is nothing for you to roll over.2. If you are entitled to receive a distribution that is eligible for rollover (e.g., a lump sum distribution of your account balance), then you have the right to elect to have that distribution paid to the new employer’s plan as a “direct rollover” (i.e., a trustee-to-trustee payment), in order to avoid the 20% income tax withholding that would otherwise apply. You can still opt to take the money yourself and roll it over within 60 days, but you would only receive 80% of your distribution amount, and anything that is not rolled over — including the 20% that is withheld for taxes — remains as taxable income to you. So in order to accomplish a “full” rollover, you would have to replace that 20% from other sources.3. You always have the right to leave your money in the old employer’s plan, UNLESS your total account balance is $5000 or less AND the plan provides for the automatic cash out of “small accounts.” If you have over $5,000, your account cannot be distributed without your consent (including a request for a distribution). If your balance is $5000 or less, then (i) if the plan provides for cashout of small accounts, then your account will be paid out to you (or rolled over to a new plan or IRA) whether you want it or not, and (ii) if the plan does not provide for cashouts, your consent is required just as for larger accounts.4. A 401(k) plan is not either a “traditional” or a “Roth” like an IRA is. A 401(k) plan is a 401(k) plan; it may or may not permit you to elect to have some or all of your elective contributions (salary-reduction contributions) treated as “Roth” contributions. So there is no question as to whether the new employer’s plan is a traditional or a Roth — the question is whether the new employer’s plan accepts your rollover (see #1, above).5. In the case of 99% (if not more) of 401(k) plans, the “plan administrator” is the employer, or the owner of the employer, or a committee of executives or directors of the employer, etc. Firms such as Vanguard, Fidelity, Schwab and the like are not the “plan administrator” of the plans that they run. They are hired by a plan administrator to perform various tasks and functions on its behalf, but they are very specific in their agreements that they are not agreeing to become the “plan administrator” of the plan. I know they are referred to as “administering” the plans, and in a dictionary sense of the word they are. But the “plan administrator” of a retirement plan is a legal position, having legal responsibilities, and the Vanguards of the world aren’t that. In order to distinguish, they are referred to as “third-party administrators” or “TPAs” (or sometimes “contract administrators”). Once in a while, there will be a service provider that will claim to take on the responsibility of being “plan administrator”, but the agreements that I’ve seen continue to provide that the supposed “plan administrator” has no liability as such.My point is that some employers are perfectly capable of doing day-to-day administration and doing it well, while others cannot even get the payroll side right. Still others are (or have been) fined or even imprisoned for mishandling of funds. It is very much a case-by-case determination, however, as to whether a plan is being administered properly either by or on behalf of the plan administrator, and most carry out their responsibilities by hiring “experts” to do various things (such as their payroll service to do the contribution withholding, a TPA to do the day-to-day administration and the things like year-end reporting, investment professionals to advise them regarding fund choices, etc.). Those answers that said to avoid participating in any plan that is administered by the company were way off-base.6. One answer stated that you could transfer your 401(k) account from the current financial company to another financial company, so long as you didn’t take possession of the money. If I’m correctly understanding what is meant by that, it’s NOT something that you can do. That is, if what he is saying is you could, for example, transfer your 401(k) account from, say, Vanguard to Fidelity while keeping it in the same employer’s plan, then absolutely not. If you are eligible for a distribution, you could roll it over to a Fidelity IRA — but that’s a totally different thing. You do not have the ability to decide where your plan account will be invested, unless the plan gives you that ability (but if it did, you’d probably have been in Fidelity in the first place, in this example).I’m going to stop here, and not get too far into the weeds. But the basic answer to your question is that most 401(k) plans will permit rollovers from an old plan to a new plan, so it’s just a matter of whether your job change involves two such plans.

