Archive for November 10th, 2003

Brother, can you spare a little billion US$?

November 10, 2003


President Chavez demonstrated, once again, his ignorance yesterday on economic matters, when he stated that he had asked the Venezuelan Central Bank for “another little billion (of US$)” saying he had been having that discussion with the Central Bank for the last three months and that the Bank did not want to give it to him. Chavez even went further saying that if the Central Bank did not give it to him, he would go to the Supreme Court (??). Chavez said something what I have wondered about before in my writings here and in the local newspapers, what is the point of having US$ 21 billion in reserves if you can not use it?. I have questioned for months the policy of having exchange controls and accumulating international reserves at the expense of the Venezuelan economy. Reserves are meant to be managed not accumulated. I am sure that it was Chavez himself who set the country on this irresponsible policy due to his power and lack of understanding. Unfortunately, I have not heard anyone from the opposition reply to Chavez telling him the difference between international reserves and Government revenues. I think something simple like explaining what would happen if all the 21 “little billions” were given away to him, what would happen to the country, would make the point very clear. Over the years I have found that even educated people do not know that while having international reserves is good, it does not mean much in terms of solving the fiscal problems of a nation. Few people even know what international reserves are. I would bet most Venezuelan politicians don’t understand the issue, but at least they don’t say anything about it. Moreover, after five years as President you would think Chavez would have learned something from the members of his cabinet. Chavez wants the “little billion” (millardito) to promote agriculture, and that is a whole other story about the President’s ignorance…..

For the Record: The phantoms marchers of Puente El Llaguno

November 10, 2003

A reader named Vivien had the precaution of saving a web page and pictures from a discussion in that took place in June4th. 2002. The pictures show the people who were being shot at from Puente El Llaguno on that fateful day April 11th., 2002. According to that fictional film “The revolucion will not be televised” there was nobody below the bridge that day and the gunmen were shooting at some snipers. According to Chavez in his testimony in Congress, the Metropolitan Police’s “whale” was moving alone below the bridge to “stage” the coup. Here is a sequence of pictures which clearly show the march below Puente El Llaguno as the shooting begins and continues. These are the phantom marchers of Puente El Llaguno which that ridiculous piece of propaganda wants us to believe. Thanks Vivien for saving it and for sending it!!!!! Here it is for the record!!!

The gunmen shooting                                         The marchers apparently before the shooting began

                                                                            you can see Puente El Llaguno in the distance

The people hiding behind the police “whale” as the gunmen shoot from the top of the bridge, you can see the march is split now

People stay back as the shooting continues and the cops try to use tear gas. They may be out of sequence….