Update on the Bolivarian Revolution

Even without their Dear Leader, Venezuela continues the slide into poverty, chaos, political suppression, and violence.  And, of course, their inept rulers are blaming anyone but themselves. This time it’s a couple of academics.

Venezuela is a major oil-exporting economy that is so badly mismanaged that real (inflation-adjusted) per capita GDP today is 2% lower than it was in 1970, despite a ten-fold increase in oil prices.

Perhaps Sean Penn and Oliver Stone could help them kick-start their film industry. Maybe move down there, invest their fortunes and join the crusade against the neoliberal consensus.

As an aside / kind of non-sequitur, here’s Paul Krugman earlier this year criticizing Argentina’s refusal to tackle their deficits and inflation. He goes on to say “…a few years ago one would have said that only Venezuela was making the old mistakes…” But, of course, all the reactionaries know Krugman always wants higher deficits, higher inflation and, well, derp <inaudible sounds… getting louder>, he’s a commie!

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2 Responses to Update on the Bolivarian Revolution

  1. Rob says:

    Just wait until the gulf coast refineries change their process for light sweet us crude rather than the heavy source from our Bolivarian friends. Then they get much less than the Brent or wti price.

  2. tward says:

    We’ll see what happens just with the recent downturn in global oil prices. A recent piece by Credit Suisse posted to FT Alphaville shows Venezuela hit the hardest by the Q3 commodity downturn (with Russsia just behind).

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