Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Venezuela on the Brink
Commentary ^ | James K. Glassman

Posted on 09/13/2010 7:49:03 PM PDT by neverdem

Venezuela goes to the polls on Sept. 26 in a parliamentary election that opponents of President Hugo Chavez see as “a chance to turn the tide,” as Reuters news service puts it. Chavez may be taking on more authoritarian powers, but he also has to defend what the latest data show is the worst economy in the world. And you thought the Democrats had problems!

The Economist magazine provides statistics weekly on 57 nations, from the United States to Estonia. Its most recent report forecasts that gross domestic product in Venezuela will decline by 5.5 percent in 2010. Next worst is Greece, with a 3.9 percent decline. Greece, of course, came close to defaulting on its debt earlier this year, and analysts at Morgan Stanley worry that Venezuela is moving in the same direction.

“Our new baseline of at least three years of economic contraction suggests the risks to Venezuela’s ability to honor its international financial commitments may be on the rise,” wrote Daniel Volberg and Giuliana Pardelli in a June report, at the same time predicting that GDP will fall by 6.2 percent in 2010. “While most of Latin America, in line with the globe, has been in recovery mode since last year, Venezuela has seen an intensifying downturn in activity,” they added.

So that’s GDP, the single best measure of economic health. When it comes to inflation, no one is close to Venezuela. Consumer prices are already up 31 percent for 2010 and are expected to rise more by year-end. Only two of the remaining 56 nations monitored by the Economist are suffering double-digit inflation: India and Egypt, both with 11 percent price increases.

Venezuela’s stagflation is all the more remarkable because, as the No. 8 oil-producing nation in the world, the country should be benefiting handsomely from...

(Excerpt) Read more at commentarymagazine.com ...


TOPICS: Crime/Corruption; Editorial; Foreign Affairs; Politics/Elections
KEYWORDS: chavez; hugochavez; venezuela
Navigation: use the links below to view more comments.
first 1-2021-4041-46 next last

1 posted on 09/13/2010 7:49:05 PM PDT by neverdem
[ Post Reply | Private Reply | View Replies]

To: neverdem

Venezuela’s situation in their up-coming elections is very similar to ours, and things are expected to be tense around election time.


2 posted on 09/13/2010 7:53:50 PM PDT by DTogo (High time to bring back the Sons of Liberty !!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: neverdem

Obamay tries but he can’t be as good as Hugo at destroying a country.


3 posted on 09/13/2010 7:54:55 PM PDT by Dallas59 (President Robert Gibbs 2009-2013)
[ Post Reply | Private Reply | To 1 | View Replies]

To: DTogo

Chavez just uses the elections to find out who his enemies are.


4 posted on 09/13/2010 7:55:02 PM PDT by dfwgator
[ Post Reply | Private Reply | To 2 | View Replies]

To: neverdem

Venezuela is worse than Zimbabwe?


5 posted on 09/13/2010 7:55:44 PM PDT by qam1 (There's been a huge party. All plates and the bottles are empty, all that's left is the bill to pay)
[ Post Reply | Private Reply | To 1 | View Replies]

To: neverdem

Its going to be the dirtiest, most-rigged election in history (except when Saddam won with 100% of the vote)


6 posted on 09/13/2010 7:56:23 PM PDT by GeronL (http://libertyfic.proboards.com <--- My Fiction/ Science Fiction Board)
[ Post Reply | Private Reply | To 1 | View Replies]

To: neverdem

Sean Penn needs to go down there and make election commercials for his hero on how to take over more private industry to achieve social justice... Equal poverty for all...


7 posted on 09/13/2010 7:56:52 PM PDT by DB
[ Post Reply | Private Reply | To 1 | View Replies]

To: neverdem
Chavez may be taking on more authoritarian powers, but he also has to defend what the latest data show is the worst economy in the world.

I call bullcr@p on this. Venezuela is nowhere near as bad as Zimbabwe, Haiti, or North Korea.

8 posted on 09/13/2010 7:57:01 PM PDT by gogogodzilla (Live free or die!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: gogogodzilla

Not yet...


9 posted on 09/13/2010 7:58:36 PM PDT by Dallas59 (President Robert Gibbs 2009-2013)
[ Post Reply | Private Reply | To 8 | View Replies]

To: qam1

Nah...

Venezuela is still in the early death spiral stages compared to Zimbabwe. Zimbabwe is dead.


10 posted on 09/13/2010 7:59:03 PM PDT by DB
[ Post Reply | Private Reply | To 5 | View Replies]

To: neverdem

Any Praetorian Guard want to become the liberator of Venezuela?


11 posted on 09/13/2010 7:59:03 PM PDT by struggle ((The struggle continues))
[ Post Reply | Private Reply | To 1 | View Replies]

To: DTogo

I did not know they still had elections. Are they stupid enough to vote for Hugo?


12 posted on 09/13/2010 7:59:13 PM PDT by screaminsunshine (counter revolutionary)
[ Post Reply | Private Reply | To 2 | View Replies]

To: DTogo
Somewhere there is a Venezuelan patriot.......
13 posted on 09/13/2010 7:59:13 PM PDT by JPG (Care for another lobster, Mookie? How's your steak? Ready for another triple Stoli/rocks?)
[ Post Reply | Private Reply | To 2 | View Replies]

To: gogogodzilla

Did ya read the article???


14 posted on 09/13/2010 7:59:13 PM PDT by driftdiver (I could eat it raw, but why do that when I have a fire.)
[ Post Reply | Private Reply | To 8 | View Replies]

To: DB

Yes Equal Opportunity destitution. The Obama Plan for us.


15 posted on 09/13/2010 8:00:22 PM PDT by screaminsunshine (counter revolutionary)
[ Post Reply | Private Reply | To 7 | View Replies]

To: neverdem

Hugo should call Barry to get some advice on fixing the economy.


16 posted on 09/13/2010 8:00:22 PM PDT by smokingfrog (freerepublic.com - Thanks JimRob! The flags are back! - 8/17/2010.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: GeronL
Barky smiles in his sleep when he dreams of 105%.
17 posted on 09/13/2010 8:00:49 PM PDT by JPG (Care for another lobster, Mookie? How's your steak? Ready for another triple Stoli/rocks?)
[ Post Reply | Private Reply | To 6 | View Replies]

To: screaminsunshine

The Hugolans do, just like the Obamulans here.


18 posted on 09/13/2010 8:03:00 PM PDT by DTogo (High time to bring back the Sons of Liberty !!)
[ Post Reply | Private Reply | To 12 | View Replies]

To: struggle

Pick me sir.

Have you seen the women down their?


19 posted on 09/13/2010 8:04:34 PM PDT by CPT Clay (Pick up your weapon and follow me.)
[ Post Reply | Private Reply | To 11 | View Replies]

To: DTogo

We are heading towards Zimbabwe. Meanwhile idiots watching the 24x7 propaganda on the 5 out of 6 TV networks with Saudi shareholders or Saudi multi billion deals.

Wonder where all that endless “moderate Islam” lite comes from that is mentioned ad nauseum? TV viewers support the islamo marxist O regime.


20 posted on 09/13/2010 8:05:05 PM PDT by Frantzie (Imam Ob*m* & Democrats support the VICTORY MOSQUE & TV supports Imam)
[ Post Reply | Private Reply | To 2 | View Replies]


Navigation: use the links below to view more comments.
first 1-2021-4041-46 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson