Now Venezuela has the highest inflation in the world (700 per cent this year), and the economy has shrunk by almost one-fifth. There are chronic shortages of food and medicines: three-quarters of Venezuelans say they are eating less than two meals a day, and the child death rate is up 30 per cent. And a lot of people, including former Maduro supporters, are very angry.
To stay in power, Maduro must avoid an election, and the next presidential election is due next year. The opposition had already won a two-thirds majority in the National Assembly in 2015, so Maduro's first move, in late March, was to have the Supreme Court (packed with his supporters) simply declare that the National Assembly was "in contempt" of the country's laws and shut it down.
That was what brought the protesters out on the streets in such numbers that three days later Maduro lost his nerve and the Supreme Court revoked its decree. But the protests, fuelled by the growing shortages of practically everything, just kept going, and now the demonstrators are demanding that the next presidential election be brought forward from 2018 to this year.
Maduro is cornered. He could not win a presidential election this year, or in 2018 either. So he has played his last card: a new constitution. The last constitution was written by Chavez himself and adopted in 1999.
The Chavez constitution does not give Maduro the authority to do this, but the man is desperate. He needs an excuse to postpone elections he knows he would lose.
"I don't want a civil war," Maduro said while announcing his constituent assembly, but he is laying the foundations for one. He might even win it, in the short term, if the army and police stay loyal to him. But he really does risk ending up like Mussolini: executed without trial and hanging upside-down in a public square.
Gwynne Dyer is an independent journalist whose articles are published in 45 countries.