Basking in a sea of happiness

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Inflation is at almost 70% per year. The multiple exchange rate system is wreaking havoc with Venezuelans’ daily lives. The Central Bank is printing money like crazy to finance an out of control budget deficit.

But don’t despair. The Central Bank is focusing on solving all of these problems.

BCV

1 COMMENT

    • Look at it this way: when it comes to producing erudite Marxist gobbletygook, the GOV has concluded that Venezuela can’t hold a candle to Argentina. Is that a left-handed compliment, or a left-wing compliment?

  1. I was at the “Venezuela: A Deepening Political and Economic Quagmire? (VIDEO) [Flickr]: Latin American… conference organized by UM’s Centro Estudios Hemisféricos http://t.co/cX4rxebgQ1 w/ Monaldi, Rodríguez, Obuchi, Beatrice Rangel, Otto Reich. Very very interesting POV’s Specially Rangel’s, Monaldi and Reich’s

    • The information and analysis from Monaldi and FRod are really substantive , going deep into facts that are not commonly discussed as much as they deserve. Suggest people try and listen to them carefully !!

    • To hear these experts discuss Venezuela without one single reference to the fact that it is impossible to sustainably govern correctly a country in which government receives 97 percent of all exports, was sad. It was indeed an impressive gathering of quitate-tu-pa-ponerme-yos

      • Per although in sympathy with your point , the panelists were trying to interpret the facts as they stand , not to pass judgment on desirable hypotheticals , the talks had a lot of points which are worthy of reflexion do listen to them carefully before rushing in with a blanket condemnation . If we had no oil and had to depend on non oil exports produced by private businesses I wonder what kind of economy we would have . Im not sanguine about the prospects of private business in Venezuela being able to replace oil as the mainstay of our economy however much I would prefer that to be the case.

        • The most prominent “fact as it stands” of Venezuela, is precisely the concentration of the export income in the government. The question they should have raised there in Miami would be something like “To begin with, let us imagine Obama managing 97 percent of all exports of USA”.

          • Precisely Peer , the concentration of the export income in the govt is a fact , not something to argue about , imagining what it would be like if private venezuelan businesses held control over 95% of Venezuelas export income is a ‘desirable hypothetical’, and unfortunately one likely to remain one for a long time .

  2. Meanwhile, in the real world of devalued currencies:

    Nathan Crooks @nmcrooks · 7m 7 minutes ago
    *VENEZUELA SIMADI FX PRICE AVG TODAY AT 170 VEF/USD: CEN BANK
    *VENEZUELA ALLOWS BOLIVAR TO WEAKEN 69% ON SIMADI MARKET

  3. Some people used to think that things can only get worse. It’s time to start knowing that things really get worse. I’ve met Nelson Merentes personally, a long time ago, when the vzlan oil basket was over the 100´s US$ and everything was smooth for NM and HCh. By the year of 2008, Merentes enjoyed singing with La Sardina de Naiguatá and Erick Franchesky, at the Juan Pedro López square, between the Central Bank of Vzla and Education Ministry buildings. It was horrible by any standard. He also used to play the Guillermo Fantástico González job, specially in Mother´s Day and Secretary Day, by introducing famous singers like The Cougar, José Luís Rodríguez. Before NM, Diego Luis Castellanos hired for the CBV his spiritual advisor (babalao) and set him as the legal consultancy manager, one asshole named “Dr.” Hector Griffin. I won´t mention one single fact of this “manager”. It’s worthless. But, now, I feel very, very sad for the CBV ill fate. Not tomention that this is the way that, sooner or later, ends in an open dollarization of the country.

  4. As an example of a non sequitur, let me tell you dear friends that I enjoyed the beer and the jamon iberico at Ashleys with Juan Nagel who is visiting Ann Arbor.

    • I agree, it was a well-written summary. But, even understanding that The Economist is a “Just the facts, Ma’am”, kind of magazine, knowing what I know, I felt like the story was all there, but with all the juice squeezed out of it.

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