Icon Re: Chavez and oil...
R
rosskolnikov (view)

They don't, Ed. At best, Chavez's support there is around 55-45 these days, and it could be lower. However, those were supporters were firmly on board, and that has more to do with the messianic and caudillo ways that he chose to portray himself. Some media outlets tried to show an alternate view, and they either no longer exist or have been drummed off into cable.

Here are some facts:

On the good side - abject poverty down in Venezuela, access to health care up, basic literacy improving, have formed a semi-credible alternate pole to US power in the region, elected in what appear to have been reasonably fair polls

On the bad side - inflation 25-30% for more than five years straight, "breadlines" for most staples, 6 month to 1 year wait for a new car, cost of all food besides staples 20-25% higher than USA at official (not realistic) exchange rates, educated class driven out of the country, critics muzzle or forced to leave, oil output falling and only saving grace has been high prices globally, failure to develop any reasonable alternatives to oil-based income, crime up across the board - even doubling in some areas, abused broadcasting rights during election periods, packed courts with cronies, enriched a number of his friends (or allowed them to outright steal), eliminated any resemblance of meritocracy in government positions, left as a successor a former bus driver with only a high school education (what would you like to guess is Nikolas Maduro's real understanding of macroeconomics?)

I saw it all again just last month. It's as bad there as it's ever been and possibly worse. Do not believe the Chavista propaganda about his policies working. Venezuela is fast on pace toward the dysfunction that was the Soviet Union at the end of the 80's but without any of the scientific achievements.

Yes, Marc's post was ridiculously provocative and the use of Sean Penn was a figurative stick in Baerwald's eye . . . very rude. But by ANY objective measure, Chavez has been an enormous failure, squandering a historic opportunity for Venezuela provided by the increase of international oil prices on his watch from under $20/barrel to nearly $100/barrel. That increase alone is the ONLY thing that allowed for his largesse, and it's the ONLY reason why things were so difficult leading up to his original election. With a 500% increase in oil profits and a population of only 20-25 million, Venezuela should be sitting pretty like Qatar or the UAE. The fact that they are not (only Latin American economy to lose ground to the US dollar last year) is indisputably one of the worst management failures of all time.
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.:RS:.
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