Venezuela is home to the largest oil reservoir in the world is facing a crisis now,sound similar to Zimbabwe and Robert Mugabe dictatorship. Hyperinflation engulfed the economy,violence,riot is common is Caracas and other places,normal life is horrendous. The country is almost collapsed. why?7 star Venezuela flag,before 2006Definitely a cause is president Hugo Chavez and his successor and his hand picked puppet Maduro dictatorship. But before that Venezuela also passed through a series of sociopolitical turmoil in last century. Stability was most uncommon thing in sociopolitical system and economy in Venezuela.Around 10th century in ancient Venezuela indigenous tribes discovered oil seeping through the lands. The thick black fluid used as medicine and to light lamps. Upon arrival in the early 16th century, the spanish conquerors learned from the indigenous people to use the naturally occurring bitumen for caulking their ships as well, and for treating their weapons. The first documented shipment of petroleum from Venezuela was in 1539 when a single barrel of oil was sent to Spain to alleviate the gout of Emperor Charles V.With a large influx of foreign "invaders", the effects of a xenophobia that had not been seen before became apparent. Novelist Jose Rafael Pocaterra described the oilmen as "the new Spaniards". He wrote in 1918:One day some Spaniards mounted a dark apparatus on three legs, a grotesque stork with crystal eyes. They drew something (on a piece of paper) and opened their way through the forest. Other new Spaniards would open roads…would drill the earth from the top of fantastic towers, producing the fetid fluid…the liquid gold converted into petroleum. In last century around second decade information about oil reserve in Venezuela and Saudi arabia came to all.In 1922 a huge oil well discovered,oil came gushing out in a jet from the hole upto a vertical height 40 m,they took more than a week to contain it.http://Barroso II - Wikipedia, la enciclopedia libre https://es.m.wikipedia.org › wiki › Barros...Foreign oil companies fled to Venezuela to be a witness of this special weird event and by the year Venezuela came to be known as home to highest oil reservoir in world and oil industries flourished like anything and by next 5,6 years they became largest oil exporter in the world. It was under the military general and de facto ruler dictatorship, Gomez dictatorship. By few years country depended upon oil based economy. From the very first oil exploitation venezuelan currency got overpriced. Soon venezuela got infected by Dutch disease,what dutch got centuries earlier. Its cheaper to buy things abroad than producing nationally. So it was hardly to produce anything in Venezuela except oil. So the overpriced currency transformed venezuela production apparatus overall. But Venezuela was an agricultural country,lived off by exporting cocoa,coffee etc etc. So over the years Socio political turmoil and cyclical price of oil influenced Venezuela over all. In Venezuela oil got incorporated into everything and evrything. So its too difficult to explain them differently,its not a farrago but its intermingled. Lets discuss.During those dictatorship years of Gomez,Betancourt there were not social rights of people as such and country were not so constructed. During the time if WW2 Venezuela nearly produced 1 million barrel/day oil.Then Accion democratica came to the power. A party founded by their 47 th and 54 th President Betancourt, came to the power in 1945 after The 1945 Venezuelan coup d'état took place on 18 October 1945, when the president Isaías Medina Angarita was overthrown by a combination of a military rebellion and a popular movement led by Democratic Action. After that country led to start good works,they build construction and many core works within years and country gave social rights to citizens. The coup led to a three-year period of government known as El Trienio Adeco, which saw the first participatories presidential elections in Venezuelan history, beginning with the Venezuelan Constituent Assembly election, 1946. The Venezuelan general election, 1947 saw Democratic Action formally elected to office (with Rómulo Gallegos as President, replacing interim President Rómulo Betancourt), but was removed from office shortly after in the 1948 Venezuelan coup d'état.After WW2 in 50s Arab countries started exporting large amount of oil. Soon increased supply over short demand leads to reduction of the price of Oil. In response oil producing nations Venezuela,Saudi,Iraq,Iran,,Kuwait met to decide future statergy. So they made OPEC in 1960.OPEC was formed with the aim to bring oil prices to reasonable level by regulating the supply. Export quotas were placed on the member nations to keep a check on overproduction.Over the years they didnt had good negotiations with US oil companies and they had a bit leftist inclinations. Dictator and military general Perez and 1949 to 58 period is characterized