For those that speak Spanish, I have posted in the Spanish section the article by the former Chief Economist of the Venezuelan Central Bank Jose Guerra, which appeared in today’s Tal Cual on the biggest corruption scam in the country’s history, the sale of structured notes to friendly financial institutions. According to Guerra, those involved have made some US$ 1.5 billion in profits, certainly surpassing any corruption scam in the country’s history. Guerra’s description is quite similar to my recent repeat article on the subject.
The Devil's Excrement
Observations focused on the problems of an underdeveloped country, Venezuela, with some serendipity about the world (orchids, techs, science, investments, politics) at large. A famous Venezuelan, Juan Pablo Perez Alfonzo, referred to oil as the devil's excrement. For countries, easy wealth appears indeed to be the sure path to failure. Venezuela might be a clear example of that.
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The Devil's Excrement 
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