Balance Sheet Kryptonite

It’s quite amazing: one of the biggest economic reforms of the last 14 years is to be unveiled today or tomorrow and, even now, the public has no real idea what it will say. Chávez’s long delayed reform the Organic Labor Law will have immediate, massive consequences for the lives of most Venezuelan families and…

Chain of fools

An excellent initiative from the folks at Monitoreo Ciudadano: el cadenómetro. A page exclusively designed to keep track of the number of hours Chávez is on national radio and TV campaigning. He has already chalked up 20+ hours since early January, and that’s just from his deathbed. Imagine if he wasn’t dying, the cadenómetro would…

As if on cue

Chavismo: 13 years without missing an opportunity to make fools of themselves. Case in point: the celebration of the second anniversary … of the opening of a Twitter account. A perfect bookend to my article on FP.

Adventures in Petrocaudillism

First, you need a tiny bit of background to understand what petrocaudillism is. As far back as I can remember, there have been three ways the oil industry can transfer money to the Venezuelan state: It pays a percentage of its profits in income tax, just like everyone else -this happened even before nationalization in 1975.…

2.08

It’s a good thing we have Setty to remind us. Otherwise, some of us might forget to flip through PDVSA’s always revealing yet seldom well pondered Annual Report. This year, I want to pull just one number out of the smouldering wreckage of PDVSA’s financials. According to the report, PDVSA’s Hanky Panky Spending ( a.k.a. its…