by initially marked improvement in developments with the rise of oil price facilitating many public works achievements. Political and economic stability, along with the completion of ambitious public works and the rapid development of industries such as hydroelectricity,mining, and steel. He instituted some programs to eradicate many of Venezuela's rapidly growing slums, but mainly in Caracas. Pérez presided over one of the most repressive governments in Latin America. His government's National Security(Seguridad Nacional, secret police) was extremely repressive against critics who tried to overthrow him by planting bombs against him and ruthlessly hunted down and imprisoned those who opposed his rule. After years when oil price fall as a result of the debts contracted by the dictatorship the discontent of the national private sector, the adverse position of the Catholic Church, the cruelty of the pdictatorship,later rise of gas price and transportation leads to massive demonstrations against repression by the government and the predicted economic crisis, Marcos Pérez Jiménez was deposed in a coup d'état by disgruntled sectors within the Armed Forces of Venezuela on January 23, 1958 After The 1958 Venezuelan coup d'état took place on 23 January 1958, when the dictator Marcos Pérez Jiménez was overthrown.Again Accion democratica came to the power and same president who ruled few years ago,Betancourt came to the power after national election. Having inherited a well constructed country but with the need to give more education to its people, Betancourt nevertheless managed to return the state to fiscal solvency despite the rock-bottom petroleum prices throughout his presidency. His successor Caldera from christian democrat (Copei - Wikipedia )wasnt successful at all. But during his first presidency, Caldera was able to pacify the country by granting an amnesty that allowed guerrilla fighters, who had been operating clandestinely for almost a decade, to reincorporate into society and participate in politics. Then in 74 Carlos Andrés Pérez became president from the same accion democratica, but perez was sort of new generation from their party.Oil prices continued to fall in 70s . Following 1973 Arab Israeli war Arab OPEC countries stopped oil trade with US. Soon global oil price became high(37 dollars from 10 per barrel) and national budget increased to fourfold then.Dynamicity came in economy,salaries went increased,employment was extremely good overall,there were massive increase in consumption. Overall his first presidency came to be known as SAUDI VENEZUELA.From 1958,all the parties existed were state parties. People voted for them according to their principles to distribute the oil moneys,oil incomes. So the whole political system became state centered (to be clear oil centered). There were a rentier culture,people believed all free oil,gas is deserving as they are a rich country. This leads to corruption as people who could diverted or distributed the directions got huge power and there were enormous possiblities. Oil became such important to play role that urbanization,mass migration to specific areas too prominent. Practically there were abandoning agriculture.Agriculture in Venezuela - WikipediaOver the next few years there were progressive deterioration of the legitimacy of democratic system overall,there were moral deterioration,it was transformed from a national grassroot level organisation to electoral leads that competes infront of television much more. Later when oil prices fall then there were pressure from international agencies for re negotiations. During that critical period Perez was selected for the second time offering full employment,a new era. But a week after his select he signed an aggrement with International Monetary Fund to carry out a whole set of policies corresponding to the whole agenda of the washington consensus, which is against Sovereign. The program, known as the paquete (the "package"), was contrary to statements made during Pérez's populist campaign in which he had described the IMF as "a neutron bomb that killed people, but left buildings standing. Measures taken by Pérez included privatizing state companies, tax reform, reducing customs duties, and diminishing the role of the state in the economy. He also took measures to decentralize and modernize the Venezuelan political system by the direct election of state governors, who had previously been appointed by the president. The most controversial part of the economic reform package was the elimination of the gasoline subsidies, which had long maintained domestic gasoline prices far beneath international levels and even the production costs. Later increase in gasoline price leads to a revolt,which lacks a central leadership and magnified by media but overall a spontaneous protest known as Caracazo .