Thursday, June 10, 2010

An economic debacle picture is worth a 1000 word treatise

Believe it or not, the government published this graph among the diverse excuses it published to justify the end of the swap market [including the lapsus (?) of 4,3 instead of the "official" 2.6.  I suppose it would not have been as aesthetically looking at 2.6...]. And yet, as an indictment of how the Venezuelan economy went awry as oil went down and spending went it up, it cannot be matched.... No comments needed.  Received in my mail box a few minutes ago.

3 comments:

  1. 1. Why you should let your currency float and not have fixed exchange rates.

    2. The VEF appears to headed into the toilet. I just hope that it is following the path of the ZWR.

    ReplyDelete
  2. Breaking: CHAVEZ'S HAIL MARY PASS!

    http://www.eluniversal.com/2010/06/10/eco_ava_ordenan-la-suspensio_10A3997291.shtml

    Electrical rationing suspended for now. One day before the World Cup. Days after the rationing was prolonged for another 6 months by decree. Shamelessness defined.

    P.S. For those who doesn't know what is a Hail Mary Pass is, here is an introduction by Wikipedia:

    http://en.wikipedia.org/wiki/Hail_Mary_pass

    Man, that graphic is mind-blowing...

    ReplyDelete
  3. Boludo Tejano11:35 PM

    It would be good to also track inflation with the the parallel market dollar. With that "quibble" stated, it is an informative graph.

    ReplyDelete

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