Why did Trump accept Venezuela’s money?

right-leaning Chicago-school economists’ relationships with Latin American dictators in the 1970s.

Today, Venezuela’s economy is a full-blown disaster, with the collapse in growth and near-hyperinflation causing widespread human suffering. In such circumstances, one might expect a traditional Latin American military coup. The absence of one in Venezuela is hardly a reflection of strong democratic institutions. Rather, the government gives the military a free hand in running the drug trade, making many generals and officials extremely rich – and able to buy the loyalty of key troops.

And this brings us back to the bizarre spectacle of this economically desperate country helping to fund Trump’s inauguration festivities. Like Joe Kennedy II, the Trump organisers can plead that if Venezuela wants to spend its money on making life better for its much richer northern neighbour, who are they to say no?

Well, in both cases, the US should have said no: while the aid is transparent, the symbolism of a rich country taking money from a poor neighbor with millions of suffering people is hardly attractive. And it is particularly bizarre that even as US policy toward Mexico has greatly increased the chances of an anti-American Chavez-type character becoming president there, officials are providing positive publicity to a government that is a caricature of disastrous governance.

Trump’s predecessor, Barack Obama, took a principled stand in US dealings with Venezuela, imposing sanctions to rein in rogue behavior, a policy that drew broad bipartisan support. The Trump administration needs to stay the course, especially as lower oil prices have weakened the Venezuelan government’s hand. Instead of bashing Latin America, the US needs to show it can be a steady and principled friend that will not be swayed by corrupt bribes of any type.