( Caracas is capital of venezuela).After 3 days army took charge and there were massive repression.Few thousands perished. The whole period of 89 to 92 was sort of the final crisis of Venezuelan democratic model existed from 58. It was obvious that things were just collapsing,in terms of backing Accion Democratica and Copei,whole thing was just falling apart. It was a massive blow to Venezuela,economy entered a spiral deterioration there. On that confrontation there was a military general Hugo Chavez. Who was carrying out his orders. After 3 years he lead a coup. He was in charge of Caracas. The coup failed. He gave his monologue on official conference,THE COUP IS FAILED FOR NOW……Later he became famous when he was in prison,it was during Caldera second term. Later caldera decided to freed him. Within months Chavez started ground level works,then international trips later in 1998 he projected his presidential candidacy when he had 90% or even more votes according to polls. He campaigned that this represented democracy has failed,we need a another mode of democracy. And a new constitution. There were some anti liberal agenda,more capitalistic ones.He believed on pan latin america sentiment. He beleved tree has 3 free roots,in terms of describing new Venezuelan society. Simon Bolivar,Ezequiel Zamora,Simon Rodriguez. Internationally, Chávez aligned himself with the Marxist–Leninist governments of Fidel and then Raúl Castro in Cuba, as well as the socialist governments of Evo Morales (Bolivia), Rafael Correa (Ecuador) and Daniel Ortega (Nicaragua). His presidency was seen as a part of the socialist "pink tide" sweeping Latin America. Chávez described his policies as anti-imperialist, being a prominent adversary of the United States's foreign policy as well as a vocal critic of U.S.-supported neoliberalism and laissez-faire capitalism. He described himself as a Marxist. He supported Latin American and Caribbean cooperation and was instrumental in setting up the pan-regional Union of South American Nations, the Community of Latin American and Caribbean States, the Bolivarian Alliance for the Americas, the Bank of the South and the regional television network TeleSUR. Chavez's ideas, programs, and style form the basis of "Chavismo", a political ideology closely associated with Bolivarianism and socialism of the 21st century.As soon as he became president he announced a referendum to decide whether a new constitution should be established. Just a few month after referendum decided and a new constitution has been written off via a National Constitutional Assembly. This constitution was a progressive social democratic type. Even its the transformation of representative democracy to participatory democracy,its not replacement its democratization of the political system, increasing other levels of participation. It highly highlighted the rights of the welfare states,sort of radically advanced welfare state. There were some visions that Venezuelan economy will have 3 sectors. state,private and communal. But everything is under state. Oil industry by then became 100 percent state control,PDVSA became nationalized. Overall limbs of private sectors were cut off and subsidies were also like as before. But he prioritized agriculture. Actually issue was the same like it was before. Primarily it was still an oil based economy. In first 2 years(98 -00) was somthing unchanged,unnoticed. But after that opponents began to organize more. That leads to confrontation,government became more radicalized. Their agendas were soo radicalized. Government violated and circulated new laws and regulations,where small to large all private sectors suffered,penny business and others came to an end. Like they abandoned the rights of small scale fishery, drag fishing,known as trawl fishing. Venezuela Bans Controversial “Trawl” FishingIn October 2000, Chávez and Castro signed the Convenio Integral de Cooperación under which Venezuela will send 53,000-barrel per day of oil to Cuba and will receive technical support in the fields of education, health care, sports, science and technology. In February 2005, Venezuela increased its discounted oil shipments to Cuba to 90,000-barrel per day which represents less than 3.5% of Venezuela's total oil production. But for Cuba, 90,000 bbl is of high value. Much of this oil obtained from Venezuela is subsidized. According to 2005 estimates, Venezuela is providing Cuba nearly 20,000 bbl/d to 26,000 bbl/d of oil free of cost, for a total "gift" of $6–8 billion until 2020.https://www.oas.org/juridico/mla/private/rexcor/rexcor_resp_ven9.pdfWhen Chavez came power it was 10$ a barrel in Venezuela. At the same time OPEC was weakened as a consequence of 2 events,Confrontations between arab countries. Saudi and Iran. They could not agree on anything.Venezuelan national oil company wanted to get rid off limits. To see how much they could produce. So in a way