Tuesday, February 19, 2013

Idiot of the month: Ricardo Sanguino, chair of finance committee...

We thought it would be Girodani in justifying the devaluation. But no, representative Sanguino made a run for the title.  First in Spanish then my translation.

"El concepto de devaluación corresponde a la conceptualización que se tiene de las políticas cambiarias en economías eminentemente centralizadas por el capitalismo. Para nosotros esta política de ajuste cambiario persigue a seguir sosteniendo los logros alcanzados en el área social y hemos demostrado desde que asumimos el gobierno del presidente Chávez que es posible alcanzar crecimiento económico con inversión social"
The concept of devaluation corresponds to the conceptualization that we have of exchange policies in economies eminently centralized by capitalism. For us a politic of exchange correction aims at keeping supporting the successes reached in the social area and we have demonstrated that since we have accepted the government of president Chavez that is is possible to reach economic growth with social investment.

I have tried to reproduce as verbatim a translation as possible but the Spanish gibberish, chavismospeak,  by itself is hard to understand. Let say that the guy still tries to tell us that there was no devaluation 10 days ago, just a mere technical correction on the currency value.

Outside of this, no other comment is needed.

Bonus point / gold star  to whomever makes some sense of the above, in Spanish or in English.


  1. Boludo Tejano9:27 PM

    In whatever language it is written,gobbledygook remains gobbledygook. Nonsensical verbiage in Spanish translates into nonsensical verbiage in English.

    1. Boludo Tejano9:35 PM

      Bonus point / gold star to whomever makes some sense of the above, in Spanish or in English.

      I wrote my comment before I read your final sentence. We came to the same conclusion.
      Which reminds me of the saying attributed to W.C. Fields: "If you can't dazzle them with brilliance, baffle them with bullshit."

      Which reminds me of another W.C. Fields quote which may be appropriate for Venezuela 2013. On his deathbed, W.C. Fields said, "On the whole, I'd rather be in Philadelphia." W.C. did not have a high opinion of Philadelphia, his hometown. In a similar situation, will Thugo say that he'd rather be in Miami? Or Westonzuela?

    2. W.C. Fields put it best. In my experience, those who repeatedly try to baffle with riddles have a low intellectual quotient with a high narcissistic level. They have no respect for an audience they think is stupid and can't see through their games.

  2. 1979 Boat People10:06 PM

    This is much harder to understand than Einstein's Theory of Relativity. :)

    1. Anonymous10:47 PM

      Nothing to understand. That is the point. If the paragraph made any sense, it would be possible to argue against it. No sense, no rational argument. Chavismo is the kingdom of the irrational, by all means.

  3. Dr. Faustus11:16 PM


    The devaluation was necessary to elongate the electromagnetic waves in the Van Allen Belt, thus preventing the asteroid from hitting Venezuela and striking Russia instead. Or something like that.

    1. Now, THIS I understand! ;-)

  4. Charly12:56 AM

    When I first arrived in Latin America some 23 years ago, I considered Brazilian economists a bunch of troglodytes. Not much has changed in the interim. The wheel still has to be invented.

    1. Charly1:26 AM

      Correction: 33 years ago

  5. "that is is possible to reach economic growth with social investment"

    No, government spending is a hindrance not a help to a growing economy.

  6. Anonymous4:13 AM

    Con esta clase de ministros, con razón devaluamos y no lo suficiente, este hombre tiene los sesos en las nubes y se cree un genio, pobre de Venezuela, cada día peor, sin contar todo el dinero que se esfumo, donde? nadie sabe, aqui no es. Este es el peor gobierno que hemos tenido.

  7. NorskeDiv6:49 AM

    My translation: "Our devaluation is different than past ones, because we are socialists"

    That pretty much sums up the "new" development model in South America as well.

  8. "en economías eminentemente centralizadas por el capitalismo."

    "in economies eminently centralized by capitalism."

    This is the phrase that has me shaking my head...

  9. Something like this...


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