Did you know Miami used to run on Venezuelan cash? Long before the crisis, Venezuelans were the "Kings of Florida." We dug into the economic archives of the 1970s, and the spending power of the "Saudi Venezuela" era puts modern luxury to shame.
In the 1970s, Venezuela wasn't just rich—it was "Saudi" rich. The Concorde flew to Caracas, and Venezuelans in Miami were known as the "Dame Dos" (Give me two) because they bought two of everything.
But this wealth was a trap. This is the story of how the 1973 Oil Embargo flooded Venezuela with cash, the "Dutch Disease" that destroyed its farms, and the massive debt trap set by US bankers that led to the "Black Friday" crash of 1983. Discover how the richest country in South America went from popping champagne to fighting for bread.
The "Petro-State" exported its wealth directly to Brickell. Here is the breakdown of the "Dame Dos" Phenomenon (The Golden Age):
- The Nickname: Venezuelans were called "Dame Dos" ("Give me two") because they would buy two of everything—condos, TVs, cars—without asking the price.
- The Peg: The Bolivar was fixed at 4.30 to the Dollar. With oil booming, Venezuelan currency was effectively "better than gold" in Florida.
- The Real Estate: Entire neighborhoods in Miami (like Key Biscayne and Brickell) were developed specifically for Venezuelan cash buyers.
- The Airlift: Regular flights from Caracas were treated like "flying buses" for weekend shopping sprees.
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