Venezuela's ongoing collapse
Venezuela is mired in a deep crisis, but you already know that. Each new day brings with it another batch of bad economic news. When it isn’t high inflation that...
Economy
The Bank That Sells $10 Bills for $1
Over on the FT’s Beyond Brics blog, Francisco Rodríguez explains why saying that since Venezuela can’t keep goods markets supplied, it should default on foreign debt is like telling someone...
Inflation-gate
After a never-before-seen, jaw-dropping, soul-crushing three-month delay, the Venezuelan Central Bank (BCV for its acronym in Spanish) published inflation rates for June, July, and August. But with the jumbled way in...
The Citgo fire sale
Reuters is reporting that PDVSA wants to sell Citgo for $10 billion dollars – the equivalent of 8 months’ worth of the cost of the gasoline subsidy. “Investment bank Lazard...
Spinning the revolution
I had to do a double-take upon learning that PDVSA had hired Bell Pottinger, the PR firm run by Margaret Thatcher’s former communications director to “clean its image.” Of course, no...
An Election Fraud as Big as the Ritz
Last week, the government announced that addressing the country’s deep-seated economic distortions…just wasn’t something they were going to worry about. A few days have passed since the economic non-announcements...
Dude, Your Strategic Fund Has Less than a Week's Worth of Imports In It
For years – literally years – we’ve been wondering exactly how much money the Venezuelan government had squirrelled away in its “parafiscal funds”: Fonden- and Fondo Chino-style unaudited,...
My kingdom for a passport
“You have to wait,” said the lady at the Embassy. “But I have been waiting, it’s been almost a month and my daughter’s passport expires in just a few...
Live-blogging the Sacudón
You may recall that a full two weeks ago, Nicolás Maduro’s entire cabinet resigned to allow the President to “reorganize it” as part of his quest to make government “more...
Have you seen the latest economic indicators? Didn't think so.
For those of us living in Venezuela, you only need a short stroll to your local market to see the current state of our economy. However, there’s always the...
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