Over on FP.com, pivoting off of that Reuters’ report on Fonden, I try to explain the way your morning paper will lie to you about Venezuela this week.
More and more, I get the sense that the big unreported story of the Chávez era is about waste. Corruption is comparatively easy enough to explain: it has clear motives, clear bad guys, a built in moral narrative – and so, it gets a fair bit of ink.
What’s much harder to get across is sheer waste – resources that simply go up in smoke because nobody is competent enough to spend them semi-rationally. That’s where a huge proportion of the oil windfall has ended up. And not through venality, simply through cluelessness.