The Mark Weisbrot definition of a successful economy

Now Venezuela is facing economic problems that are warming the cockles of the haters’ hearts. We see the bad news every day: consumer prices up 49% over the last year; a black market where the dollar fetches seven times the official rate; shortages of consumer goods from milk to toilet paper; the economy slowing; central bank reserves falling. Will those who cried wolf for so long finally see their dreams come true?

No, really, he is describing this as success.


8 thoughts on “The Mark Weisbrot definition of a successful economy”

  1. Note that if you point out the extremely obvious flaws of Socialism – the shortages of basic goods, for example, you are a ‘hater’. Obviously motivated by blind rage and prejudice, probably a racist too.

    This is boilerplate Leftism – don’t engage with or understand the critics, because that would mean facing reality. Instead, demonise them, pigeon-hole them as your own fantasy worst enemy and then ignore them. Because that’s how problems get solved in their world.

  2. I just read the article I can’t believe he hasn’t mentioned the crime problem. The recent channel 4 program on kidnapping in Caracas almost made me cry – the violence was so bad.

  3. There seems to have been an uploading snafu – the version of the article on the website is missing a paragraph linking the examples to the conclusion. Is it like that for anyone else?

  4. Weisbrot appears to have missed the fact that having the money to do whatever they want with the economy clearly doesn’t preclude screwing it up beyond belief; if anything, it makes it possible to screw it up far more than is usual in such cases.

    The plain fact is that the economy isn’t working, since basic goods aren’t available in the shops. Since Weisbrot has demonstrated that the cause is definitely not anything fundamental, the only cause left is mismanagement.

  5. I wonder how long it will be before we start seeing Venezuelan bride websites? That’s the natural result in country with hot girls and a collapsing economy.

  6. Tim Newman>

    In neighbouring Trinidad, ‘Venezuelan girl’ is nigh-on a euphemism for ‘whore’. They have a long tradition of exporting working girls to anywhere close by and even slightly richer.

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