while in venezuela between 2005-2008 for 8 months total i had 0 incidents of either police hassles or theft.
i walked around caracas during both day and night with another gringo friend of mine and we had a great time, just keep your wits about you like any other big city and you should be fine.
on edit - i personally found new york and new orleans to be far more dangerous than caracas although i do love new orleans...
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