The economic description of the Venezuelan economic debacle in this video is extremely simplistic and not accurate at all. It sounds as if the producers of the video want to somehow parallel the Venezuelan economic collapse to US politics. It has nothing to do.
Chavez's FIXED CURRENCY policy is at the center of the destruction of the Venezuelan economy. The video says that it was "government spending" as in tea party speak was to blame. PDVSA (the Venezuelan Petroleum Company) always pumped money directly into the economy as it has been state owned since the 1940's.
The effect of fixing the currency is that it created an environment in which products that were imported at the "preferential" exchange made Venezuelan producers unable to compete. Many of them actually fired their production staff, and hired corrupt Chavistas to get the cheap currency (from CADIVI - Venezuelan Currency Administration) and started importing the same products they produced before. There also was a black market currency rate which was significantly different to the "preferential" government rate. The difference was realized by merchants anyways, and even those products that were imported with cheap currency sold at the dollar's market price. The difference between the preferential and black-market currency rates resulted in a viscous inflationary cycle.