it tried to violate its agreements with other OPEC nations. They stated to produce a lot more than quarters. So theres no way that you could agree on the control of quarter,which was the purpose of OPEC.At that time oil price was low when he was appointed. So Chavez government did after its appointment was call meeting of OPEC head of states. As a consequence of Chavez initiatives they managed inspite of disaggrements and everything else to curtail the amount of production and oil price hit high. This type of national shift of Venezuela threatened US control. In that time venezuela played a important role to defeat FTAA,it was a free trade agreement of America. The Venezuelan general strike of 2002–2003, also known as the oil strike or oil lockout, was an attempt by the Venezuelan opposition to President Hugo Chávez to force a new presidential election. It took place from December 2002 to February 2003, although within this period the effectiveness of the call to strike varied. The main impact of the strike derived from the stoppage of the oil industry, in particular the state-run PDVSA, which provides a majority of Venezuelan export revenue. The strike was preceded by the 2002 Venezuelan coup d'état attempt in April 2002, and a one-day strike in October 2002. In the next following years economy collapsed by 17%,such dependence of oil. Thats the time when so called missiones came in. Govt realized that they didnot have the capacity to carry out social policies with the traditional bureaucracy. So the started to create parallel structures to carry out policies in different sectors of the society.As a military cadet, Hugo Chávez was "a celebrant of the Bolivarian passion story". Chávez relied upon the ideas of Bolívar and on Bolívar as a popular symbol later in his military career as he put together his MBR-200 movement which would become a vehicle for his 1992 coup-attempt.(The present 8 star Venezuelan flag,including bolivian star,post 2006)Soon as a consequence of the high price of the oil and diminishing level of the non oil exports,the proportion of oil that venezuela exports that came from 68% to 96%. Such dependency of oil.Economic policy of the Hugo Chávez administration - Wikipedia .Country like Venezuela, Nigeria (late OPEC member) budget are adjusted on 100 dollars a barrel. So it's harder to sustain when oil prices fall.Chávez refocused Venezuelan foreign policy on Latin American economic and social integration by enacting bilateral trade and reciprocal aid agreements, including his so-called "oil diplomacy", making Venezuela more dependent on using oil (its main commodity) and increasing its longterm vulnerability. Though Chávez inspired other movements in Latin America to follow his model of chavismo in an attempt to reshape South America, it was later seen as being erratic and his influence internationally became exaggerated,with the pink tide beginning to subside in 2009. Hugo Chavez did drag Venezuela from sphere of US influence. Not only Venezuela,he inspired whole Latin America to follow path of independence and anti imperialism for decade. This was only possible after massive US involvement in many part of the globe. His reign saw many changes in sociopolitical system and economy of Venezuela. But still early issues,cut off of subsidiaries were still there. One of the objective of Bolivarian Revolution was need to have an autonomy in relation to the financial capital of the globe. But the problem,Venezuela didn't concentrate all its resources to interpreting more and more basic commodity of current capitalism. They relied upon increased production. But lonely increase productivity won't work. It needs association of good technology,massive foreign investment,massive debts,policy etc etc. This was like an core issue to the possible transformation of the Venezuelan society,but was less debated,less prioritized.There's a national consensus that Venezuela is a oil producers and have a oil based economy. When 2012 election came, programs presented by parties. There were complete difference in every single aspect except how much oil Venezuela will produce? They both provide exactly same figure,it's 6 millions barrel per day by 2019. Venezuela has largest sweet water lake, Maracaibo 2nd largest city of country situated in Maracaibo basin. People used to drink water from lake Upto 1920,30. When oil began, American oil corporation decided that it was too expensive to get the oil and take it out of the sea and put on tankers. So small canals were connected when the lake opened up at sea. After 70,80 years this huge water deposit has been destroyed. Now the threat is upon Orinoco River and delta for collateral damage. So there is environmental issues.Lake Maracaibo: an oil development sacrifice zone dying from neglectOver the years socialist Chavez redistributed the oil money to public. So quality of life