Sure enough, Russia's inflation rate spiked to over 16 percent following the collapse of oil prices. That left its central bank no room to monetize its debt. The only remaining option was spending cuts and austerity, which will likely drag down its economy further.

Venezuela's predicament is much worse, because the Venezuelan government compounded the damage caused by the fall in oil prices with two policies.

First, the government started instituting price controls way back in 2003 to keep its poorer citizens from facing unaffordable goods and services. But price controls also make domestic businesses and industries less profitable, so they begin closing up shop. Think of the way Venezuela's reliance on oil — which made up far more of its exports than Russia's — depresses all other parts ofan inch and they swim all over you.” – Sebastian, The Little Mermaid

Makena is a 15 year old high school student who spends much of her free time researching Disney. She enjoys sharing Disney facts and even plans Walt Disney World vacations (including searches for secrets and Hidden Mickeys) for friends and family.Makena began blogging for WDW Radio in December 2011.