Venezuelan stagflation: analysts say that "socialism" is devastating local productive capacity and becoming more dependent on soaring imports, the country's economy is only boosted by revenues from oil exports. My translation [Link]:
"We will bury Venezuelan capitalism, we are going to bury it!" In the first quarter of 2010 non-oil exports of the private sector had declined 67% compared to the first quarter of 2007 (less than in 1997); non-oil exports of the public sector suffered a 12 percent decrease over the same period in 2007.[El Universal - English Daily News] The country is in a spiral decline since the ominous overtones when Chavez the clown began nationalising companies and the stupid fool can only crow because, as he puts it, "the economy that is falling in Venezuela is the capitalist economy". Fucking brilliant.
"Analistas afirman que el "socialismo" está arrasando con la capacidad productiva local y haciendo cada vez más dependiente de las ya altísimas importaciones al país, cuya economía sólo es dinamizada por los ingresos por exportaciones petroleras."
The energy crisis continues and hunger, riots and strikes cannot be too far in the future, this month's "forced acquisition" of Monaca and threats of expropriation posed to Empresas Polar has spread fear among the country's farmers: the two companies buy the equivalent of 70% of national cereal production...food, the last thing you want in madass ignorant idealogue politicians' hands.