The Devil's Excrement





  The Devil's Excrement
Observations focused on the problems of an underdeveloped country, Venezuela, with some serendipity about the world (orchids, techs, science, investments, politics) at large. A famous Venezuelan, Juan Pablo Perez Alfonzo, referred to oil as the devil's excrement. For countries, easy wealth appears indeed to be the sure path to failure. Venezuela might be a clear example of that.
Last updated:
4/2/2007; 8:39:25 PM

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Thursday, February 05, 2004


 

These economic gems were said this week by various officials:

 

-The Supreme Court in rejecting the illegality of the current exchange controls:

 

“The Government did not impose exchange controls; it simply established policies to regulate monetary policy”

 

Well, in that case, it must be legal

 

-The Head of the Exchange Control Office on the benefits of Exchange controls:

 

“One of the blessings of exchange controls has been the increase in monetary liquidity”

 

Tell that to the Central Bank that has spent billions trying to drain it.

 

-The Head of the Finance Committee of the National Assembly on the rumors of devaluation:

 

“A maxi-devaluation is not being proposed, what has been agreed on is an adjustment on the parity of the currency due to inflation”

 

Oh, I see, since inflation was 27% it’s a mini devaluation!


8:09:36 PM    comment []



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