improved. Poverty reduced from 50 to 25 percent, extreme poverty reduced 25 to 8 percent,HDI improved. He did a huge land reform. People got health care, education,food, ration. It was a comprehensive effort to deliver basic social services but that improvement was short timing. He decided to radicalise the whole process. He implement whole things which were privatised will be nationalized. But that process of nationalisation was very clumsy. He initiated to nationalize really big assets. Electricity, telecom along with oil sectors. He bought Banco de Venezuela from Spanish bank Santander. He went out and bought almost all cement companies. Assets of people were taken by states,they were prosecuted. In last part of first decade of this century when oil prices were down again crisis erupted. After years Chavez died after battling with colon cancer. It was one of the hardest time. So after a decade of Chavism Bolivarian Revolution state became more indebted. They spend high level on bureaucracy, duplication of responsibility by parallel structures. This onerous and expensive model was sustainable for Venezuela through foreign borrowing. So it became imminent that the biggest sucker of Venezuelan history will be who follow Chavez as president. And this happened. Country has become measurably worse since Maduro appointment after election in 2013.Maduro's cynical political ambitions came evident in December 2015. Coalition opponents won 66 percent majority in National Assembly,putting Maduro's reign at risk. In response Maduro forced out several supreme court justices and filled them with his hand picked puppets. After few months Court verdicts against coalition opposition,leads to a massive protests over the country. Maduro came to the power when oil prices came to fall,when Venezuela has gone bust. But still he nurtured the legacy of oil dependence and radical policies of Chavez. They have been gradually slaying private business and small businesses using tsunami of rules,regulations,price control and government take overs.Further in recent years as a result of El Niño and climate change leads to severe drought,water supply is available once a week in Caracas,which is brown,unsafe and not wholesome. With drought their Guri national hydroelectric dam won't work according to demand. So it leads to power crisis also.As a result in 2018 Venezuela’s GDP is expected to contract by double digits for the third straight consecutive year. Economic output in Venezuela fell by 16% in 2016, 14% in 2017, and is expected to drop by 15% this year. Meanwhile, after jumping from 112% in 2015 to 2,400% last year, inflation in Venezuela is expected to hit five-digit levels in 2018. Venezuela’s slow-burning economic collapse is quickly becoming a regional humanitarian crisis as Venezuelans flee in ever larger numbers, looking for refuge in neighboring and nearby countries. More than 600,000 Venezuelans have already fled their country and sought asylum in Colombia.So that's it. Over dependency upon a single product,cut off of subsidiaries,Dutch disease due to overpricing of Venezuelan currency in early 20th century,decades of corruption and incompetent leadership, geopolitical and sociopolitical instability culminating this crisis.All they need at first is to develop a post oil economy, prioritization of subsidiaries,private business. This need is not per 2018. It's a century long need for Venezuela. As oil price is dynamic,there are two views dominating the oil market discourse. There are those who strongly believe that the market has undergone structural changes and that low oil prices are here to stay for a prolonged period. At the other end of the spectrum, there are those who think that this is yet another cycle and oil prices will recover sooner rather than later. These two scenarios – structural versus cyclical – reflect the high degree of uncertainty engulfing the oil market. This presupposes that we can separate neatly the cyclical from the structural, but this would be an oversimplification.Recently they changed currency exchange system,now it's bartering instead of Bolivar.http://Forget the Bolívar: In Venezuela, Bartering Is the New Economy | Fortune fortune.com › Finance › Venezuela (http://Forget the Bolívar: In Venezuela, Bartering Is the New Economy | Fortune fortune.com › Finance › VenezuelaIt's a good news for many of Venezuelan that oil price hits high 74 dollar a barrel,which is highst in last three and half years. Perhaps it will bring welcome wishes,bliss to Venezuela. Oil price hits three-year high of $74 a barrel | Business | The Guardian https://www.theguardian.com › 2018 › aprThank you for long scrolling.Image:: Google.Source::youtube and mentioned in respective places in answer.please see the full series of 9 episodes for more and deep knowing, featuring Edgardo lander,a famous Venezuelan sociologist and researcher.