The latest for Owen Jones from Venezuela

They’re losing it, no, really:

Congratulations To Bolivarian Socialism – Now For Venezuela’s Economic Conspiracy Theories

The claim is that the US is funding the deliberate withdrawal of 100 bolivar notes from the Venezuelan economy. This is what is causing the inflation.

Venezuela is suffering high and increasing inflation. The claim here is that people are deliberately reducing the money supply in order to cause chaos. Yet if people were deliberately reducing the money supply, in sufficient amounts for the wider economy to actually note it, then the inflation rate would be falling. Because that’s simply what happens when you reduce the money supply–inflation falls. It’s not just that the Bolivarian socialists don’t know how to run an economy they’re not even capable of coming up with a conspiracy theory which is consistent with reality.

So Owen, what’s it like having supported people who are clearly batshit insane?

14 thoughts on “The latest for Owen Jones from Venezuela”

  1. So Owen, what’s it like having supported people who are clearly batshit insane?

    Incorrect use of the past tense.

    He still supports Mr Corbyn.

  2. 3 billion notes is quite a lot.

    However, it is about 2400 pallet loads (8 pallets of $100 bills is a $billion.)

    However, assuming 3 shelves of 2 pallets high ea, thats could, if my calculations haven’t gone catastrophically wrong, fit in to a single 60m by 80m warehouse space.

  3. Would the runaway inflation not be because people are IMPORTING the notes into the country?
    Perhaps running them off in warehouses overseas and smuggling them into the country?
    So could be right conspiracy, just wrong direction?

  4. Martin,

    Why not just smuggle dollars in? Much higher value to volume. And the US Treasury will happily print them for you?

    Note – this does depend on the market value of the bolivar forte being less than its printing cost. It doesn’t extend to non-insane currencies. ‘Cause dollars don’t come for free.

  5. Hey, the Left’s entire political philosophy (socialism) is built on on ideas that aren’t consistent with reality, namely that for it to work humans would have to go against their DNA and work permanently for the good of others to their own detriment, so worrying about whether the small print meshes with reality is kind of irrelevant.

  6. SE – smuggling dollars in won’t fit the conspiracy in the same way.
    This is Venezuela we are talking about, the facts have to fit the idea not the other way around.
    Bit like Cuba in a way.

  7. Jack Hughes>

    There’s nothing insane about Corbyn. Crazy like a fox: rancid 1930s-style Jew-baiting is working for him.

    The one thing that’s thoroughly proven about Corbyn is that he’s a flagrant liar. It beggars belief to think he honestly holds any of the ludicrous views he pretends to hold when he can’t come right out and blame ‘the Jews’ without using codewords.

  8. You may all enjoy which is filled with all the good news from the revolution, interspersed with very terse reporting of the stuff that is going pear-shaped.

    Essentially the opposite of the rather depressing

    It’s one for the true believers… check out the biographies on

    “Rachael Boothroyd is from Liverpool, England, where she has been involved in the anti-war movement and the student movement, as well as in other initiatives aimed at constructing a viable electoral political alternative in her home country. She has a degree in Modern Foreign Languages and a Masters degree in Latin American studies, in which she concentrated on popular movements in Haiti and Venezuela. Her current work focuses on the transformation of the state apparatus in Venezuela. Rachael joined the team in April 2011, and also writes for Correo del Orinoco International. Her interests include; alternative models of democracy such as the communes and workers control councils, Latin American-US relations, the Venezuelan women’s movement and state-society relations. She is also involved with grassroots movements in Caracas, particularly the Commune movement.

    Ryan Mallett-Outtrim is an Australian activist currently living in Mérida, Venezuela. In recent years his passion for politics and social justice have led him to covering the democracy movement from Morocco, the ongoing struggle for self-determination in Western Sahara and progressive politics in Latin America. He is a regular contributor to Correo del Orinoco International and Green Left Weekly. Ryan also has a fortnightly column in the University of South Australia’s Unilife Magazine, and manages To Here Knows When, a travel blog featuring political analysis and unusual stories from the road. Currently, he is studying Journalism and International Relations at the University of South Australia, majoring in national security and sustainability.

    Tamara Pearson, previously a member of the Australian Socialist Alliance and collaborator with Green Left Weekly, has been living in Merida, Venezuela, since 2007. She is active in the Bolivarian revolution, including as a spokesperson for her communal council, collaborating in an alternative education project, writing a thesis on “Creative writing as a process of empowerment in the context of alternative education” through Venezuela’s Open Studies University (UPTEM), and working with other movements such as the Great Patriotic Pole (GPP). She has been writing for and working with since 2008.”

  9. All of those people should be kidnapped and dumped on the streets of a Venezuelan city with 1000 bolivares in 50s in their pockets.

  10. “Rachael Boothroyd is from Liverpool, England,”

    Of course she fucking is. I’ve probably had the pleasure of meeting her. And no doubt I was the only one in that pub in Liverpool that evening who thought she was talking complete shite.

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