Joseph Humire: A Humanitarian Crisis Is Brewing in Bolivia? [CLIP]

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"2025: I believe that Bolivia will probably be the number one humanitarian crisis in Latin America, because the numbers don't add up.

It's the same story as Venezuela, in terms of the same kind of external support [and] the same kind of socialist movement, with one difference.

They didn't nationalize their industries the way that Hugo Chavez did in Venezuela, which has led to the economic calamity that they became.

In the case of Bolivia, they were able to somewhat have stable macroeconomic indicators, but they were camouflaged with the large amount of public spending.

So, people didn't realize that Evo Morales was spending pretty much the future of Bolivia by depleting his foreign reserves.

And so now...they come back with this new socialist president named Luis Arce, who's actually the former economic minister, and they don't have [anywhere] near the foreign reserves.

And so, when you don't have foreign reserves, you have a hard time getting credits and you have a hard time getting loans from the international community.

Bolivia's now at a point where they owe upwards of $1.5 billion and no way to pay it. And because of this, you're seeing a scarcity of dollars. You're seeing a scarcity of imports, they're not able to pay for the imports, and then the fundamental catalyst for a crisis is the lack of fuel.

That's exactly what happened in Venezuela. Once they had lack of fuel, once they had no ability to move [and no] transportation, the country paralyzed. You had water shortages, food shortages, and the humanitarian crisis began, which sparked mass migration.

That's going to happen in Bolivia next year." - Joseph Humire