New Venezuela’s Central Bank President Tries to Pull A 1984 Fast One

August 22, 2013

Was reading the news coming out of the Central Bank’s press conference on GDP with some skepticism when I saw a line go by:

The (new) President of the Venezuelan Central Bank (Eudomar Tovar) said ” The (Venezuelan) economy has now shown 58 consecutive quarters of growth”

I thought to myself,: Say what? Whatever happened to 2009, or 2003 or 2000 and began looking for charts in my blog, found a couple but then decided, what the hell, let me look in the indicadores page of the Banco Central de Venezuela, after all, someone may think I altered the data.

But no, here it is the data from the BCV itself:


GDP2Funny, I see some 20 quarters of negative growth (First column inn bold) since Chavez became President. Thus, Eudomar, who was supposed to know what he was talking about, instead pulls a 1984-like fast one and tries to lie straight form the start. So much for our hopes that an economist at the helm of the Central Bank could be a positive.

So, file this with:

-Maduro wants to fight corruption.

-GDP grew in the second quarter because banks and insurance grew so much.

-Elections are clean in Venezuela.

Yeah, sure!

19 Responses to “New Venezuela’s Central Bank President Tries to Pull A 1984 Fast One”

  1. The webpage of the Central Banks does not say so.

  2. Tony Enriquez Says:

    Can anyone confirm if Mrs. Maria Eugenia Merida is the new First Vice President of the Central Bank of Venezuela?

  3. TV Says:

    Another thing, how’s the debt thing going? There was some talk of issuing a lot of new debt lately, any word on that?

  4. arco3 Says:

    Maduro caught another group of bad guys trying to kill him. So my guess is we are going to get a devaluation next week or introduction of the new 500 bill.
    Something is about to happen.

    • NorskeDiv Says:

      Do fake assassination threats usually procede disruptive announcements?

      Wouldn’t it be better to follow the disruption with a distraction?

  5. Tony Enriquez Says:

    Can someone confirm if Mrs. Maria Eugenia Merida is the new Vice President of BCV?

  6. Kepler Says:

    Amazing. Now, Miguel: can you explain how there is positive growth in the last known GDP report? Is it because of the elections only? What is your prediction for the new Q?

  7. Roy Says:

    For the various people trying to excuse this, there are only two ways to parse it:

    1. He knew what he was talking about and lied, which makes him a Liar.
    2. He didn’t know what he was talking about, which makes him Incompetent.

    I suppose you could also argue for both, or various degrees of both. Either way, he isn’t the right guy for the job.

    • concerned Says:

      In chavismo, he is the perfect man for the job…and also why he was picked. Chavismo doesn’t want the truth to be told. You have to do as you are told, lie so convincingly that even you believe it, and don’t develop a mind of your own or in any way become a threat to ones in control. Doesn’t mean that he is necessarily incompetent, but in most cases they are. Power and money can easily confuse morals.

      This is why maduro was chavez’s servant for so long, and his (cuba’s) eventual pick for replacement.

      This can’t last forever, but I don’t see an end in sight.

  8. Get a clue Says:

    I’m changing my name. From now on please address me as Chelsea.

    Thank you,

    Chelsea Carlson

  9. Gerrardo Says:

    Here is an overlooked piece of official corruption.

    Chavez children are living in public housing in a grand scale on the public dollar with full military protection and escort. Maduro apparently has not moved into the Casona because Chavez kids are still there. The Chavez family is worth $billions but they haven’t moved out yet.

    When Hugo promised a free apartment to everyone, his family got bumped to the head of the line and got first choice.

    Maybe its time for squatters to take over the Casona next time nobody is at home. I suppose 50 families could fit in comfortably.

  10. concerned Says:

    Maybe more accurate if you only insert cuba in place of venezuela?

  11. Jeffry house Says:

    Maybe he meant, “58 consecutive quarters of growth, both positive and negative.”

    • Roberto N Says:

      You are too kind by far, sir.

    • Ronaldo Says:

      Maybe Eudomar Tovar meant, “58 consecutive quarters of growth in Chavista leader’s income.” Sort of a disguised corruption index.

      Maduro and company are not in the same economy as the pueblo.

  12. TV Says:

    Miguel, how was the Venezuelan GDP in the past quarter? This guy says it grew, I wonder where he got the numbers from, and what would be closer to reality.

    Is the answer “his behind” and “add a minus in front of what he said”? Seems reasonable to me.

  13. VJ Says:

    Yes Devil…. You are right.
    In the press conference Eudomar Tovar contradicts himself. First he said the economy has “58 consecutive quarters of growth” and inmediately adds that the economy has 41 positive qtrs and 17 negative qtrs for a total of 58 qtrs.
    See the attached video starting at second 27. Much later, at 4 min. 55 sec. VTV reasserts the error, inserting a title at the bottom of the screen saying: “Tenemos 58 trimestres de crecimiento en los gobiernos de Chavez y Maduro”
    Maybe the guy suffers of glossophobia…

  14. m_astera Says:

    I’m guessing he was counting inflation as growth.

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