Key takeaways: • The US has been bombing alleged drug boats near Venezuela since September, while building up military forces in the region to a level not seen since the Cold War. • Venezuela has been a foe of the US for decades, and in recent years the country has slipped into economic distress, violence, and autocracy. As a socialist regime that is a major source of migrants and has ties to drug trafficking, it’s on the Trump administration’s radar for several reasons. • An Iraq-style ground invasion and occupation is very unlikely, but a military campaign against Venezuela could involve airstrikes and raids targeting Venezuela’s drug cartels — or potentially the government itself.

Since the early fall, the US has been building up its military forces in the Caribbean and launching

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