For the last 15 years, Venezuela has been mired in crisis, characterized by wasteful government spending, rampant corruption, growing authoritarianism, relentless human-rights violations and now economic collapse.

But beyond the occasional sharp word from the late President Hugo Chavez, the periodic expropriation of a foreign company without adequate compensation, and some minor meddling in the elections of neighboring countries, the crisis barely registered abroad. This is no longer the case.

Earlier this month, U.S. President Barack Obama officially classified Venezuela as an "extraordinary threat to the national security and foreign policy of the United States," and ordered sanctions against seven officials, thereby stoking bilateral tensions.