maduro-plan-de-desarme

Apátrida Chronicles

In my latest piece for Transitions, I make the case for foreign intervention in Venezuela’s domestic affairs – namely, that the crime wave has gotten so out of hand, and the government has shown itself so clueless, neighboring countries need to intervene. The headliner: “In 2009, the U.N. Secretary General provided a blueprint for applying this…

train-wreck

R&R: It Gets Worse

So I already blew one gasket over Reinhart and Rogoff’s Project Syndicate piece, and now the time has come to blow the other. Turns out Francisco Rodríguez over at Bank of America was just as suspicious as I was of their claims, but being a proper economist went back to their database to check. Turns…

Crude Oil Brent

The predators from Riyadh

Yesterday, French economist Jean Tirole won the Nobel Prize in Economics for his work in understanding imperfect markets such as monopolies or oligopolies. Personally, Tirole has been a huge influence in how I view the world. His graduate-level textbook on Industrial Organization remains, to me, the standard in the field, even though it is getting…

Ceci n'est pas splitting hairs

Of Default and “Default”

Consider “default”. It’s a tricky one: both an ordinary English word and a term of art with a specific, legal definition in the field of finance. There’s a reason why this ordinary word is used to label that legal concept: the two meanings usually map onto each other reasonably well. But not always. Today, the debate about Venezuela’s shockingly mismanaged economy fell right into the space…

reinhart rogoff

Almost one

On the heels of Nicolás Maduro’s absurd attacks on Ricardo Hausmann and Miguel Ángel Santos, today we hear from Harvard professors Carmen Reinhart and Kenneth Rogoff on the issue of Venezuela. In a blistering piece for Project Syndicate, they address the main issue in Hausmann and Santos’ controversial article: that Maduro has defaulted on Venezuela’s domestic obligations…