Pointers reveal deteriorated production apparatus under President Chavez

http://www.vheadline.com/readnews.asp?id=91270

Jose Manuel Puente, a professor at think-tank IESA and specialist in public policy, identified another alarming signal in the X-ray of the industrial apparatus. In 2009, non-oil exports amounted to US$3.32 billion, that is, 44.65% less than in 2008. The last year yield is even lower than that reported in 1999, when non-oil exports stood at some more than $4 billion. "Official numbers are telling that there has been massive destruction of the industrial apparatus, the manufacturing apparatus and the tradable apparatus of the economy," Puente admonished.

There's a very simple reason, and some other less important reasons, which coupled together give us a huge belly pain and are going to turn this place into Haiti without the earthquake.

The main reason is the government's currency controls, which make local industry non competitive. Pile on top the absurd regulatory regime, the threat of nationalization using arbitrary decisions, corruption and a crime wave, which cause the flight of the intelligent and educated, a government with the tendency to buy refineries elsewhere, piss away funds on lots of military gear, and give money away as if we grew it on trees, mostly to Cuba and nations they want to influence, plus add the money they're stealing in suitcases and trolling to put in banks outside the country, frequent power cuts, spare part shortages, a sick customs system which really gums up getting stuff in and out of the country, and you get what we have in Venezuela: Hyperinflation coupled to rising unemployment, rising crime, and an economy that drops like a rock.

And we're sure to keep on seeing stale 2 year old articles about how great we are doing, and all of the growth statistics dredged up from years past, as if we cared what anybody did for us two years ago, when prices were $150 a barrel. We care about what is happening now, and we will vote with our wallets. Communists, you are about to be run down like the famous deer in front of the 18 wheeler, during the coming elections. People are angry, and it's time for change.

:evilgrin: