On Friday Venezuelan leader Nicolas Maduro declared the start of a 60 day state of national emergency.

Amid a devastating economic crisis that has resulted in mass looting, the socialist leader has threatened to seize control of factories that have stopped production. According to Maduro, the nation needs to take back its means of production in order to stave off its dire economic state.

Maduro blames the plotting of foreign forces for Venezuela's current economic problems, and is prepared to ready his army towards retaliation. The 53-year-old leader says military exercises will commence next weekend.

Economic Crisis and Looting

Although Venezuela can boast the world's largest oil reserves, its economy has been hard hit by falling global oil prices. Last year the Venezuela economy contracted by 5.7 percent. The current official inflation rate is estimated to be at 180 percent.

Subsequently, food and medical shortages are a constant issue. Citizens must line up for hours in order to get basic daily goods. This condition has led to looting.

Images of desperate Venezuelans breaking into shops and charging food trucks have hit social media.

Manuel Cardenas, a witness to an incident on Thursday in which reportedly hundreds of Venezuelans looted a truck that had crashed in the state of Tachira, described the aggressive measures of crowd control that were implemented in order to stabilize the situation.

"There was a big scuffle ... There were shots in the air and they fired tear gas," said Cardenas.
Maduro’s rhetoric on Friday matched the volatile atmosphere of his nation.

"We're going to tell imperialism and the international right that the people are present, with their farm instruments in one hand and a gun in the other... to defend this sacred land," Maduro said.

Right Wing Backlash

Venezuela's conservative opposition party railed against Maduro’s state of emergency and promised to increase their efforts to remove the socialist leader from office this year.

Jesus Torrealba, the Democratic Unity coalition leader, describes Maduro as an out of control despot.

"We're talking about a desperate president who is putting himself on the margin of legality and constitutionality," charged Torrealba adding, "If this state of emergency is issued without consulting the National Assembly, we would technically be talking about a self-coup."

Despite massive protests and the fact that the opposition party won control of the National Assembly in December, Maduro has promised to stay in office until the end of his term.